Transcripts For FBC Varney Company 20240713

Come friday, thats mayday, with spring weather, getting out of the house and back to work will surely take another step forward. Look at this. Investors love it. We know we are in the middle of a seriously shrinking economy but back to work means a way out of the mess. Top officials including the president and the treasury secretary expect a vigorous recovery later this year. And soon, we will see the Financial Statements from the allimportant big tech companies. Investors are expecting solid results and that, too, is helping the overall market. Heres the big negative of the day. The tumbling price of oil. We dropped to 10 a barrel. Now we are at 11. 87. At the moment, its not hurting the stock market, but the possibility of going back to a zero price or a negative price as we did two weeks ago, that is still on the table. Gas, yep, keeps on falling. Not quite quickly enough, maybe. 1. 76 is your National Average. Wisconsin still the cheapest. The average price today actually went up in wisconsin to 1. 20. All right. Politics. Trouble in the democrat camp. A neighbor of tara reade and former coworker have come forward backing up the Sexual Assault allegation against joe biden. But hes locked down, not answering questions. And the new york primarys been canceled. Bernie sanders angry about that. Hes been aced out of winning more delegates and therefore more influence at the convention. With six months to go to the election and democrats president ial campaign has been sidelined and divided. Coming up on this hour, literally a few minutes from now, treasury secretary Steven Mnuchin will be joining us. Theres a lot going on. Varney company is about to begin. The third and Fourth Quarter in particular are going to be i think spectacular. Nobodys blaming anybody here. Were looking at a group of people that should have stopped it at the source. You are going to see a big rise in the third but youre going to see an incredible Fourth Quarter and youre going to have an incredible next year. Were going to have economically, from an economic standpoint, next year, an unbelievable year. Stuart big words. The president clearly very optimistic on the economy. By the way, tomorrow we get the numbers on how the economy performed in the First Quarter of the year. Thats the gdp figures. Going to be absolutely awful, im sure. By the way, National Economic Council Director larry kudlow joins us exclusively. Thats tomorrow. Going to react to the gdp numbe numbers. Later this morning in a few minutes, treasury secretary mnuchin. Allstar cast. Mike murphy is with us. Mike, we know that tomorrows gdp number is going to be really rough. But this backtowork movement is really rolling and that i think is why the economys going to recover rapidly and thats why the markets up so much, up 400 for the dow right now. Are you with me on this . Im with you 100 , stuart. Good morning. Great to see you. So Everybody Knows its baked in, First Quarter gdp is going to be horrendous. But the bigger story for investors is looking out at when we get the economy back open and thats what we are focusing on and we are starting to see Real Progress there. Thats why we are up this morning. Stuart thanks very much. Stay there for a second, please, mike. Ive got to deal with a couple stocks in the news. Got to check for you. How about tesla . They canceled plans to bring workers back to their plant in california. Health and safety orders were extended in that county. They cant go back but look at the stock. 800 a share. Caterpillar reported earlier. Profits down, what, 42 from last year. They say the virus will affect their operations for the rest of the year. No surprises there, the stock is actually dead flat. Boeing, more bad news. Their chief executive, david calhoun, says the company is going to have to borrow more money for the next six months and theyre killing their dividend for several years. Nonetheless, the stock is up two bucks at 131. Susan, come in, please. Tell me about harley davidson. Susan not good. We saw a 45 drop there and harley davidson, 3m, also some of the names reporting just before the bell today. Merck and pfizer, southwest airlines, pepsico, the names go on and on. The uncertainty on the outlook for the rest of this year. After the bell today, we are expecting starbucks which is the largest coffee maker and coffee chain in the world, then also the rollout of the big tech companies, alphabet, Parent Company of google, will be kicking it all off for these big Silicon Valley behemoths. We are looking for profits to be down from last year because they are spending more to get people to use their sites. On google search, youtube and the like. They also for the first time started breaking out their individual businesses so google cloud will get some individual numbers, youtube and search as well. Advertising spending is expected to be down about 30 . They rarely give guidance heading into this but it will be interesting to see what they give us for the rest of the year, how coronavirus has impacted the big tech rollout. Stuart you know, what about 3m . Is that up as well . Whatever yeah, it is, up 6. 4 . Seems to me that all the stocks, all the companies you mentioned with all their earnings reports, all of them are up. Is this because we are expecting to go back to work and expand the economy . Susan i think people are just looking past the First Quarter, the Second Quarter of this year, and looking for what happens in the back half of this year. Theres a lot of distortion effect, right . You have a lot of central bank money, stimulus money out there. We know people have been forced to stay at home. I think people are just looking past this unforeseen circumstance in the first and Second Quarter. Stuart the 6 trillion or 7 trillion going into this economy is an awful lot of money. Lets get to the real estate market, specifically home prices up 3. 5 but that was february, compared to last february. It was, by the way, the fastest growth in, what, 14 months but again, got to remember those are numbers from february and that was before the shutdown of the country which was around midmarch. Theres something called the United States oil fund. Its the Worlds Largest oil etf. Lauren, theyve got bad news coming out of there, i think. Lauren yeah. The stock has been down for the etf and the reason is, is by thursday, they are looking to sell all of the june contracts that they own of oil because they dont want to be caught what happened last monday when oil prices turned negative, because there was no one there was no one to buy the oil. Where are you going to put it . The june contract doesnt expire for three more weeks, but already, you see traders getting nervous as storage fills up and demand is very low, where do you put the oil. So this fund, down more than 80 this year, getting whammed again today and so is the price of crude oil. Stuart absolutely. They are going to be selling a ton of oil contracts, i mean, again, the negative price or zero price is basically back on the table. I do see that crudes back to 12, all of 12 a barrel as we speak. Come back in, mike murphy. Why is oil, which is way down again today, not a negative for the market . The dow is up 400. Well, stu, i think oil going negative a couple weeks ago really spooked the market as the market tried to figure out how it got there and how negative it could go. But we got over that pretty quickly. That was a 24hour occurrence with the negative oil. So now i think the markets saying hey, if its going to go negative again, so be it. Its a very small percentage of the s p 500 companies that are actually tied to manufacturing of oil or the oil price. So i think oil, although it looks real ugly or scary when you are watching it drop so much, netnet its going to have a positive impact on the economy, not a negative. Stuart mike murphy, thank you very much indeed. I want to move on quickly to the auto makers, the big three. General motors, ford, Fiat Chrysler. Ashley, do we have some startup dates for them . Ashley we do, although ford has not confirmed this. They are looking, the three big auto makers, gm, ford and Fiat Chrysler looking to open may 18th. Now, originally, the start date was may 4th but the uaw balked at that, saying they didnt believe the science and data was Strong Enough to allow for that earlier opening so we have been told that may 18th is the projected date for these three auto makers that were shut down since march 20th and its been incredibly expensive. Just in the first month, ford burned through 8 billion in cash. They need to get up and running and when they do, its going to be on a limited basis. They will start to slowly ramp up production. But these are factories mostly in michigan but elsewhere around the country, in some states they have perhaps looser rules but may 18th is the date. Stuart okay. We will take it. Ashley, thank you. Look at futures. Rising constantly throughout the morning. This backtowork movement which is gathering steam is really helping that market. Dow up 400 at the open. Then theres politics. Joe biden and the dnc remaining shall we say radio silent as two new people come forward to corroborate accusations of Sexual Assault. The media still not asking any questions. Were on it. Did you hear about this. Speaker pelosi pushing for minimum guaranteed income. I say shes taking advantage of the virus to put a policy out that voters have already widely rejected. Never let a good crisis go to waste. Texas, it is going to open up. Weve got details on that and boy, they are really going to open up. Bigtime star guest coming in just a few moments. Treasury secretary Steven Mnuchin. He called in to the show. Stay right there. This is a big show. 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. Economy which most pills dont. Have you worried about your finances in retirement . Learn how senior homeowners are using home equity to improve their monthly cashflow and preserve their savings. Most people thought the three legs of retirement pension, Social Security and savings. Would be enough to get by but its kinda like this three legged stool. A little wobbly. But i think i might have a solution. The solution may be using your homes equity with a reverse Mortgage Loan from aag. 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Open up cautiously and safely. Come in, ash. When texas does open up, i think its going to happen soon, theyre really opening up, arent they . Ashley well, they are. They are going to do it in phases. Phase one actually begins on friday, mayday, may 1st. Lets take a look at what will be open. Doctors, dentists, they can reopen on may 1st. Hospitals are being told they must reserve 15 of beds for covid19 patients. However, barbers, salons, bars and gyms excluded under this phase. They remain closed. Now, after two weeks, they will proceed to phase two and thats when capacity levels can go up to 50 . Now, also on friday, you have museums opening, libraries, some retail stores, restaurants, movie theaters. But again, with limited capacity and social distancing and as we go through the next two weeks, the phase the second phase will allow even more capacity in some locations but its very important, texas is now i think on the forefront of getting the economy reopen and its the second biggest economy in the United States behind california. Very important. Stuart well said. They are on the forefront of opening up. Thanks, ash. Staying on the virus and what the medical side of the story here, and bring in dr. Siegel, dr. Marc siegel. Doctor, we keep hearing that weve got to test a lot of people before we can get back to work and open up the country properly. Obvious question. Do we have enough reliable tests in place now . Not now, but we did hear from the president and the task force yesterday that things are moving in the right direction. I was very happy to see the Public Private Partnership Opening up there with more engagement with abbott, with roche, with labcorp, with cvs, all saying they are going to be ramping up testing to the point where 2 of a state can be tested every month. I think we need even more than that and i will tell you why but we are heading in that direction. The reason we need more than that, i want to know the asymptomatic carriers, i want to know the people with mild symptoms so that i can say these are the people that we really dont want being in touch with people at higher risk. We are heading there. Stuart youre right. We really need to know that. Now, moving fast here, doctor, but theres a headline in the New York Times that says in the race for a coronavirus vaccine, an Oxford Group Leaps ahead. Thats oxford university. They are looking to get a couple million vaccine doses out by september. Thats real fast, doctor. Is it realistic . Its possible because were not talking about the virus itself. Remember, we are talking about genetic technology. Once you figure out that it actually works and that it works safely, then you can start to give it to volunteers and to mass produce it and as you have said on the show here before, mass production means money but theres going to be a lot of money coming back at the other end. Stuart, im a little concerned about a company in china thats already shown that eight monkeys were shown to be immune to this vaccine the vaccine caused actual immunity. That vaccine manufacturer is an excellent one, its created vaccines for hepatitis a, hepatitis b, footandmouth disease. It seems they may be getting ahead of us. Maybe we need to ramp up, too. They are using a technology thats been tried and true in the past called inactivated meaning its not a live virus, meaning they should be able to give it safely to volunteers. Stuart, a volunteer in china doesnt mean what a volunteer here means, if you know what i mean. Stuart im with you. Ive got to move on quickly. Thanks very much, dr. Marc seek will. Moving on quickly because joining us on the phone is the treasury secretary of the United States of america, mr. Steven mnuchin. Mr. Secretary, thanks for jumping on to the show real fast. We do appreciate this. In the past, you have told us that we are going to start seeing the economy expand in july, august and september. What is it that will get us to that point, an expansion, when we are already in such a deep hole . On the phone first of all, great to be here with you again this morning. Youre right, we are in a deep hole but we are in a deep hole because of a virus and because of the fact that we have to shut down major parts of the economy, not because business was bad. Matter of fact, we had the best economy ever. As states start opening up, i think you are going to see a lot of demand come back. Now, again, the states are going to open up slowly so you are going to see june and july pick up but i think by august and september, you are going to see a big bounce back from what has been a very rocky period and let me just also emphasize, you know, the 3 trillion that we are plowing into the economy is going to have a huge impact. The ppp is going to impact over 60 million workers, thats half of the private work force. You are going to see the enhanced unemployment insurance, the direct deposit payments, and other programs that were working on with the Federal Reserve to inject unprecedented liquidity into the u. S. Economy. Stuart i understand that you are dealing or trying to deal with some of the problems of getting those loans out to Small Business. As i understand it, you are going to propose to that any loan over 2 million will have the full analysis before the money goes out, and Larger Companies which have claimed wrongly the money could be subject to criminal liability. Is that what youre doing about these snafus with Small Business loans . On the phone it is. Let me just say overall, this program has just been an outstanding success. We launched an Unprecedented Program in a short period of time. We did have systems issues yesterday. We had the sba team working through the night. I think we have corrected a lot of those issues today. But youre right, theres been press on a small number of companies, the vast majority of these companies are companies with ten workers or less, but theres a small number of companies, they were either owned by Public Companies or the Los Angeles Lakers or big lakers fans outraged they took that loan, glad to see they paid it back. There was a borrower certification that people had to initial and it said that the loan request was necessary to support the ongoing operation. And if that certification is inaccurate, people will have criminal liability. The one thing i would just say is were not going to be able to check all the loans before they go out the door. Theres over 26,000 of these loans. But before we forgive these loans, we will check every single one over 2 million. So anybody that took the money that shouldnt have taken the money, one, it wont be forgiven and two, they may be subject to criminal liability which is a big deal. I encourage everybody to look at this and pay back these loans so we can recycle the money if you made a mistake. Stuart am i right in saying the extra money, this extra 310 billion plus 60 billion through Small Business, that is now flowing unhindered rapidly out to the people who need it . Is that the case as of right now this morning . On the phone that is correct. I can assure all the people who were waiting in line for this new program to get up and running, we wiill get their loa and are now in the process of taking new loans. Again, i expect over 60 million americans to be impacted by this program, half of the private work force. This is a Great Program that the president designed with us and its going to be enormous support to the u. S. Economy. Stuart mr. Secretary, the president has said look, no bailouts. Were not doing bailouts for industries. Does that mean that the money that went to the airlines and which may go to the Oil Companies will have to be repaid . On the phone well, the airlines, there was two components of it so there was one component that we already sent out the door and on that component it was a combination of grants and loans, so there was a component of it where we knew we would get reduced unemployment insurance, we knew we would get additional taxes, we knew that we would get some flights and we have been very clear, this is not a shareholder bailout. The president has been very clear, he wants me and the secretary of energy to study very carefully the oil industry and we are looking at providing liquidity but again, that wont be a bailout but oil and energy is critical to us and our Energy Independence and we are absolutely determined to protect our Energy Independence. Stuart would you have any comment on bailing out the states, specifically illinois, which the state legislature there is asking for 40 billion, which includes 10 billion to fix their preexisting pension condition . Any comment on that, mr. Secretary . On the phone well, i think its very clear that anything that congress does is not going to have a bailout of precoronavirus issues. So states that were mismanaged beforehand are not going to get a federal bailout and anything that the states that we do with the states, as you know, this has been a bipartisan effort. The two last bills went through 960 in the senate and by unanimous consent on the other one, so im sure there will be a healthy debate. As we have already done, i think it is appropriate where states like new york and new jersey had very very high coronavirus expenses, we have already sent money to them that will reimburse them specifically for the coronavirus expenses, not for lost revenues. But again, this will be a healthy debate Going Forward and nothing will be done unless there is absolute bipartisan support. Stuart treasury secretary mnuchin, thank you very much indeed for coming on the show this morning on a very important day. We always appreciate it, sir. Thank you. On the phone great to be with you. Stuart good stuff. The market still showing a gain when the opening bell sounds. 400 points for the dow industrials, up better than 1 . Same for the s p. Almost 1 gain for the nasdaq. Well be right back. announcer 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. 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. Stuart here we go. 15 seconds to open this market. We are going to go up right from the getgo. The backtowork movement is really rolling. It expands the end of this week, m mayday and into next week. The investing public loves it. Here we go. It is Tuesday Morning and were off right from the start. Here we go. Letss see, we are up 1. 5 righ from the start. Dow industrials up 374 as we speak. 24,500. Thats what we have reached. Okay. Look at the s p. Thats up 1. 3 . Solid gain. Getting close to 3,000 again on the s p. As for the nasdaq, well, lets see whats happening there. Theres a gain, again, straight up, a gain of 1. 1 . Now look at tesla, please. Earlier before the market opened, we were up, we are still up. Whats the news from their plant in california . Susan well, the stock rallied yesterday on hopes maybe its single car production factory in fremont, california could reopen as soon as this week. There have been emails sent to the paint department asking for workers to come back to work on wednesday, april 29th. But the Health Officer of Alameda County where the factory is based joined six of her peers in nearby areas and in a statement saying they have revived their orders saying that yeah, the shelter in place until at least may 3rd and any of those that go in i guess against that order will face misdemeanor charges. Stuart 800 a share. Let me get to the Airlines Real fast. Weve got lauren, come in, please. Some airlines are taking steps to stop the spread of the virus. What are they doing . Lauren the new Airline Etiquette is going to be you wear a face mask. Jetblue says passengers must wear them starting on monday for checkin, boarding, while on the plane and when you get off the plane, and american will provide the masks and sanitizers starting on friday. Stuart i got that. All right. Thanks very much indeed, lauren. State of play, we are up 359 points for the Dow Jones Industrial average. Thats 1. 5 . Weve got gains across the board. All right. Sandra we welcome stuart varney. You are hosting your show, we are hosting ours. We bring you on as we see this rally on wall street. What is driving markets this morning . Stuart several things going on, all good stuff. First of all, moments ago, we had treasury secretary mnuchin on this program. He told us that the economy is going to start expanding in july, august and september. In other words, we are in a deep chasm at the moment but come out of it in the middle of the summer. Thats good news. Second reason, weve got, what, 4 trillion flowing into the economy from the Federal Reserve, another 3 trillion flowing into the economy mandated by the congress. Thats a lot of money flowing into the economy. It has to have an impact and the impact will be to expand the economy. Also, i think perhaps more importantly, right now, we are seeing this backtowork, get out of the house Movement Really gaining steam and its going to gain even more steam at the end of this week, friday, which is mayday when a lot of these stayathome orders are either reviewed or reversed. Now, when you get back to work, thats what puts some oomph back into the economy. Thats why we are looking at a rebounding economy later this year. Thats why the market is up this morning. 300 points on the dow right now. Sandra yeah. A decent gain. Well take it. Couple earnings reports also coming out. Pfizer which is one of the companies racing to find a vaccine for this covid19 strain. 3m, maker of the masks, both impressed wall street with better than expected results. Theres also talk that perhaps the worst is behind us as far as the market selloff in reaction to some of the doom and gloom thats out there, as far as the economic numbers. I want to read this to you. This is goldman sachs. They are basically saying stocks dont need to fall on the economic damage from all this. One of their analysts writes investors usually discount at least the next two years of Macro Economic performance, suggesting markets may continue to look through bad news over the near term if it can reasonably be expected to reverse in the coming quarters. That is really interesting, because it is basically saying guess what, something we all know, markets are forward looking and if there is largely an expectation that the economy will rebound, stocks maybe have seen the worst. Stuart well, i agree entirely. The market looks forward. The market doesnt react to the news about the Economy Today which is absolutely awful. Tomorrow, we get figures on the First Quarter of the year and its likely to show a significant contraction. Next week, we get the unemployment number which is likely to be huge. The market doesnt react to whats happening right now. The market reacts to what it thinks is going to happen six months, nine months down the road. As you say, its quite prepared to look past the bad news and look towards the rebound and the good news which it believes is coming down the pike in the future. Thats why weve got a rally right now. There are also analysts out there who say look, a rally like weve seen, from 18,000 to 24,000 on the dow, that sets up a big selloff, because thats the way markets move, up and down, up and down. Well, you may see a pullback from these current levels of 24,000 but i dont think, i shouldnt really try to forecast the stock market, but the odds are it is unlikely that we will get back down again to 18,000 on the dow industrials unless we are hit with a shocking second wave of the virus and we have to shut down all over again. Sandra which of course could happen. Not all economists agree with that forecast from goldman sachs. It is one of them that is out there. But certainly, its on a day when the markets are choosing to be optimistic and you know what, after everyone had a look at their 401 k s, their 529 College Plans for their kids, their investment portfolios have taken a hit through all this, so we will take a positive day when we get one and we are this morning. Stuart, great to see you. We will see more of you on Varney Company on the fox business network. Thanks. Stuart thanks very much indeed. Let me recap and check the market, where we stand now. We are six minutes into the session and we are up 1. 25 . Thats a 300 point gain for the dow industrials. Other indicators, we will check them for you. The tenyear treasury yield,. 63 . Its been in that range for some time now. The price of gold has been firmly above 1700 an ounce. Its still at 1723 per ounce. Individual stocks. Here we go. Check yum brands. They own kfc and others. Wait a minute. Whats this . Ashley, they are rolling out steak chicken in china . Ashley nonchicken nuggets, plantbased chicken nuggets. They have been testing these, a Pilot Program in the United States in a limited number of cities and now they are expanding it to china, where we are told the Chinese Consumer has a lot of interest in these fake meats. Of course, they are made of soy and all sorts of other lovely things, peas. They will be launched in very limited number of cities in china, including one in shanghai but get this, they were selling vouchers for the fake chicken in the Shanghai Store and they sold out in under an hour. So maybe nonchicken nuggets were going to be a big hit in china. Stuart you look skeptical. You dont look like you are really in favor of fake chicken nuggets. I understand entirely. I wouldnt go into a fast food joint specifically to get a nonmeat burger. I wouldnt. Thats just me. Thanks, ashley. Moving on. The nfl reportedly considering major schedule changes to the 2020 season, including pushing back the super bowl. Brian kilmeade will join us. What does he think about that . Did you see this . The mayor of new york city, bill deblasio, breaking his own rules, taking a leisurely stroll in a brooklyn park. Thats 11 miles from his home. Where he is supposed to be holed up. My next guest predicted the 2008 crisis. Now he says the signal to sell stocks bigtime is coming soon. We will let him make his case. Hes on the show next. It is an understatement to say that i was extremely worried. I was overwhelmed. And i didnt know where to begin. I came across sofi and it was the best decision of my life. I feel cared about as a member. Theres no extra costs for it or anything like that. Its all kinda like, through the app. Were getting a super competitive Interest Rate on our money. Were able to invest through the same exact platform. I really liked that they didnt have any hidden or extra fees. Sofi has brought me peace of mind. Truly thank you for helping me prepare for whatever the future has in store. Its all because sofi let us see light at the end of the tunnel. So thank you. Thank you. Stuart its a rally, still, and by the way, the dow and s p are on pace to be the best month since 2002, and the dmanasdaq o pace to be the best month since 1987. Check the big tech names, please. Thats where the money is and its still going in. Apple, 284. Microsoft, 174. Facebook, 187. Google down a bit. They report today. We had another one, down 20 bucks. Look at harley. Ouch. Now up 16 . They did well on their profitability. I guess they really did. Theyre up 16 at 22. Thats harley. Wynn, casino people, got it, they are now taking room reservations. When can i stay on the strip again . Susan well see if you actually want to go but may 22nd is when they are accepting reservations again on the wynn website and according to michael weaver, the wynn resorts spokesperson, he says Southern California tourists like to come to las vegas during the memorial day weekend. Still, we have a shelter in place order set to expire at the end of this month on april 30th but the governor has not stated whether or not that will be extended or whether or not it will be lifted. We know las vegass independent mayor, politically independent mayor, has called for the reopening of the Las Vegas Strip as she calls it total insanity to keep it shut down. 7. 7 billion in wages and salaries will be foregone if this closure extends from 30 days to 60 days and over 1 billion in lost tax revenues but still, the governor says safety and Health Concerns come first. Stuart okay. I would be there if i could be there. Thats a fact. Susan really. Stuart i dont gamble but i kind of like vegas. Look what you can do with private enterprise in the middle of the desert. Thats what always occurs to me. Disney, 109. 96 a share. Have we got news on the star wars latest movie . Lauren . Lauren yes, lockdown surprise, if you will, from disney. They are putting the rise of skywalker two months early on disney plus, the streaming service, starting on monday which is may 4th. Get it, may the 4th be with you. If you are stuck at home looking for something to do, on monday, you can see all nine installments of the skywalker saga. Disney having a great day today. Stuart i dont think its the star wars movie that did it. Thats my own opinion there. We need some analysis on the other side of the fence. We have a lot of guests who say look, this markets going straight up and look how well we have done. Our next guest is the man who called the 2008 crisis correctly and hes now selling saying sell stocks. The signal is coming soon to sell. Raul pao is a former goldman executive and hes with us now. You are used to spending time talking to wall street types. Please address our audience in the simplest english that you can muster and tell us why you think stocks are poised to go down sharply. So i think i deal in probabilities and im a macro guy, so my job is really to live a little bit in the future. As you rightly said earlier, the market discounts all the news we already have, so theres nothing in that. The markets discounted and starts to look at a more vshaped recovery outcome. The question is, is that the most likely outcome from here. If you think about it, when people start going back to work, and we start opening up the shelter in place restrictions, if we look at what happened in china, singapore, japan and other countries where we have seen similar things, what we find is that the economic output is still reduced because consumption is reduced. Basically, if you go to restaurants theres going to be some sort of reduction in the number of people who go to restaurants or restrictions in the number of people or the density of people that can go into restaurants. That applies to stores, applies to a number of things. So the reality is even though we get a bounceback, the question is, does that drive year on year gdp growth positive or does it remain negative for a period of time. My fear is it could be negative for longer than we think, even though there is some recovery, and in that case, the markets probably overpriced the optimism Going Forward, and my fear is actually theres a lot of companies with a lot of debt there and a lot of people with debt, and if revenues dont match what they need, then we have that shortfall. That could lead to more insolvency and that takes type to play out. Stuart thats very good. Plain english with a british accent. That is excellent. Thank you very much. Ive got 30 seconds left. I want you to tell me why you think bitcoin is going to get to 1 million per coin in three to five years. Go. Its all about the stresses we are putting on the monetary system, with so much printing of money by all the Central Banks around the world, and the movement by Central Banks towards digital currencies, the Digital Future is looming large. I think it has a great risk reward even if it goes down 50 , it has a huge upside. Stuart wow. You even speak in sound bites. You agree with time constraints. I asked for 30 seconds and i got 25. Thats really good. If you are not careful, you will be back on the show and we do appreciate, seriously, we do appreciate you putting out the other side of the coin. Its valued on this program. We like it. Thanks very much. Check some individual stocks. Start off with cvs. They will begin offering selfswab tests at a lot of locations starting in may. They are planning up to 1,000 stores by the end of the month. They say that will shake out to around 1. 5 million tests per month. The stock is up. Verizon are now going to extend service for people who cant pay their bills because of the virus. Extending through june 30th. The original shutoff date for those people was may 13th. The stock is dead flat. I will tell you that right now. Heres whats coming up. Floridas stayathome order set to expire thursday. Governor ron desantis says the states reopening may differ by region, within the state. Florida senator rick scott joins me but hes in the 10 00 hour. Oil, are we heading for negative oil price again this month and how longs the glut last . We are at 12 bucks now. Daniel yergen coming up on the show. Now more than ever, you need technology you can rely on. And people you can rely on. Im a Dell Technologies advisor. Me too. Me too. Me too. And if youre a Small Business, were with you. We are with you. Were with you. We want to help. So well be right here. At home. Answering your calls. Providing support. And standing by you every step of the way. Bye bye. Stuart take a look at live nation, the concert promoters. Saudi arabia just bought a 500 million stake in the company, even the virus cancellations pile up, the stock is up 5 . Thats what a half billion dollars will do for you. Nathans hot dogs will return 1. 2 million in Small Business loans. They are giving it back. The stock is up. Next lets talk oil and bring in one of the top oil guys in the world, bar none. His name is daniel yergen, making a welcome return to the program. Daniel, is it possible that we will get back to negative prices for oil again . We are at 12. 95 right now. Stuart, it is. The next four weeks are going to be a particularly difficult time roughly for the oil industry. We talk about peak demand, we will discover it can go to zero, particularly in the United States because we are just out of storage. Stuart the end of the contract month, you are supposed to take delivery of the oil but you dont want it. You cant sell it. And you cant store it. So you end up paying somebody to take it off your hands. Do you really think that can happen again . Normally, a Financial Investor has no plans to take the oil because they have no place to put it. Its purely a financial transaction. But what happened recently was that in fact, they couldnt find somebody to take it. You had to pay. So if you are in that situation, but i think we see people getting out of the contract because they dont want to be caught again, clearly theres a fear of this negative price and thats affecting the futures market. You see a gap between the United States and europe which tells you that right now, the biggest storage problem is here in the United States. Stuart the big problem is obviously the worldwide glut, because of the destruction of demand for oil. How long does the glut last . Well, the opec nonopec cuts President Trump really negotiated start on may 1st. That will take some of the oil out of the system. The other thing is producers are just saying were not going to sell our oil, we are going to lose money on every barrel so we see people cutting back now on whats called shutting in production and thats going to help balance the market. Then theres another feature out there, at least in some parts of the world, which is the virus. The mexicans are having to close in some of their production because people are sick on their Oil Platforms in the gulf of mexico. So thats why i say the next few weeks are really, as the market finds a new balance to deal with this very unattractive reality that we are living in right now. Stuart were not going to get back to 100 Million Barrels a day of usage for, what, into well into next year, right . I think thats right. It all depends on what happens to overall gdp. We just lowered our expectations for gdp in terms of decline this year to we may see a global decline of 4 , 5 . We have to get into 2021. Stuart thanks for joining us this morning. I might add that while you have been on the show, the price of oil went up to 13 a barrel. What did you do . Daniel, thanks very much for joining us. You have to have me back on. Its what the market needs. Stuart its a deal, sir. It is a deal. Thank you very much. Big show for you coming just ahead. Florida senator rick scott. Arizona senator mar that mcsally. Fox friends guy Brian Kilmeade and kennedy is here. What a show. More after this. Stuart 10 00 here right here in new york city an and along the eastern seaboard. Look at the market go, still going up. We have the latest read on consumer confidence. Ash, the number please. Ashley i will try to do some pretty fancy tap dancing. We dont have the number yet. This is the consumer Conference Board index. This is not the university of michigan. Were expecting an 88. Put that in context for you, stu. In february it was 132. 6. It dropped to 120. 86. 9. We gone from 132. 6 on this index in february. This is for april. It is down to 86. 9. So that is a significant drop. Not a big surprise, we know that, but certainly eyeraising when we look at previous numbers we had up before the pandemic. Stuart i want to bring in Scott Shellady in this. I always think of consumer confidence. That is forwardlooking thing. That drastically low number is negative as we go forward. How do you read it, scott . I absolutely read it that way too. That is more of a fact than feeling. The facts is this, in last recession, we lost 8. 7 million jobs, but were losing 8. 7 million jobs every 10 days now. When you talk about gdp, 30 to 40 . Morgan stanley thinks 40 . Theyre just trying to get through the dose of real reality i think. Stuart scott, i want to look at latest Manufacturing Activity report this is from the richmond fed. This is important, susan. It is the state of play right now. So tell me, how bad is it . Susan it is pretty bad. Were down from plus two by the way in march. For april, pardon me, were looking minus 53. Minus 53. That is falling off a cliff. Indicates Second Quarter of this year were looking at pretty dire shrinkage in the u. S. Economy. Stuart ill say. Pack to you, scott. Forwardlooking number disappointing a current number absolutely horrible. The market shows a gain of 160 points. Figure it out, scott. Market is trading on feelings. I can feel a a the light at the end of the tunnel is not a train, actually it is a light. Couple that with low Interest Rates, very low oil prices, weve got a ready and willing workforce. That could be a good sign. So i think that is what the market is trading but it is all feelings right now, right . We talk about the facts. When market wakes up to that, i think that is when we have the tussle. Stuart that buoyanting, get back to work, get out of the house. Get economy moving. Treasury secretary mnuchin said on the show, we will expand, starting july, august, september. The bottom line for this market, back to work, get the economy going again. The market feels that were going in the right direction. Last word to you . That is exactly what the equity indices are trading today. We talked about the facts. They dont look too good but remember one thing, stuart. Like gymnasium light, at end ever basketball practices you shut of lights off they cut off quickly. When you come back in the next morning, takes five to ten minutes to light up gymnast numb. That is the economy. It will not be as quick but will 457. Stuart that was good analogy, scott, where do you come up with that one . In arizona . I can see youre in arizona . I am. A lot of light here for sure. Stuart Scott Shellady, you are all right. Thanks very much indeed. All right, everyone. Now this. I guess this is politics 101, how to use the virus to get what you want when you cant get it at the ballot box. I call it virus abuse and there are plenty of examples. Start with illinois. That state wants you, the federal taxpayer to cough up, what, 40 billion Governor Pritzker says states need money because of the virus. That is true. 10 billion would go towards paying pensions of retired government workers in illinois . What has that got to do with the virus . Their pension problem has been festering for decades. Now theyre using the virus as an excuse to grab your money. Here is what treasury secretary mnuchin had to say about that. Roll tape. I think it is very clear that anything that congress does is not going to have a bailout of precoronavirus issues. So, state has were mismanaged beforehand are not going to get a federal bailout. Stuart all right. Not going to get a federal bailout. There is straight talking for you. Speaker pelosi, she is using the virus to push a universal income scheme. That is it where every adult gets a big payment, no strings attached, every month. Democrat tim ryan on this program suggested 2,000 a month. That would be on top of unemployment pay, welfare and check from the treasury. The speaker says, this kind of scheme is worthy of attention. Please note, universal income schemes have failed elsewhere and been soundly rejected by voters. But, hey, why waste and opportunity to buy votes and dress it up as virus relief. The virus also has its political uses. First it allows joe biden to avoid serious questions about the Sexual Assault allegations against him. He is conveniently locked down in his house, free from dangerous interaction with voters. When he does appear in the media, the Network Anchors do not even mention the allegation. Secondly, the virus is useful politically as a club to beat up the president. Congressman adam schiff will hold hearings on the president s policies right before the election. Please dont tell me mr. Schiff embodies objective analysis. He is a democrat who detests the president. He will use the virus as excuse to pour out his contempt. The left sees a opportunity. They were losing on the economy. Glory, the virus came along. Here is the bottom line, some states have messed up their own economies. So now they use the virus to grab your money. Some Democrats Use money to buy votes with your money. Which leftist can resist the temptation to use virus as yet another excuse of extreme dislike of President Trump. It is called virus abuse. Well you heard what i got to say. I hope Elizabeth Macdonald heard what i got to say. She is the host of the evening edit. She joins us now. Elizabeth, have at it. Did i Say Something wrong or did i say everything right . I think you said everything right. Ive been studying state and federal finances for some time. Youre laughing, you nailed it, stuart. Im not just trying to flatter you. Ive been studying on this, reporting on this for a really long time. Here is what is going on. I hear what congressman, like former congressman peter king is saying, need federal tax money to help out cops and firemen. What is not addressed, i understand what he is saying but the states have been reckless. We have seen the states reckless with their Pension Funds. They spend pen fun shunneds. They dont have money in the Pension Funds because they spend it on other things. Illinois they have 20,000 state workers retiring with 100,000 plus in pensions. We already reported on lifeguards getting cushy pensions. These states did not have pandemic plans. They did not have adequate rainy day funds. They have done things like basically pad overtime into their calculations for their pensions, ratcheting up overtime to get cushy pension payouts. So now theyre turning to the federal taxpayer. I got to say, stuart, this is sort of like paying off the amex card with your visa card because state taxpayers are federal taxpayers too. We understand new yorkers hey, we pay more into the federal funds whatever than other states but that is really not the issue. It is about reckless state fiscal mismanagement, coming up at the time of a virus, when they should look to their own houses and fox their own shops before they come running to the federal taxpayer for a bail out. Stuart fortunately we had treasury secretary mnuchin on the show half hour ago, he said categorically were not bailing out states for the mistakes they made before the virus came along. Liz, feel free to flatter me any day you like. Sure. Stuart im a glutton for flattery. Liz, thank you. I will do it any day, when you deserve it. Stuart come on back. Thanks, liz. Check the market, holding on to a solid gain despite some unfortunate numbers at the top. Hour. Were up 230 points. That is up almost 1 on the dow. Caterpillar say their First Quarter sales dropped 21 . We knew it was going to be bad. The reaction on the market is not that bad. Theyre down just a buck 70. Check 3m, they saw stronger sales in the First Quarter, as demand for personal Safety Supplies increased. Up 4 on 3m. Missouri senator, josh hawley, sent a letter to the justice department, asking for, wait for it, a criminal probe of amazon. What is he getting at, susan . Susan wall street journal report last week that alleged amazon uses independent seller data to better make and price their own private label goods. This was exposed in a expose in the journal last week where they interviewed 20 past employees at amazon say this was common practice. Josh hawley says this goes against section 2 of the sherman antitrust act which was used to prosecute microsoft nearly 20 years ago that amazon is an illegal monopoly using its power and abusing its position in order to kill off the smaller competition. Now amazon says we dont allow, this is not Good Practice within our own company. There is restrictions to, what type of data employees can access, but in the expose they say this is easy to get around some of these firewalls. They say this is common practice weve seen as well. Hawley argues this is not fair obviously to the smaller players. European union launched a similar investigation. Stuart we were hearing a lot about break up the big techs and go after them. That was before the virus hit. Then we didnt hear much about breaking them up for a long time. But now weve got this charge from josh hawley. Interesting that it surfaced now. It appears to have taken the stock down a bit. Amazon is off 1 . Theyre back to 2350 a share. Susan, thank you very much. Latest on the joe biden metoo problem. Two more people, new people, they have come forward to corroborate a Sexual Assault allegation against joe biden. The media, not even mentioning it. Thats a story, we are on it. More states open up. The treasury secretary told us last hour the economy will take off in the third and Fourth Quarters of this year. Newt gingrich joins us on that in the next hour of the show. Listen to this, a Trump Administration official tells fox news china could have 50 times more virus cases than they claim. What are we going to do about that . Senator rick scott next. By you. Were working hard to answer your questions. Like helping you understand what the recently passed economic package can mean for you. Were more than a financial company. Were a together we can get through anything company. Now, more than ever. Why accept it frompt an incompyour allergy pills . E else. Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief and let me tell you something, rodeo. I wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. 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The stock is up 4 . Ups and cvs will start to use drones to deliver prescriptions in florida. Lauren, is this happening soon . Lauren it is happening early as next month. So maybe next week. The two companies are teaming up. They have approval to do this, to deliver Senior Citizens living in the villages in florida, their prescriptions via drone. This is how it works. Medication goes to a main site at the villages. Then a truck will deliver it to the residents doorstep. Why are they doing this . Obviously to keep that population safe, but this is going to be, this is big, stuart, a regular service. While still a test, it will be on going. It is not a pr stunt or anything like this. Covid19 is presenting an opportunity for advances in drone delivery testing. Stuart did you say the villages . Lauren yes. Stuart were real big in the villages. We have gigantic audience. It is a wonderful place. Lauren i know they are. If they use this service, if they like it. Were all ears. Stuart producer said, lets take the show to the villages. You really want to do that . Figure something out. Ashley, come in please. News on testing. Two news items, one from cvs, one from Quest Diagnostics. Start with cvs. Ashley yes. Good morning to the villages by the way. Expanding selfserve swab tests at cvs. By end of may, there will be more than 1000 locations where you can go online, schedule a test. They will do it through the drivethrough window or in in in area set up by the parking lot. They hope to equip 1000 stores with testing capabilities. Stuart Quest Diagnostics ceo was on the show yesterday talking about these tests. Have we got something new from them . Ashley they announced direct to consumer. You dont have to go through a doctor. Theyre offering antibody tests you have been exposed, you didnt know, you have the antibodies in your system. You have to go online. They will screen you from quest. If they think it is appropriate to take an antibody test. You go to a lab, get blood drawn, get results one or two days. The cost, according to the website, 119. Stuart im sorry here i made a mistake. It is Quest Diagnostics you had the news on, not codiagnostics, he was on the show yesterday. Sorry about that, everybody. Ashley, thank you. Trump Administration Official tells fox news china could have 50 times more virus cases than they admit to. Florida senator rick scott joins us now. Thats, thats really quite something, mr. Senator. What are you going to do about this . Well hold them accountable. Were doing an investigation of the w. H. O. They clearly were the parrot for communist china but were going to get the facts. Well find out exactly what the truth is. Then were going to hold the w. H. O. Accountable and well hold communist china accountable. The fastest way americans can hold communist china accountable, buy american products. Stop buying products made in communist china. Remember, theyre stealing our jobs, they steal our technology and their lack of transparency has killed americans and clearly impacted this economy. Stuart i dont know whether you saw this or not, mr. Senator, but earlier this morning, in germany, the germans presented the chinese with an invoice, as in a bill, for 160 billion worth of damage that they say china did to germany. So it is knots just us. This is worldwide i think. Absolutely. They need, we need to know, we need look at all the money, first off, look at the dollars we spent to take care of people and try to get the economy going. We should send a bill to communist china for those dollars. They caused this problem because they were not transparent. Stuart several senators are launching an investigation into the world health organization. I believe youre one of them. Can you give me a Progress Report on that . Sure. We, im on the Homeland Security committee. Chairman ron johnson said i could lead the investigation. Of the w. H. O. We already sent them a letter to start getting information before we start the investigation. When we get back to d. C. , were clearly going to hold them accountable for, we give them a lot of money. What are we getting for it, and why werent they transparent . Did they follow the pandemic plan . It didnt appear they did. Stuart next one, the opening up of florida. Governor desantis, he is taking a methodical, fairly slow approach, but i take it that different sectors of florida are opening up in different ways at different times. Because florida is a very varied state . Yeah. I put together a plan, put it out a little over a week ago. It takes everybody helping here. First off, you as a family figure out how to stay safe. The businesses will have to figure out to open, entice us to come back to work. Entice us to come back as customers. They will have to do a lot of different things. They will have to have a lot of protective gear. Where will they get that. Every level of government, federal, state, local, they have to be part of this. We have to get more testing out there. It is happening. We need a lot more out. There we need a stockpile of americanmade products in case this happens again. We just got to be ready. So i put out a plan. If we follow that plan were going to get our economy going again. Stuart do you sense as i do here in new york city, do you sense pentup demand to get out of the house, go to the beach, take a walk . Just spring fever. Absolutely. I was in d. C. For four days. I got back yesterday. Just the traffic change was unbelievable. Number of people outside. People want to get back to normal as quickly as they can. You know, i did takeout last night. The restaurant was telling me theyre working on how they are going to make sure they can do social distancing and get open again. Stuart it started. May day is friday. I think that will make quite a difference to us all. Senator scott, thank you as always for joining us. Always appreciated. Thanks, stuart. Stuart heres whats happening in our 11 00 hour, 11 eastern that is. The president meets with the governor of florida, rick desantis. You will see when it happens. Might get a sound bite. Oil prices 13 a barrel. Actually up nearly 4 . That is still a depressed price. What does that mean for the future of gas prices . You will find out after this. Heres the thing about managing multiple clouds for your business. When youve got public clouds, and private clouds, and hybrid clouds things can get a bit cloudy for you. But now, theres the Dell Technologies cloud, powered by vmware. A single hub for a consistent operating experience across all your clouds. That should clear things up. Their medicare options. Ere people go to learn about before theyre on medicare. Come on in. Youre turning 65 soon . Yep. And youre retiring at 67 . Thats the plan well, youve come to the right place. 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So go ahead, spend winter somewhere warm. If youre turning 65 soon or over 65 and planning to retire, find out more about the plans that live up to their name. Thumbs up to that remember, the time to prepare is before you go on medicare dont wait. Get started today. Call unitedhealthcare and ask for your free decision guide. Learn more about aarp Medicare Supplement plan options and rates to fit your needs oh, and happy birthday. Or retirement. In advance. Stuart stocks in the news and moving. Bp, as in british petroleum, their post down 67 in the First Quarter. The stock is up 16 cents. We knew it was coming. The National Average for gallon of gas down to 1. 76. Wisconsin still cheapest in the nation. The price went up a cent overnight. But it is still 1. 20. Where is the price of gas going from here . Patrick dehaan is with us. Patrick, you were on the show three weeks ago you said gas is coming down to 1. 08. You were right. Two weeks ago you said it was coming down to 1. 70. Youre right. It is 1. 76 right now. What is your forecast. National average will continue dropping perhaps down to 1. 49 a gallon. You mentioned wisconsin prices inching up. You will see that in couple days. Final last call for 99cent prices. Look like the ultralow prices may be going up even as many high prices, california, hawaii, will still come down. Stuart do you have any numbers on increasing demand for gas . I ask, because i see a lot more traffic on the roads in the last week than i did in the first three or four weeks of the shutdown. Do you have numbers on increased demand . We do, stuart. Looking at our pay with gas buddy card, which is a free payments platform, we noticed demand has bottomed out and is struggling to rebound. Were only noticing singledigit increases in gasoline demand but what weve also noticed, for example, last friday, is that we saw our weakest friday of gasoline demand since the whole situation started. Stuart, that is something underreported by the media. Lets make it available. That obviously millions are without a job. And so usually friday is pay day. Millions of people fill up. We are noticing less people doing that. Stuart back to your forecast. We might see 1. 49, 1. 50. That is a very low price. My last question, is, sure little will stay way down there at low prices for a long time to come, surely . Stuart, i think you have a point there. I think it will be rebound slightly when some of the nations biggest economies reopen. Look at california, texas, florida. Those are the top three gasoline consuming states. It will rebound. To your point i think we could be seeing sub2dollar gasoline most of the summer. Stuart most of the summer . I was hoping rest of the year. Im an optimist about these things. Great stuff. Always appreciate you on the show. Patrick dehaan, gas buddy. Thank you, stuart. Stuart nasdaq holding a modest rally. Nasdaq turned south. Big tech stocks are naturally losing ground. That is taking the nasdaq down. What a shame because the nasdaq was on track to turn in the best performance of april, of any month, since 1987. Well see if that holds. Check jetblue, they are the First Airline to mandate passengers must wear facemasks on the flights. That starts may the 4th. American Airlines Start to offer personal protective equipment to customers before they get on the flight. That is like masks. That is what american is going to offer. Southwest airlines, they posted the first loss since 2011. Nine years since they posted a loss. The virus drove their revenue down 18 . The stock is at 28 a share. Wynn resorts, las vegas people. Theyre taking memorial day reservations. Stocks up half a percent. Got that. Maybe the strip will reopen. Maybe. 11 30 this morning, 11 30 eastern, President Trump hold as News Conference with Florida Governor rick desantis. Say that. When we get there well take it. We want to hear what the president has to say and the governor of florida. Believe me, well take that thing. Cosmeticses company, coty, they bounced back. Not much after bounce, 23 cents. What is going on, lauren . Nobody wearing makeup . Lauren exactly. It is not leaving your house if youre not going into the office are you going to spend your money that could be going toward rent and essentials on makeup . You might have a zoom call here and there, face time calls, people are buying less makeup. Coty is struggling as a result of that trend but bouncing back somewhat after they got downgraded and several price target cuts on the stock yesterday, stuart. Stuart it may be obvious, lauren, im doing my own makeup. I probably missed a few patches there. Lauren you look fantastic. Stuart very good, lauren. You want to coanchor show for next three years . That is fine and dandy. Next, luckin coffee, big competitor to starbucks but they are under investigation in china. What is going on, susan . Susan we all could use a haircut, susan. Stuart thats true. Susan luckin coffee, we talked about the company, so when you make china lose face by fabricating your sales, china will not be happy. Over the weekend, state administration for market regulation, which is one of the top financial outlets in china, they raided luckins headquarters. What are they looking for . Company accounts, transaction records, internal systems, according to the wall street journal reporting. After luckin said its chief financial officer, pardon me, chief operating officer and other employees fabricated 290 million in sales. The stock wiping out five billion dollars for investors and halted since april the 7th. China they say, is trying to make an example of luckin coffee. Now you eroded confidence in Global Investors investing in chinese firms. We have the sec warning last week of significant risks when it comes to investing in Chinese Companies and emerging markets. That they are a little more opaque in terms of Company Sales and company financials. Stuart i got it. Tough stuff right there. Susan, thank you very much indeed. If you go into look, the supermarkets ive been into recently, do show some shortages, different items, but shortages across the board. Cns wholesale grocers is the Largest Wholesale Grocery Supply Company in this country and were joined by C S Wholesale Grocers ceo, mike duffey. Good to see you with us. I do see shortages. Youre the guys who support and supply the supermarkets. Whats the problem . Good morning, stu. It is not a problem. I think in aggregate we have enough food across the supply chain. I think the issue is, weve seen consumer demand 40, 50 normal and system is really built to reflex 30 increase. We need some time to catch up and move the product from the factory to the shelves and thats happening and it is improving every day. Hopefully youre seeing in stock rates increase t will take time to get stores, fully backed, fully stored like they were precrisis. Stuart are your drivers, are you fully staffed with drivers or do you have a real problem with recruiting drivers . You are . We are fully staffed with drivers. We use our own drivers. We also contract with third parties. Stuart what kind of precautions do you ask the drivers to take . If you drive into new york city with supplies, the driver doesnt get out of the cab. They poke the paperwork through a crack in the window. They take care of that. They leave, pronto. Is it somewhat similar across the country . Yes. We implemented the touchless delivery a couple weeks ago across the country to protect our drivers. Also supplying them with ppe equipment, so they feel safe in case they have to get out to drop pallets. Touchless was started in new york city. We rolled out across the country. Stuart there has been talk about closing of these Meat Processing plants in iowa, south dakota. Were told that is really holding up the supply chain of processed meats going to the supermarkets. Are we in danger of a real breakdown in that particular supply chain . I think the protein supply strain will be stretched next couple weeks. You will see more out of stocks retail probably next week. Doesnt mean well have zero protein at the Grocery Stores because 60, to 70 of the capacity will still be online but consumers are buying, you know, buying protein very heavy these days as compared to precrisis. So what going to see more spot outages. You may not get variety youre used to, all the cuts. But that doesnt mean well be out of meat. Stuart i want toll tell you, mike, on behalf of you and our viewers, thank you very much. Youre doing your job. We appreciate that. I appreciate it. The people truly are inspirational, heroic what theyre doing to keep our shelves stocked and food moving across the supply chain. Stuart get this economy moving again, please. Mike duffey, c s, we can all drink to that one. Thats right. Stuart thanks for joining us. We appreciate it. Thank you, stu. Stuart here is this one for you, waffle house. This is important, they reopened the dining room in georgia. Are they ensuring people stay safe . I presume they are. Well be back with that story in a moment. Arizona, stayathome order is set to expire or certainly be reviewed come thursday, april 30th. Whats the plan to get that states economy up and running . Im asking arizona senator martha mcsally. She joins us next. This present crisis government is not the solution to our problem, government is the problem. Stuart oh, i remember those days very, very well. That was of course the great president reagan. Look who is with us now, arizona senator martha mcsally. Senator, we ran that sound bite because we wanted to demonstrate, now government is increasingly the answer these days. That we are all big spenders, including republicans. What do you say about that . Well, stuart, were in this unprecedented crisis and you think we couldnt afford not to provide relief to the Restaurant Owner who is poured their whole life and life savings into building their business. They were doing well. And now people have been asked to stay home in order to save other peoples lives. I think we couldnt have, you know couldnt afford not to provide the ppe to our Front Line Health Care heroes and nurses and doctors, to make sure theyre safe every single day. They go in to care for others so this is an important investment. I talked to people all over arizona who have finally, theyre getting a lifeline from the ppe. People who have filed for unemployment for the first time in their lives, they never asked for government assistance, but they need a little help to get through this, while we Work Together. I have my rosy the riveter coffee mug here. We Work Together in order to keep america strong and safe and you know, move forward to defeat this virus which we will. Stuart wellsaid, in arizona, april the 30th, this thursday, the stayathome order is set to be either reviewed or expire. How do you see the state reopening, because i see a real demand to get out there, go shopping, have your haircut, drive someplace . I see a lot of person up demand as spring fever hits us. How far are you going to open up the state of arizona . Well governor ducey is going to be making this decision. He is getting great advice by the experts. Look, every, as you know not one size fits all. What is happening in a rural county in Southern Arizona is not the same as new york city but we have been hard hit. The navaho nation has been hit very significantly with a lot of cases. And im up in Northern Arizona right now, the hospital here, i actually delivered ppe here, some innovation happening in arizona. Theyre caring for these patients. I think sometimes media, Mainstream Media talks about this like it is an onoff switch. It is more like a dimmer. The governor is making testing decisions. Doing a testing blitz next three weekends to get best practices for businesses open. Theyre using ppe. Theyre disinfecting those who are essentially work. How do we learn from them and apply that to other businesses so we can keep people safe, allow them to safely return to work and continue to save lives . It is not either or. Stuart it is not either or but i feel the demand to open up fairly quickly and safely if possible. Senator mcsally, thanks for joining us. See you real soon. Thanks, stuart. Stuart check the market. We lost the rally. Woe were up 400 points at the opening bell, one hour 15 minutes ago, and now were up just 45 points and losing ground as we speak. Look at johnson johnson. I hate to hear this news but a judge has ruled the talcum powder lawsuit against the company can proceed. There is more than one, by the way. There is multiple lawsuits. Down two bucks, j j. Sports they really want to come back and the fans really want them to come back too. The nba wants to return, maybe practice by may 8th. Nfl is talking about making big changes to the schedule so they can play a full season. What does kilmeade think about that, as in Brian Kilmeade . He is with us after this. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Stuart look at that market. We recovered a little bit of ground. Were up 58 on the dow. Up three on the s p. Were down 57 on nasdaq. By the way the nasdaq is on pace for the best month since 2002. The s p on track for the best month since 1987. Lets get that right. Dow up 67 as we speak. Live nation, concert guys. The stock is higher. Saudi arabia takes a 500 milliondollar stake in the company. It is up just 2 . The nfl coming up with a plan to reopen. Tell me more, ashley. Ashley well different scenarios, stu. Normally the season would open on september the 10th and end on january 3rd. There are reports they are going to release the 16game schedule early next month. They could start the season as late as october the 15th. Now the question is, it is still unclear, will they include preseason . They have five international games, what happens to those . We believe they have not spoken to the Players Union about all this. By the way the super bowl scheduled for february 7th, could be pushed back to february 25th. Well see. Stuart that is interesting. Theyre in the driver drivers seat because of the time frame here. They could legitimately start, albeit start late with a truncated season but they get a season in, unlike premier soccer in england, ashley. Ashley absolutely it is true. Stuart it is. I love the etl. I cant see it these days. Look at time. 10 51 precisely. That means Brian Kilmeade, host of the Brian Kilmeade show joins me and i join him. Brian, i like the nfl plan. They will get a season in but it is shortened but it is a season. I think that is terrific. Normally doing something in the spring and immediately get their draft picks in this week. Then have another, have june off. They get started in late july and august but this time it looks like they will start october 15th. They will finish up february 28th. I think that is a sunday, 24th. I basically forgot. No bye week. Play 16 straight games. Hopefully with an audience. Theyre making great progress with the vaccine. They have one in oxford that is extremely encouraging. That, if the nfl is giving a template to College Football. Maybe College Football follows same way, stuart. You hate to see a whole year of College Football revenue and players not get the chance to play. Stuart what about this, if they put the games on tv, know audience, fans in the stands, what about putting in a laugh, audio effects, sound effects like cheering and defense, defense, what is wrong with that . You mean, you mean like kevin james sitcom . Or like king of queens with lavatory and cheering . Stuart not the laughter so much. Look a gam game with no fans is really strange. Ive seen soccer games with no fans. It is odd. Not the same. Why not put sound effects in there. I hear the bun desleague is starting this weekend without fans. Used to get loud stadiums on seattle, they will practice and blast sound, noise from stadium noise of cheering and yelling and screaming. So wouldnt be that weird. The whole thing is going to be strange. If you sweeten it, it will be bad. If it is silent it will be bad. You know what is really bad . No games at all. Stuart yes. That is you awful. That is real bad news. Quickly, the nba says, no earlier than may the 8th to allow individual workouts in cities not subject to government restrictions that means you could have some guys practicing and doing workouts in some states that allow it but no practicing, no workouts in state which wont allow it. Thats a problem i would say. In a way but knicks, nets have play off aspirations. The knicks are having bad season. Maybe they move to philadelphia, pennsylvania, let the team work out in another season. Were adjusting our lives because of this. I dont see them upset by that in the big picture, i surprisethey want to start may 1st this friday. The teams and players pushed back. They did not feel secure going back in many cases. They would come back four at a time. Work out a little bit. Four leave, the other four come in after two hours. Still teams didnt like that. Nba started all the leagues suspending play. Mark cubans sitting in the stand when his mavericks were playing this, will be the last game of the nba season for now. The nba has a couple weeks left. They will go to playoffs. They will be without fans. First ones to play without fans. Nhs is talking about neutral sites in areas like north dakota and south dakota, maybe if minnesota continues on track it is. But i think they will go right to the playoffs. That will have, that will make people, at least something to watch. Stuart yes. Thats right. Besides us. Not that were bad but people want sports. Stuart speak for yourself. I do want sports, i really do. Hey, brian, youre all right. See you again soon. Good stuff. Thank you. He is always surprised when im all right. Stuart okay. The boss of xbox says the pandemic is creating a flood of new gamers. Im not on that list but susan, a lot of people are. Susan im not schur youre the designed demographic. It was a huge mark by the way for video game makers, 1. 6 billion in meant of march. Best mark more than 10 years going back to 2018. They sold 1. 6 billion worth of hardware, accessories, game cards, software, you name it. Software sales went up 63 to 461 million. Bestseller, nintendo switch. Outsold the xbox and other consoles. The bestselling game on the switch. I never heard of it, not for my demographic, animal crossing. Put in Gaming Companies along with other stay at home winners. Stuart my handeye coordination is not just fast enough at my age. Thats life i guess. Susan, thank you. Well have more on the nbas comeback. We have with us later in the show, Boston Celtics center ennis kanter is back on the show today. President later on the show meets with the governor of florida. We expect them to see each other next hour. When it happens you will see it. We americanses are sick of being locked up. My take on that is next. announcer 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. 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. Quadrupled their money by 2012 . And even now, many experts predict the next gold rush is just beginning. So call u. S. 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Stuart its 11 00 eastern time, precisely, that is, and we are waiting for President Trumps meeting with Florida Governor desantis. It will be at the white house. Its happening shortly, we believe. No exact time. If they say anything publicly, you will get it on this program real fast. All right, everybody . Now this. Lockdown 300 million americans, tell them they should not leave the house, that they should not mingle, and that they should keep this up for weeks on end and you will end up with quarantine fatigue. The Research Tells Us we are indeed fatigued and we are starting to do something about it. We are starting to get out and about. At the university of maryland, they are tracking our cell phones. Since most of us keep our phones with us wherever we go, the researchers can tell us how much we travel, how much travel we are doing, that is, how much are we getting out of the house. This is fascinating stuff. The Research Shows that the number and frequency of the trips we take and the distance we travel has increased recently. 47 states showed an increase in getting out of the house. Crowded beaches in california, lot of people strolling in new york city parks, even new york mayor bill deblasio and his wife caught strolling in a park in brooklyn. They were of course criticized for it. Dr. Lee zhang who conducted this phone tracking Research Says we are restless. As the weather improves we will get more restless. Theres blossom on the trees. The grass has turned green and you have heard of spring fever . Its alive and well and arrived in america. Friday is may 1st. Thats mayday. Traditionally an outdoor day. If you spent weeks inside, maybe with your energetic children, you are climbing the walls to get out. State governors are having a hard time keeping the lockdown going. In illinois, a judge said no to Governor Pritzkers demand to extend the stayathome rule until the end of may. It was a temporary no but a no nonetheless. In california, Governor Newsom threatened citations to people breaking the rules for going to the beach. In michigan, lawmakers say the governor exceeded her authority when she imposed draconian restrictions. When you couple cabin fever with spring fever, the bustout we have already seen will only get more widespread. And throw in the desperate need to make a living and you have the floodgates opening. Some polls show majority support for continuing the lockdown. Dr. Zhangs Research Shows we are not obeying the rules like we used to. Given the spring weather and ongoing economic hardship, the get out of the house trend is about to take off. And the third hour of Varney Company is about to begin. Stuart i want to get right to grady trimble. Hes in wisconsin. You have a town there breaking from the states stayathome order, allowing businesses to reopen . Tell me more, please. Reporter in a way, stuart. Its the city of hartford, wisconsin. They are not encouraging businesses to reopen before the states stayathome order expires on may 26, but they are telling them if you do choose to reopen, we wont penalize you, we wont enforce the stayathome order. So they say this has been crippling to their small town america that they have here in a county, by the way, with fewer than 100 confirmed cases of coronavirus. The Common Council got together and voted to put out a plan that is now out that outlines a framework for Small Businesses like barber shops, bookstores, salons and tattoo shops to reopen and it encourages them and recommends them to keep social distancing in place, limit customers and potentially even keep a customer log. Heres the mayor of hartford. Please understand we are not giving you any type of absolution. We are saying through our discretionary choice, we are not going to kick in your door if we happen to see an open sign and one person or two people standing in your store. Reporter we reached out to the Governors Office to see if they will come in and crack down because the state does have the ability to do that. We have not heard back, but stuart, it makes you wonder if other cities and communities across the country will start doing this in the states with the more strict or longerlasting stayathome orders. Stuart absolutely right. Absolutely right. As the spring fever catches us all, we have all fwgot cabin fever, the demand to get out and go back to work can only increase. I do see clashes coming. Grady trimble in wisconsin, thanks very much indeed. Now, the dow has lost its 400 point gain. We are down 35. We have got news coming in on boeing. What do you have for us . Ashley yeah. The report being put out right now by the wall street journal says the investigation into the production of the 737 max is expanding. Expanding on what is already a grand jury investigation which looked into perhaps poor designing that led to problems with the stall prevention feature on these planes. Now they are looking at widespread or alleged widespread Quality Control lapses in the production on the assembly lines. Also, they are wanting to look more at debris left behind by workers, as has been talked about before, some of that debris found in fuel tanks and other inside spaces. Now, boeing says we are aware of these issues and have taken steps to address all of them. However, this increased investigation, stu, could open up boeing to even greater legal liability. That is the issue. Not having a huge impact on the stock right now but they could be facing more fines and as we know, they are trying to ramp up the 737 max production again in the coming months. But this news of federal prosecutors and faa officials are looking even closer at the whole if you like manufacture of the 737 max and what boeing knew and didnt know prior to it going to the market. Stuart my goodness me. The bad news just keeps on piling up, doesnt it. Although i agree with you, ash, the stock is holding but at very low level of 129 a share. All right. Back to the markets real fast. If you remember, at the opening of the market we were up 400 for the dow. Now we are down 27. Look at the nasdaq. Big tech selling off and the nasdaq composite is down 1 . Couple of individual stocks in the news. I will start with southwest airlines. They reported their first loss in many, many years. I think its first loss in about 11 years. They will start leaving the middle seat open to support social distancing. The Market Selling them off to the tune of 1. 7 . Harley davidson reported a profit, a profit better than expected, as they say. They plan to overhaul their strategy as profit dropped 46 from this time last year because of the virus, of course. The stocks up 9 , solid gain. Oil, earlier on the program treasury secretary mnuchin said spoke about oil. Its at 11 a barrel now. What did mnuchin say . Roll tape. The president has been very clear. He wants me and the secretary of energy to study very carefully the oil industry and were looking at providing liquidity but again, that wont be a bailout. Stuart exactly. The secretary said look, no bailout for anybody but we are providing liquidity. That is putting some money in there, presumably it will be paid back. The dow is on pace for the best month since october 2002. The s p is on pace for the best monthly gain since january 1987. Lets bring in former chief economist at chase, anthony chan. Anthony, im not interested in whether or not this is the best month since 87 or 2002. I could care less. Frankly, im interested in why this market keeps on going up and i think its because the economys beginning to open up. What do you say . Well, i think that thats certainly something that the market wants to see, the economy picking up so that after the deep hole we will see in the Second Quarter, that we could start to see in the second half of the year the economy picking up, and the sooner it opens, the sooner that you can see that recovery. The big concern i have, stuart, is that we want to make sure that that opening is such that we dont stumble and have to reclose again. Hopefully we do everything right and everybody practices safe distancing and trying to minimize reinfection. We wont have to close up again and thats what the market is hoping for. Thats why you are seeing price earnings ratio so high. Look at the forward price earnings ratio, stuart. Its at the highest level its been in the entire prior boom market, we didnt see a forward price earnings ratio this high. Stuart how about that. In other words, the markets expecting very solid profits going into the early part of next year. Thats what the markets saying, right . Solid profits . Thats what the market is saying. And so right now, the market can continue to go up, because these price earnings ratios are so high that the only way you continue to go up is if these stock analysts are being too pessimistic and the earnings turn out to be even better. The problem with that is that historically, the stock analysts tend to be too optimistic, not pessimistic. Maybe this time is different. We certainly hope so. Stuart i want to look toward the recovery of the economy and how fast a pace we are going to recover at. Anthony, hold on a second. Listen to what President Trump said about that. Roll tape. I think were going to have a recovery, look, i built, they were just telling me inside and its fact, i built the greatest economy with the help of 325 million people, i built the greatest economy in the history of the world. Stuart now, anthony, the president says the recovery, third and Fourth Quarter of this year, and into next year, is going to be spectacular. Thats a very strong word. Would you go with spectacular recovery . I would go with improving economy and by the way, i would go with i hope its spectacular because we are all americans and we want the economy to do really well. But certainly, if we see a gradual reopening, its very difficult for the Third Quarter to be spectacular but if we open up quicker, and somehow we get no reinfections and everything goes well, then of course we can get spectacular. That doesnt seem to be the consensus view, but lets hope that we get it. We all want good news. Stuart we are going to get some bad news tomorrow, i think. First quarter performance of the economy, the gdp numbers. I know, we all know its going to be bad. How bad do you think its going to be . I dont think its going to be that bad. I think we can get a 5. 5 , 6. 5 decline in gdp in the First Quarter because remember, we saw the economy basically shutting down in march. January and february were still okay. We are going to get the super bad news, if you really want it, thats going to be the Second Quarter. Because thats where we really experienced almost a complete shutdown of the overall economy. Thats where the Congressional Budget Office is already telling us that you are going to get a 40 decline in real gdp in the Second Quarter. My numbers not that pessimistic. I think maybe 35 decline. But theres not a huge difference between the two. The only good news is that i looked at the Congressional Budget Office track record and they have been pretty good but during these Business Cycle turning points, the forecast ability is not so good. In fact, the forecast errors are twice as large as they are during regular periods. Still, when you are looking at a decline of 40 , we are going to see that number in the neighborhood of 30 to 40 decline in the Second Quarter. Thats not good. Lets hope in the second half of the year we see better numbers and i think we will. Stuart got it. Anthony chan, thanks for joining us. See you again soon. Thank you. By the way, tomorrow, National Economic Council Director at the white house, top economist larry kudlow joins us with the breaking gdp report. Dont miss it, please. He will be on the show at 11 30. We just got this from fox news chad pergram. Steny hoyer now says the house will quote, not, not return next week. After consulting with the capitol physician, i dont know what that means. The house was set to return on monday, may 4th along with the senate but hoyer has now reversed that decision because the virus numbers in d. C. Still going up. Thats where the physician comes in. The physician is saying you cant do that. Hoyer also says the fourth stimulus bill is not ready to go. Okay. Airlines adding new policies to keep people safe and feeling safe. What are they doing . Susan as you mentioned, people have cabin fever, they want to get out and some are slowly traveling again. We had recent video of some of these cabins and people, yes, are sitting six feet apart but not wearing masks. From now on, starting on may 4th, jetblue has issued a new policy fwiedan anguidance that have to wear face masks. We do have flight attendants and employees, personnel on american airlines, delta airlines, united was the first to institute this regulation, and jetblue, they all have to wear face masks while attending the flights that they are working on. Southwest, meantime, heres a statement from them. They say southwest employees including flight attendants are allowed to wear face masks while on duty and in fact, southwest encourages this practice by providing employees with personal protective equipment. We also have been hearing from other airlines as well, that includes american, saying that in early may they will start distributing sanitizing wipes, gels and face masks to customers in the future but this makes sense. If i travel in the future i will be wearing a face mask. Stuart you have to reassure the public. Youve just got to do that. If theyre not reassured, they dont fly. They dont eat in restaurants. You have to satisfy the customers first and foremost. Thank you. Ah, heres what im looking for. A positive sign from the housing industry. Lauren, what do you have . Lauren i got one. People are eager to buy homes, particularly in popular big cities. Zillow found traffic to its site nationwide rose 13 versus that same week in 2019. San francisco, los angeles, minneapolis saw big gains. However, its not a positive story, unfortunately, all around. Cities including new york city, boston, detroit, philadelphia, among cities that are still suffering a bit. Stuart the cities are suffering. Thats the truth. Thanks very much indeed. Pro basketball teams could be back to practice by the end of next week. Are they gearing up for some kind of season . We will discuss that with Boston Celtics center enes kanter. Hes on the show later this hour. Hes been on the show before. Hes back. Got that. More people are backing claims by joe bidens accuser. Hes staying silent. Kennedy is here. We will get her take on that. The Senate Returns to capitol hill on monday. Senator bill cassidy is ready to hit the ground running. He will join us next. A live look at the white house. President trump is meeting with Florida Governor desantis this hour. If they speak publicly, you will know about it real fast. Ft turn. Its the next one. 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Stuart 3m reported a big boost in profits, strong demand, of course, for their protective gear like masks. They are not going to issue any guidance for the rest of the year. They say you cant do that in this era of the virus. But 3m is up 1. 3 . Pepsi also reported a nice big profit today. The ceo says that pepsi is preparing for ups and downs as states reopen. Nice gain for the stock, up 1 . Heres what im looking for. Waffle house. I think they are usually the first to reopen after a catastrophe. Whats the news on waffle house, lauren . Lauren yeah, they are a barometer for how bad a catastrophe really is so this coronavirus is their biggest test yet, because they shut smeso many of their restaurants and are open again in georgia. How did they do that . Tables six feet apart, no more plastic menus, literature everywhere that they are cleaning and sanitizing, trying to make customers feel comfortable again. So waffle house, back open in some parts of the country. Are diners actually going in and sitting at the counters and tables . It depends on the waffle house that you look at. One in atlanta, the manager has said there are so many news crews outside because it was such a big deal that we opened, that that might have scared some of the diners away. Stuart okay. Those news people, ill tell you. Thanks, lauren. Senator bill cassidy, republican, louisiana, joins us now. Frequent guest on the program and a welcome guest, too. Mr. Senator, welcome back. Good to see you again. Hey, stuart. Thank you for having me. Stuart i hope i dont have a bone to pick with you, because youre smiling, keep smiling, last time you were on the show you told us about a 500 billion plan to help state and local governments. Fine, but youre not going to bail out illinoiss pension plan, are you . The moneys not going to go to solve problems that existed before the virus, is it . Absolutely not. That would be a mistake. We cannot bail out unfunded accrued liability, irresponsibly accumulated and not paid for. What we can do is help support cities, states, to support essential Community Services needed so that restaurants, Small Businesses, can open their doors. One example. If your state, your city, say your city depends upon tourism, sales tax, airplane fees, a bed tax, and all of a sudden it goes away, how are they going to pay the sanitation workers, fire and Police Necessary for the city to return . Who will go into a restaurant if garbage is in the street in front of it with rats running around the garbage . Nobody. These billions we put into Small Businesses will be wasted because of lack of City Services. We need to support the ecosystem, those City Services that allow the Small Business to reopen its doors. Stuart fair enough. Understood. Thank you, senator. All right. Now, the governor of louisiana has extended the stayathome order for your state, i think until may 15th. I perceive a real pentup demand to get out there, go back to work. Maybe its spring fever, i dont know, but there is that pentup demand and i see a lot more traffic here in new york and various places around the country. Why the delay until may 15th in louisiana . I dont know what hes looking at but i can look and see, i advocate an approach that would allow a more rapid opening, still balancing public health. If you look at hot spots, there are hot spots within hot spots. Its not the entire new orleans region, for example. It is certain tracks within that region that have more cases than others. If you go into those tracks, maybe even go apartment by apartment and find out who is infected, test everybody, if they are infected, congress is giving states money to quarantine, to provide medical and food services, those folks would do better because you are checking on them every day, but they are not transmitting the virus to others. This is what south korea has done, what germany is doing. It will allow the economy to reopen sooner while balancing that physical Financial Health aspect. I think thats a plan we should be implementing. Stuart do you sense that there is this pentup demand to get outside and also go back to work, and that just maybe we are beginning to open the flood gates and people will flood through any opening they can . I get that sense. What about you . I do, too. An elected official friend of mine calls me, says hey, bill, listen, man, i dont care what anybody says, people are starting to go out. You can look at traffic. You can look at people Walking Around parks. They may say its closed. They are out there. So i think we need a certain rationale. If we can go to an area that we know is a hot spot and we can identify it as a hot spot within a hot spot, im okay with that. On the other hand, im looking around and theres nobody in my neighborhood who is sick, im starting to think this isnt true, then the officials lose credibility. I do think we need to be more targeted but out here allow more freedom. Stuart got it. Senator bill cassidy from louisiana, republican, thank you, mr. Senator. Thanks very much for joining us. Okay. Thanks very much. Thank you. Stuart House Speaker nancy pelosi considering a new plan to help people pay their bills. Watch this. Others have suggested a minimum income, guaranteed income for people. Is that worthy of attention now . Perhaps so. Stuart that is the universal income scheme. Remember that . Its reappeared. What would Newt Gingrich think about that idea . We will find out because hes on the show. Two more people come forward backing claims made by joe bidens accuser. Kennedy on that, next. And President Trump, well, as you know, hes meeting with the Florida Governor at the white house. If they speak publicly on camera, we will bring it to you real fast. Well be right back. You wouldnt accept an incomplete job from anyone else. Why accept it from your allergy pills . Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief stuart dr. Fauci says reopening too soon could hurt the economy and hurt us all. Maybe thats why we have turned a little around on the market. We were up 400. Now we are up 68 for the dow industrials and we are still down on the nasdaq. Look at gap. They say they dont have enough money to last more than 12 months if these store closures continue. Nonetheless, the stock is up 8 . Maybe its good they have got enough money to last 12 months. Up 7 now. Kennedy is with us. Kennedy, heres what i want to talk to you about. Two more people have come forward to corroborate claims by the accuser against joe biden on a Sexual Assault allegation. Hes not saying anything. Journalists are not asking him any questions. I think this is terrible, its a double standard and i dont like it. What say you . I think its a miscarriage and its utter hypocrisy because what we need regardless of who is being accused, how powerful they are and what the stakes are for their future and our investment in it, we need a uniform set of standards for vetting stories when victims come forward to talk about their experiences and you know, the left has surgically used t the Metoo Movement to try to do damage to the political careers of people they consider enemies and thats not okay because then you are just using victims as pawns and thats not only incredibly offensive and insensitive, its also counter to the movement and why it started in the first place. Stuart joe bidens got a problem with this allegation but so, too, i would suspect, is whomsoever is his Vice President ial pick because he says its going to be a woman. Well, what will that woman, when she is selected, say about these Sexual Assault allegation against joe biden . Its a dual problem here, isnt it . Well, it is. Its also i dont think the most politically swift thing to back yourself into a corner and really, you know, cut out 50 of the potential vp candidates before you have secured the nomination but lets say it is a woman and hes got a number of women to choose from across the political landscape. I hope whoever it is, whether its stacy abrams or Michelle Obama or amy klobuchar, i hope they sit down with him and really ask him and you know, think of it as though tara reade, who has come forward with these claims, think of her as your sister or your daughter or, you know, your best friend and how would you have that conversation with someone that has been accused of inappropriately touching someone in this sort of Sexual Misconduct . And you cant have a different set of standards for people you dont like versus people that you do. The basis of our criminal Justice System is equal protection under the law. Stuart absolutely. Lets change the subject, shall we. Kennedy, we are going to change the subject. I want to show you and listen to president bill clinton. Heres what he said at the state of the Union Message in 1996. Roll tape. The era of Big Government is over but we cannot go back to the time when our citizens were left to fend for themselves. We must go forward as one america, one nation, working together to meet the challenges we face together. Stuart okay. Isolate what he said at first. The era of Big Government is over. Well, it may have been there but it sure is not now. Everybodys a big spender these days. You are libertarian. You cant like this. No, i hate it. Its awful. Its something, you know, you talk about a uniform set of standards. We need a uniform set of standards when it comes to politicians taking money from us. I mean, theres a reason that people say taxation is theft, because they take money and then they spend it irresponsibly on giant corporations and they get in bed and have cronyist orgies and were the ones who suffer the consequences. Its wrong and we know when you cut taxes and cut spending, thats how you grow an economy. Its a very unfortunate and Inconvenient Truth for socialists. Unfortunately, both parties have been populated by populists who want to look out for everybody and see government as a tool of dogoodery that really in the long run does much more harm. Stuart they are buying votes, kennedy. They are buying votes with our money. Vote for me and look what you get. Its a dreadful story. But thats what weve got today. Kennedy, its always a pleasure having you on the show. I miss you, stuart. Stuart come back soon, thanks very much. Come in, ashley. Youve got news on pennsylvania businesses taking the fight to reopen to the Supreme Court. This is news. What have you got . Ashley yeah, it is. These businesses first went to Pennsylvanias Supreme Court wanting the court to reverse governor wolfs executive order shutting down businesses. The suit was rejected by the pennsylvania Supreme Court so now they have gone to the Supreme Court of the United States. Basically they say the executive order has and is continuing to cause irreparable harm to all businesses forced to close. It goes on to say that they have been deprived of their property without due process of law that is guaranteed by the u. S. Constitution. And they say tens of thousands of businesses may never be able to recover as a result of this order. Stuart they filed an emergency request to be heard at the Supreme Court. Whether or not they are going to do it or not, okay. Thanks, ash. We all know the Hotel Industry has been severely hit by the virus. I want to bring in hillary vaughn, who will tell us how bad is it . I think youve got details from marriott . Reporter yeah, thats right. We just heard from Arnie Sorenson who spoke to the Economic Club of d. C. And he says the fallout from coronavirus has been three times worse than the fallout after 9 11 for their industry. He says 90 of their hotels are closed. They only have about 2,000 hotels that are open or sorry, 2,000 hotels that are closed. Of the ones that are open, they are only operating at about 10 occupancy. He says they are going to have to make significant changes to the industry moving forward. They are going to move more towards digital checkin. He also explained or kind of gave his comment on how their stock price has had an impact. He says he thinks its had a little bit of rebound because they have seen the worst that they thought could happen is not necessarily going to happen. Stuart . Stuart okay. Marriott stock is up this morning, as of now up a buck at 86. Got to see this. Baseball season kicks off in taiwan. Got it. The fans in the stands are cardboard cutouts. Is this the new normal . We will discuss. By the way, with Boston Celtics star enes kanter. Hes on in a few minutes. Newt gingrich joins us. Hes got a plan to get back the a previrus economy. He will let us in on that after this. What do you look for when you trade . I want free access to research. Yep, td ameritrades got that. Free access to every platform. Mhm, yeah, that too. I dont want any trade minimums. Yeah, i totally agree, they dont have any of those. I want to know what im paying upfront. Yes, absolutely. Do you just say yes to everything . Hm. Well i say no to kale. Mm. Yeah, they say if you blanch it its better, but that seems like a lot of work. Now offering zero commissions on online trades. We charge you less so you have more to invest. About medicare and 65, ysupplemental insurance. Medicare is great, but it doesnt cover everything only about 80 of your part b medicare costs, which means you may have to pay for the rest. 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There are many more people than just in Small Business and hired by Small Business as important as that is to the vitality of our economy, and other people who are not in the public sector, you know, meeting our needs in so many ways that may need some assistance as well. Stuart okay. Speaker pelosi there pushing for a minimum guaranteed income. Thats a universal income kind of scheme. Former speaker Newt Gingrich is with us. My comment, newt, forgive me for doing this, but never let a good crisis go to waste. Why not suggest something which is widely discredited because you can use the virus as an excuse to get it . Where am i going wrong . No, look, i think if you are nancy pelosi, this is your chance to pay off every left wing ally youve got, whether its sending extra money to states or its proposing really left wing ideas. What we need to do is get the economy growing. I think 100 expensing to maximize investment, sixmonth holiday on the fica tax for both employer and employee to accelerate instead of giving people money for not working, what we want to do is get people back working. I think thats what america is all about. We will have a special incentive for everybody willing to bring factories back from china and insource rather than outsource and then we need to have an allout effort on the virus in terms of therapies, because peop people, if we are going to really recover, people need to have a much lower level of fear about going out, traveling, going to hotels, your last report. And finally, we should plan starting right now so that we have a thorough defense in the fall if the virus does come back so we can defeat it without closing down the economy. I think stuart do you sense, as i do, an urge to get out of the house, go back to work, spring fever is here, and i think the flood gates are going to open. Im sure people want to be reassured about their safety because before they go to a restaurant and before they go to the beach, but i think the flood gates are opening here. Do you get the same sense . Absolutely. I was talking to my daughter who lives in key biscayne and she said when the word came out they were going to reopen boat docks and the arenas, her husbands morale went up immediately. He loves to fish and has been totally caught up in their condominium, a nice condominium looking out over the ocean but still, it isnt like being out on the water. Tomorrow morning, he will be down at their local marina. I think people, americans are very energetic, very optimistic and very futureoriented people. I think as you know, im talking to you from rome, where my wife is ambassador to the vatican. We have been watching eight weeks now of italians being shut down but here, the crisis was so great, the whole country was like new york city. So i think the italians have been very patient with the very severe lockdown, only Grocery Stores, gas stations and pharmacies have been open. Even here, they are beginning to open up starting this coming weekend and i think people are going to be just desperate to get out, particularly because its spring. Its nice. People want to have a chance to go out. Stuart there is such a thing as spring fever. Its real. I can feel it, good lord, at my age. Mr. Speaker, i just want you to listen to what President Trump said about china, then we will discuss our response to china. Roll tape, please. We are the not happy with ch. We are not happy with that whole situation. We believe it could have been stopped at the source. It could have been stopped quickly and it wouldnt have spread all over the world. Stuart newt, i dont know whether you saw this, but this morning, the germans presented china with an invoice, a bill, 160 billion. You owe us this for the damage you did to our german economy. Are we going to do something similar, make them pay . Is that possible . Well, we should. First of all, i wrote a book called trump versus china that came out last october. I think if you read it, you will see they are behaving just like the dictatorship they are. This virus is their fault. Theres a university that came out and said probably 95 of the people would be alive today who have died if the chinese had told the truth. They are clearly guilty and i think we should, one, open them up to american courts as we did with lockerbie bombing and allow families who have lost a loved one to sue them. In lockerbie they got about 8 million per person. I suspect with inflation it would be about 11 million now. Second, we ought to take total economic damages and charge it to the chinese. We ought to impound our escrow, all of their u. S. Bonds, all of their holdings in the u. S. , and say we are going to hold all of this at risk until you pay what you owe, and we should consider potentially a virus tariff that would charge the chinese and we should encourage the whole planet, people ought to be furious at the way this dictatorship has lied to the entire world, leading to several hundred thousand unnecessary deaths, a worldwide depression, trillions of dollars of lost wealth. These things arent an accident. This is the chinese dictatorship running amok thinking it can lie to everybody and get away with it. You are exactly right, we should react very aggressively. Stuart you are playing hardball there, Newt Gingrich, all the way from rome. All right. Newt, thanks for being with us. We always appreciate it. Thank you. Stuart thank you, sir. See you soon. All right. In a moment we will talk basketball and getting back to some kind of season or certainly training. Boston Celtics Center enes kanter is with us. How is he staying in shape during this lockdown . We will ask him. Hes next. 49. 50 daddy, i found you good job. Now im gonna stay here and you go hide. Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. Now any room can be a tv room. Stream live tv, on demand shows and movies, even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. 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. Stuart lauren, i can smell socialism a mile off. What are they doing at whole foods . Lauren you have been talking about mayday, friday, may 1st as spring, spring fever, go out. Well, its also International Workers day. Whole foods employees and reportedly employees from instacart and amazon and target and walmart and fed ex are slated to walk off the job at their lunch break, just walk off because they are demanding more hazard pay, double pay in some cases, more ppe, you name it. The workers, essential workers right now, are angry and many of them do plan to walk off the job on mayday, friday. Stuart thats called socialism. But lets get beyond that. At least ill try. Thanks, lauren. The nba will allow players to use Team Practice facilities in cities not subject to restrictions on may 8th, that is, okay. Enes kanter is back with us, center for the Boston Celtics. Enes, always good to see you. Welcome back. Great stuff. Thank you, guys. Always good to see you. Hope you guys are doing well and staying safe. Stuart okay. Now, the nba has moved that date back, may 8th. Youre not happy about that, i take it . I mean, we are just staying at home, you know, we just want to go out there to practice [ inaudible ] we are just waiting like everybody else. Stuart how do you stay in shape . We actually, with the celtics, i hope you are a celtics fan, we actually have this virtual workout, the strength coach calls us three times a week and we have this virtual workout that hes telling us what to do. We are actually doing a lot of situps, pushups, jumping jacks, because we still dont know when is the nba going to start or not. We actually try our best to stay in shape in our house. Stuart you look like youre doing okay, ive got to say. But look, how do you feel about you look okay. How do you feel about playing, getting back to playing, but with no fans in the stands . We just ran a picture of a game in taiwan where they are using cardboard cutouts instead of real fans. How do you feel about it . Its tough because nba fans are what makes the nba atmosphere what it is so i feel like for nba, its the fans safety first. I know we want to go out there and of course play but the nba is doing an amazing job taking care of the players and the fans but i think if it comes to that, i think of course its not going to be the same but you know what, i will take anything right now. Stuart i bet you are just itching to get out there and shoot some hoops. Oh, you have no idea. Stuart ill bet you are. Look, enes, thanks very much for taking time out to be with us on the show today. We all wish you well. We all hope that you can get back to playing bigtime real soon. And come back soon and tell us how youre doing. Enes kanter, everybody. Boston celtics. More varney after this. Eoy have you worried about your finances in retirement . Ar. Most people thought the three legs of retirement pension, Social Security and savings. Would be enough to get by but its kinda like this three legged stool. 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They will fly over the city. They will fly over long island. Theyre honoring firstresponders in the state hit hard by the virus. They will also fly over philadelphia and new jersey. Ladies and gentlemen, they fly f16s. They are huge planes. When they fly in formation, youre anywhere near them you will know that it has real impact. The noise is extraordinary. The visuals are absolutely fantastic. Hope you get a chance to see them. Hope you watch the show tomorrow. We have larry kudlow on the show again. He is the Top White House economist. He will report on the gdp report. How is the economy doing in the first three months of the year. Well find out tomorrow morning. Larry kudlow will tell us what he thinks about later on the program tomorrow. I leave you with the dow up 18 but the dow and nasdaq and s p on the downside. A mixed market. Neil, it is yours, take it away. Neil thank you very much, stuart. Were waiting to hear from the president , he is meeting with Florida Governor ron desantis. Looking how he is helping states. It is certainly not a black and white issue. Certainly no bailouts, or that the states will file for bankruptcy, something Mitch Mcconnell raised. President talked to reporters in the room with the governor and the president. So when he comes out of there, when the tape, when they leave that room, get us the tape i think by now you know the drill, well prey it back for you, all of it. Blake burman on what were learning not only about florida but other states reopening. This pace will pick up quite ag