That is more, by the way, than the number of people that live in new york and chicago combined, that amount of people. This is more than 18 of the u. S. Workforce is unemployed. Where are we going from here . And this is fascist. This is not democratic. This is not freedom. Give people back their [bleep] freedom. Elon musk going off in expletive laden rant against nationwide lockdowns. Our Panel Debates his point coming up. Was president right about using uv light to cure the coronavirus. Turns out some of the nations top scientists and doctors were already working on light therapy. All that and more own making money. Cheryl want to show you live pictures right now, the Vice President at a gm factory been translated into a ventilator production facility. He is in kokomo, indiana, right now. He is getting a cure, if we take the live pictures, that would be great. The president , Vice President , we actually lost the shot. Neil was showing it to you a few moments ago. Vice president is during the gm facility. They put it fact in 17 days. They will make 500 ventilators at that plant in indiana. Mary barra is there, marc short, well monitor the tour any breaking news or comments he makes with regard to the coronavirus. The Vice President leads the Coronavirus Task force. President trump already speaking today, on the latest efforts by states to reopen as more Economic Data comes in reflecting the toll the pandemic is taking on this country. Blake burman has the latest from washington. Blake . Reporter cheryl, one of the Top Economists over at the white house, Kevin Hassett says when the Labor Department puts out the official reading one week from tomorrow, next friday, regarding the april unemployment report, hassett believes the number could be around 19 . Earlier this afternoon, President Trump asked about the figure. He wanted to look ahead toward the end of the year while also placing blame on china for what occurred at the beginning of the year. Well i think well have a great third quarter. That will be a transition. When i say great, i think transition will be really terrific. Were going to take it into the fourth. I think well have potentially a great Fourth Quarter. I view what we have now is obviously a period of, here we are. It is what it is. We just got hit by a vicious virus that should have never been allowed to escape china. Reporter white house officials are telling me today they want to survey the landscape over the upcoming days to see what a future relief package might look like. Im told that a decision from the white house is not expected this week. One white house official noted, for example, how a good portion of the federal relief money has yet to be spent. Hassett says the white house is looking at two different paths Going Forward based upon the ppp loan burn rate, along with how states open. I think that whether the next step is more of a general growth package to make sure the economy really gets going well once it opens up again, or an extension of the bridge to the other shore is something that the virus and data are going to tell us. I think right now were preparing for both and the president s watching the situation carefully and well probably make that call next week which path were going to take. Reporter cheryl, for the third day in a row President Trump met with a governor in the oval office today. It was the governor of new jerseys turn. Phil murphy said today he believes his state, because of the coronavirus, is going to come up with a 20 to 30 billiondollar funding shortfall Going Forward. When you talk about, potential next relief package, funding for the states is what governors are pushing for. The president was asked about that 20 to 30 billiondollar figure as it relates to new jersey. He was noncommittal about it Going Forward. But when you look at what democrats want to see, nancy pelosi has called for the overall package for states to be some 500 billion. That is where the negotiations will come in. Cheryl Mitch Mcconnell so excited about that as well. That will be, youre right, the big discussion in washington. Blake, thank you very much for that update from d. C. Back in markets right now because we are nixed as investors react to the Economic Data out today. There is pressure on markets, but the nasdaq composite, as we head earnings after the bell. Nasdaq not under kind of pressure as it could be after the blockbuster number we got this morning. Another 3. 8 million americans filed for unemployment this past week. 30 million since the middle of march. Six weeks people have applied for benefits. If you look at the major indices for the month of april, this is the mixed part of this, we were up across the board and on pace to snap a threemonth losing streak with the dow and s p seeing their best month sense january of 1987. Whats going on here . Lets bring in baltic chief market strategist, Catherine Rooney vera and bw partners, mitch roschelle. Up you got the market and economy, and i keep getting asked why the market is doing so well when the economy is doing so well. What do you say . Lets ask fed chairman jay powell. This is equities fueled. Consumer sentiment and Investor Sentiment complete and other odds. Multiple storing, which means the market is pricing in, prices are rising over earnings. Earnings are a moving target. We know theyre not going to be sensational. They will be discounted but the market is pricing in a nearterm recovery and prices surging. So the market is discounting something far away from reality which is what main street is living, which is a depression. We are talking about a massive recession which, either one has to go with, either the consumer us going to regain her mojo, or, markets are going to have to drop and i think, im in the latter camp. Cheryl you think markets have another leg down if you will. Absolutely. Fair enough. Mitch, it is interesting, when President Trump was meeting with new jersey governor phil murphy. He was talking about the economy, advancerred reading on gdp yesterday, negative for the first quarter, not a shock but he said look, well have a great third quarter. That is what the president said, mitch. Then he said we got hit by a virus. It will start in the third quarter. The Fourth Quarter will be terrific. So the president is optimistic this economy could snap back. Yeah, cheryl. I think the challenge is how quickly that happens and what happens. If businesses are opened but only slightly, only one personal howed in a hair salon at a time, only half the capacities in the restaurants, movie theaters dont open at all, our economy is driven by the down consumer. If the consumer doesnt have supply of things to consume, that will not fuel the economy perhaps as quickly as administration wants. It will be about whether the opportunities are there and people are allowed to do these things. Cheryl katherine i have to look to say what could make sense here, you could have the opposite story here, pentup demand. Sure. Cheryl youre living in a free country. Look what is happening on the beaches in california. Well talk about that in a built. People were so desperate to get outside they flooded californias beaches. Maybe they will flood businesses and malls. Maybe they will book the vacation. We dont know. Yeah. We got to get the economy open though, cheryl. It is not even open now. The market surging 30 percent from bottom to current pricing but the economy is closed, right . I think the point is welltaken. There is pentup demand. There is resumption to half consumption habits. I would be careful about one thing, i will tell you and your audience, you have a difference between pentup demand and destroyed demand. The longer we keep the economy closed, the longer we keep consumption driven economy closed, longer duration, more severe the recession. Cheryl longer we have 30 Million People out of work. The 30 million will go to 50 million if we dont open the economy soon. Cheryl parts of the economy are opening. I know some states are moving in that direction. Not here in new york obviously. Thank you very much. Thank you, sir. You bet. Cheryl turn to politics right now. Senate majority leader Mitch Mcconnell is shifting gears a little bit here. He is saying he is now open to additional funds for states in the next Coronavirus Relief bill, but he is insisting this package must also include federal Liability Protections. From what he says will be an after avalanche of lawsuits. We dont need a epidemic of lawsuits in the wake of the pandemic. We need to take our time, do it right and it needs to include the Liability Protections so all the brave workers, brave businesses that will be reopening are not subjected to this second epidemic of litigation. Cheryl of course, not everybody is on board. House Speaker Nancy Pelosi says we need to support workers, not corporations. Chuck schumer echoed the comments from her. Consumer groups are also against this idea. There was a letter that was signed by over 100 groups. Here is what it says, quote, legal liability is one of the most powerful incentives we have to insure businesses operate safely. Now, for his part, President Trump says he has not considered Liability Protections for companies outside the meatpacking industry. I want to bring in jenna ellis. This is interesting. Look, whether it is a grocery store. Whether it is a Meat Processing facility, whether it is an amazon warehouse, were already seeing worker discontent. You would think that lawsuits would be the next shoe to drop against American Companies. Well its possible. Here, cheryl, this is just nancy pelosi playing more politics and trying to create a wedge where there really isnt one because we see that there are always industry standards and there are Risk Mitigation and there is a reasonable standard of care that employers owe employees across the regular course of business as well as what a company does owe its invitees or even licensees who come in. So the average consumer already has some of these protections shield in place already. Were not really reinventing the wheel. This is matter of what President Trump always said about reopening america together, really partnering with these businesses to implement the federal guidelines and state specific guidelines in a man are really does not only protect workers but also protects consumers. Also america understands that there is a certain assumption of the risk, and for those of us who would love to have these options open and are willing to engage in the regular stream of commerce, not only just for the consumer, but also for the worker, were ready, willing able to enter back into the workforce and understand we may have to take some precautions through testing, ppe. Some of things that are reasonable. Cheryl hold up, your position, because you do work for the president , is your position that Mitch Mcconnells idea is not needed, that there is enough protection out there from legal risk for American Companies . Also i forgot to add, doctors, nurses hospitals . Sure. What im saying his idea is not one thats brand new. I think that with nancy pelosi kind of pushing back on this, she is trying to drive a wedge where there isnt one. So having some liability shield of course can be implemented in a reasonable way to say that for this type of duty of care in the midst of a national pandemic, as were reopening, what is reasonable here . That is what the law has always turned on. It doesnt mean there is absolute protection. Cheryl it doesnt stop lawsuits, jenna. It doesnt stop lawyers or class action lawsuits. Come on, youre a lawyer. Always will always sue regardless what is in place but there can be some protection to make sure to get rid of up front frivolous lawsuits. So that some lawyers who are not just driven trying to file the class actions are not going after companies or make them fear lawsuits when really the fear can be minimized through some of these reasonable protections that already exist across the regular stream of commerce. Cheryl so, if we talk about another tranche, this is where mcconnell is coming from, another tranche much assistance, stimulus package, you dont think we should put provisions in the new legislation . I didnt say that. I said that is reasonable question. For nancy pelosi pushing back, rather than saying hey, Mitch Mcconnell that is reasonable question, lets come to the table, work with President Trump. We can all understand this is a calculated risk and we can all Work Together instead of playing partisan politics. Cheryl unfortunately weve seen partisan politics rear its ugly head in the middle of all of this. From the democrats. Not President Trump. Thank you very much. Cheryl jenna ellis, always good to have you on fox business. Jenna, thank thank you. Speaking of what is happening in the american economy, the rent is almost due igniting a stand off between renters and landlords as strikes are being planned across the United States for tomorrow. Which side may win . Tesla ceo elon musk, slamming, not mincing words, not a shocker, the lockdowns as fascist. That is what he called them. Our panel will debate if musk is expressing what more people are really thinking, enough is enough with the lockdowns . Well be right back. 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. Cheryl well the rent is due tomorrow for millions of americans but some renters and politicians are calling for a National Rent strike amid the covid19 pandemic. Lauren simonetti joins us with the latest on this. Lauren. Lauren good afternoon, cheryl. Well tenants across the country, theyre planning a stroock tomorrow because they dont have the money to pay the rent or the mortgage. Now protesters, they want to persuade lawmakers to cancel all rent and mortgage payments until the jobs return. They say freezing the payments until a later date isnt enough. Without doing this, that is the better question, what will happen . What happens to all of these banks and lenders and renters . You guys remember what happened in 2008 with housing crisis where we had everything crash. This is means to prevent that from happening. Lauren president ial candidate joe biden tweeting this, with rent due in a few days, it is clear more needs to be done. We need to freeze rent for people lost their jobs and place a temporary ban on evictions. Protesters want more than a bandaid. 13 million apartment renters missed april rent as of first week of the month. Most of them caught up by midmonth. But the numbers will get worse as we enter may. 3. 4 million homeowners, theyre in forbearance. Temporarily paused or lowered the mortgage payments. It is ugly out there. While many eviction courts have been suspended, streak organizers, they federal legislation pass that addresses the crisis to save the entire real estate industry. Theyre not looking to stick it to the landlords. They want help to be broad and provided for everybody involved here. Well see what happens but you can expect this streak tomorrow. Cheryl lauren, the what is interesting though, landlords themselves have mortgages and they have Building Maintenance costs and pay property taxes. Lauren yeah. Cheryl if the renter doesnt pay the landlord, the landlord ends up potentially going bankrupt. It isnt as simple as renters believe out protesting tomorrow. Lauren that is what theyre saying. One suggesting that the federal government pay Loan Servicing companies directly. They suggest making a 90 day grace period for even the landlords so they dont have to pay their mortgages because income is not coming in from them from the renters. This would be broad for essentially everybody involved. But this is something that everybody has to pay for in the end. Where does the money come from . Cheryl exactly. I hear the fed is giving out money like candy, lauren. That is last i heard. Im kidding. Lauren simonetti live for us. Good to see you, by the way. We have a got a lot more coming up. Coronavirus Antibody Tests are for sale. Theyre all the rage. Have you heard . Fox business is going to investigate what you need to know before you buy one of those tests. President trump was ridiculed for his comments about ultraviolet light treatment for covid19 treatment, uva. Get this, one Pharmaceutical Company and very respected scientists were looking into it. A Company Joins us to share their findings. That is coming up next. 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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. Use it to Cover Health Care costs, medical costs, or to pay off large bills. Or just have the money on hand when you need it. Call now to receive your free information kit theres no obligation. Call now what many people dont realize is your biggest asset might very well be your home, and using your homes equity with a reverse Mortgage Loan from aag could play a vital part in funding your retirement. Not to mention, give you the cash to cover all those bills that seem to come out of nowhere. Access your home equity to have cash on hand when you need it. Act now while home values are high and Interest Rates are low. Call today your homes equity could add a fourth leg to your retirement plan. Much better. Not a threelegged stool but a reverse mortgage chair. Four legs. More stable. For the safety of aag customers, and to combat the spread of covid 19, temporary guidelines have been put in place, including exterioronly home appraisals. If youre over 62, your homes equity can be a source for retirement security. Find out if a reverse Mortgage Loan can give you the taxfree cash that can help. Give aag a call call now to receive your free information kit. Aag bringing stability to your retirement. Cheryl want to show you live pictures were getting of the Vice President. Once again he is in kokomo, indiana. He is in a gm plant that has been changed over, rejiggered if you will, to make ventilators. The Vice President is hosting a roundtable right now. Elaine chao is with them. Mary barra, ceo of General Motors is there. They put this together in seven teen days. Pretty incredible. They are making 500 ventilators at the plant. He is talking to the workers on the ground there. If he makes any news well bring it to you here on fox business. Speaking of the coronavirus, you can now order your own coronavirus Antibody Tests from quest diagnostics. Jackie deangelis went through the process. I cannot wait to hear about this. Jackie, it is like the thing you have to have, forget shoes. Reporter just a few weeks ago, including the Antibody Tests active covid tests they were not accessible the way they are now. That is so important in terms of reopening states, getting people back to work. When it comes to Antibody Tests the latest one is from quest diagnostics. What is clear, consumer initiated test. Sign on line, give information, do a questionnaire. You do the blood work done. What is interesting there is tests where they actually draw blood from the arm or pinprick your finger. Those were use the internationally. They were not that great. These blood tests are more effective. The quested test is 119. You get your results they say in one or two days which is a pretty quick turnaround. New york city will be crucial when it comes to the Antibody Testing. Remember Governor Cuomo did this random teslas week and he said it is possible one in five new yorkers had coronavirus even those people that didnt necessarily know they had it. Right here in new york city, were seeing numerous urgent cares across the city testing now too. That wasnt happening. Look at this one in manhattan. People were lining up six feet apart outside waiting their turn to get in. Police were making sure the whole process was orderly. Sources told fox business this is dedicated location for firstresponders, police officers, health care workers, that kind of thing. I did get wind of this last week. Over the weekend i signed up at cure urgent care website. In 24 hours i was approved. They had all my Insurance Information and everything. I showed up on monday. They told me average wait times were two hours. I happened to be lucky that day. It was rainy, people were not lined up around the block. It took 40 minutes. I got the test. They said that one would take three or four days to get back. Cheryl, im waiting for my results. Im dying to know if i was exposed to this or not. But were thinking friday probably the time this will come back. Now one more note here who is making these tests because thats important for investors. The fda first approved under the emergency use provision a blood test by cellex. That was a few weeks ago. Labcorp, abbott labs, chembio, Ortho Clinical Diagnostics have similar permission for testing. Abbott said it would distribute a million tests in april, four million by the end of the month with the goal of 20 million tests in june. Cheryl, if you get a positive Antibody Test right now there is no evidence to say you would be completely immune to catching the coronavirus. Maybe there is some immunity there. They dont know how long it will last. More for like Data Collection purposes at this point until we can dig deeper into it. Definitely were moving along. Cheryl all right. Well, i cant watt to hear what your results are, jackie. It is is fascinating. Youre right, every time we have this discussion with friends or family, well, are you immune or not . We just dont know the answer but it is fascinating that science is at least letting us know if we were exposed. Reporter yeah. Cheryl jackie deangelis, thank you very much. Reporter sure. Cheryl well, President Trump certainly raised a few eyebrows when he was talking about injecting disinfectants into the body to kill the coronavirus. This largely overshadowed comments he made about uv light treatment. Listen. So supposing we hit the body with a tremendous, whether it is ultraviolet or very powerful light and i think you said that has under been checked, you will test it. I said suppose you brought the lied inside of the body . Cheryl those comments were ridiculed as well . The president may be on to something. Highly regarded california hospital has become a uv treatment for covid19. The ceo making it happen. He is with me now. Josh, good to have you here. This is really interesting. Thanks for having me on the show. Cheryl so this is cedarssinai. They have been publishing about this. They published back in october 2019 using uv light, the best light, the high quality, which is uva i believe, trying to target cells in the body, particular they were talking about pneumonia. Now that translated into treating covid19. How optimistic are but the potential treat for the severely sick coronavirus patients . Well i think there is great hope here. First and foremost, there is, there is a bevy of information around uv light and specifically uva light demonstrating efficacy eradicating viruses like coronavirus. Were hopeful this can present real hope and real option for these very sick patients. So it goes into, it is through a tube, basically, through the trachea, right . If somebody is venn lated, is that how this would be administered to a patient . How does that work. Thats right. That is the concept. Were moving this forward quickly but in the event it is moved into a clinical setting that is exactly how it would be used initially. It is a small device. It is a series of led lights, very small lights, smaller than any Christmas Tree lights you probably ever seen, wrapped around an instrument slipped down through the breathing tube. The uva light would shine very brightly and concept it would eradicate the bugs, specifically coronavirus. Cheryl so you havent tested this on any, there is no human trials. Is that anywhere near close . Again this is cedarsinai in los angeles. This is one of the top hospitals well in the world frankly. Do you think a human trial could begin in the short term . I do. As they do. They have been researching this since 2016 as you mentioned. They published on it. There is significant amount of preclinical data that has been compiled. They have been working directly with fda on a expedited path for human use. We in parallel have been identifying potential suppliers for this to be able to get into human use very quickly. Were optimistic, the fda does have level of emergency use authorization, then we will likely be able to move very quickly into the clinical setting. Cheryl i know the cosmetics industry, uv light is used for different treatments whether or not that is fda approved. Thank you very much, josh. That is interesting. Were hopeful this could lead to another treatment for covid19. Thank you. Thank you. Cheryl well, Tesla Ceo Elon musk slamming fascist stayathome orders in a epic rant t had a lot of expletives in it. Is he out of line or is what he is saying what more and more people start to believe and think . Were following the market. S. Were down or the day but markets are set to stop a threemonth losing streak. The month of april coming to an end. We have gains and pretty big numbers to show you, so the upside. All of this on the backdrop of an economy. Well talk about it when we come back. Hold on dont fight your war alone halo around you dont have to face it on your own we will win this fight let all souls be brave and wells fargo employees are finding ways to do our part. Need help like never before by helping people stay in their homes, through mortgage Payment Relief efforts. Helping local businesses in their vital role in the american economy. And helping hundreds of local organizations provide food and other critical needs. When you need us, wells fargo is here to help. Cheryl well, elon musk taking the opportunity to slam social distancing policies during teslas Earnings Call yesterday. Breaking peoples freedoms in ways that are wrong and not why people came to america or built this company. What the [bleep], excuse me. People, outrage, this is outrage. Somebody wants to stay in a house, thats great. They should be allowed to stay in the house and not be compelled to leave but to say they cannot leave their house and they will be arrested if they do, this is, this is, this is fascist. Cheryl his comments as it has been reported, California Governor Gavin Newsom will announce the closure of state parks and beaches. That will start tomorrow after those beaches were flooded over the weekend by, well, anxious people that have been inside obviously too long. Lets bring in independent womens forum policy analyst inez stepman. We have gillian medical sherr melcher with is as well. Gillian, want to start with you, is elon musks comments being inflammatory or actually saying what a lot of people are saying and feeling that they legal like the stayathome orders are too much and it has gone on for too long . Well i do think Everybody Knows elon musk is for having a big mouth, for very colorful style of rhetoric but i do think that as this stretches on there are some problems that poses. It is true that the government has broad power to ask to protect public health. At the same time this is the United States. You have freedom assembly. You have freedom of religion. I think well start to see more legal challenges pushing back on some elements of the shutdown. This is time for leadership. Governors like newsom, like, in michigan where the governor was imposing arbitrary rules like you can take out your boat but not if it is a motor boat. That pushes peoples patience. It is much more difficult for them to follow the rules if the rules seem arbitrary and senseless. Cheryl inez, well get to california in a second but she brought up Governor Whitmer in michigan. What is interesting about that, so many people in the state felt it went too far. We started to see those protests. The problem when these folks go out to protest, they didnt practice social distancing. They were getting out of their cars, getting it too close to each other. How do we find a balance between health and safety and government overreach . Because we are starting to see that in some areas of the country, government overreach . I do think the key you said is balance. Ii want to add a second key. This needs to be done by the states and feds. I have to disagree with elon musks characterization as fascist. These powers have been used by the states multiple times. In fact they were more common in the time of the founding where at the end of the 17th century, there was series of yellow fever pandemics. They destroyed peoples property in philadelphia and new york at that time. So these powers have been used before. But i agree with gillian, they will be used by courts for medical necessity. Courts will defer to governors on exactly the balance between the economy and public health. Cheryl thats true. They will not go on forever. Im not particularly worried about the long term consequences to civil liberties. Now the longterm economic consequences might be very severe but [inaudible] cheryl gillian, i have only five seconds literally but i want to ask about governor newsom, does this hurt him politically if he makes this move as expected today . You know i think it does. Demonizing all the protesters as reckless, i think also hurts because some of them do have legitimate concerns about the survival of their livelihood. To paint them all with a broad brush is irresponsible, onedimensional, inaccurate way to look at it. Cheryl well see what the governor has to say. We should be hearing comments soon. Inez, gillian, ladies, thank you very much. Good discussion with both of you. Well take a break. Well be right back. Nyone else. Together, well weather this storm. Lets be honest. Quitting smoking is hard. Like, quitting every monday hard. Quitting feels so big. 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[ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Cheryl sba is fast tracking ppp loans to the smallest of Small Businesses trying to keep funds from big companies. Now the fed lists stepping in. Edward lawrence is live in washington with more. Edward . Reporter while theyre doing this theyre trying to work out the kinks in the system of the Payroll Protection Program. They have done that, work the through the kinks. Small Business Administration slowing down the number of loans coming in to process through. The small Business Administration is trying to include small banks, the smallest of small banks. Were talking about banks with under one billion dollars of assets were only ones allowed to apply for loans seven hours yesterday evening from 5 00 p. M. To midnight that helps the rural areas generally. Generally the smallest of Small Businesses. Also, lawmakers in the administration saying unified in saying there will be no more reupping of the Payroll Protection Program. Here is house Speaker Nancy Pelosi on that subject. Listen. 30 million Small Businesses in the United States. Over two million have received assistance. Thats good. Maybe by three million another week or so. But that is 10 . So what is the, how much money is there for unemployment and the rest, whatever it is, as chairman of the fed said to me, youve got to think big. Reporter thinking big they are. They are thinking about other things. Treasury secretary Steve Mnuchin also saying they will not be adding anymore money to the ppp program. The administration saying that they want to see how existing programs work. The bottom line though, is the fact that Federal Reserve chairman did say that programs like the Payroll Protection Program will help the economy to rebound in a robust pay on the other side, keeping people in their jobs. Like the main Street Lending facility, that the Federal Reserve is doing. Theyre also expanding expandint program before it even starts. Saying it is close to starting, but expanding to a third option on the loan. They will allow more Leveraged Companies to be able to get loans by spreading the risk. Also expanding the program allowing companies up to 15,000 many employees and five billion dollars in annual revenues to get these loans. Also lowering the minimal loan available to 500,000. Maybe more smaller businesses would go after that one. Increasing the maximum size to 200 million. Back to you, cheryl. Cheryl edward lawrence, thank you for that report. The question now, what should be done next especially if there is no more ppp . Lets bring in robert wolf to talk about this. Robert, you have in your background at ubs, are the perfect person to ask. Thank you. Cheryl ppp mnuchin saying this is it. What do you make of that . I think theyre wrong. I think the program should have been a trillion to start, not two phases of 350 less plus. It only is getting to approximately eight to 10 of Small Businesses. That is not nearly enough. The key to Small Business is wage and credit continuity. When were ready for the recovery, these Small Businesses are ready to go. The missing piece, what no one is talking about, we have 80 Million People that work in Small Businesses, that if you just look at the labor force statistics. It is about 50 . That doesnt include all the other tangential parts to Small Businesses. So were seeing the impact that has taken place, as you mentioned, cheryl, earlier. If you look at jobless claims, theyre roughly, what, 30 million in six weeks. So were talking roughly 20 unemployment. And we know what disproportionate number of those is coming from Small Businesses so this problem, it was the right idea. It has not been executed that well. It was not big enough. But i do think that it is important to stay with that, and so i would respectfully disagree with both the fed and the treasury secretary on this. Cheryl even with the Lending Facility with the fed has institution. I have to ask you, we talked about a lot of abuse of pp. P especially shake hack, potbelly, they have returned it, fair enough. There is a new report, fewer Small Businesses received loans in states dominated by big banks. That if you look at geographics of where this money has been distributed, you know, new york, not great for Small Business loans. Chicago, not great for Small Business loans. Where there is a Strong Community bank presence, kentucky, parts of texas, you had better, you had better funding of Small Businesses. Why is that, robert . That should not be surprising to anyone. One, the first phase, the average loan was over 200,000. My guess is the second phase the average loan will probably be about 150,000. So therefore it was done on firstcomefirstserve basis. Which we know is just wrong, right . It should have been done via some sort of lottery system. Because firstcomefirstserve is normally who has the best relationship. So with the big banks, they have to, i. E. , have the know your customer rules. So those are going to be the larger type of Small Business. Cheryl yeah. They helped out Regional Community is going to be those who they know the best. So this whole execution just wasnt done well. But i dont think anyone should be surprised that the Community Banks have a tighter relationship with smaller businesses. Cheryl yeah. If youre a Small Business owner, call a smaller bank. That is what i say. Robert wolf, thank you very much, robert. Good to see you. Good to see you, cheryl. Stay healthy. Cheryl you as well. Markets right now, weve got red arrows for the day as we go into the final hour of trading for the month. But guess what . Weve had a strong month. Well talk about it. Plus two giants reporting earnings after the bell. What we can expect from amazon and apple. That is coming up next. I came across sofi and it was the best decision of my life. I feel cared about as a member. 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. Heres the thing about managing for your business. S 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. Many of lifes moments in thare being put on hold. Are staying at home, at carvana, we understand that, for some, getting a car just cant wait. To help, were giving our customers up to 90 days to make their first payment. Shop online from the comfort of your couch, and get your car with touchless delivery to keep you safe. And for even Greater Peace of mind, all carvana cars come with a sevenday return policy. So, if you need to keep moving, were here for you. At carvana the safer way to buy a car. Cheryl stocks are turning lower heading into the final hour of trading and by the way, this is the final day of the month of april for trading. Two Major Companies going to be reporting results after the bell. Weve got amazon and apple providing insight into how revenues have been affected by the coronavirus. Lets bring in Key Advisers Group coowner Eddie Ghabour and david dietze. Great to have you both here. Thank you for having me. Thank you so much. Cheryl eddie, i want to get to the earnings first because we are getting amazon and apple. Apple might be a story of less iphone demand. Amazon is going to be a story all about demand. What do you say . I agree. Is there a Company Better positioned for this new stayathome economy than amazon . I expect a very strong Earnings Report. Bottom line is, retails pain is amazons gain right now. You look at the whole foods purchase, you look at aws and their web services, i mean, they are prime in position to continue to capitalize in this new economy. I dont expect apples earnings to be strong at all, due to the consumer weakness not only here domestically but in china. I hope they will come out with some news on what they are going to do with the cash, maybe raise dividends, stock buybacks, but i dont expect a very strong Earnings Report from apple today after the bell. Cheryl its all about the economy right now. We are just getting word that Georgia Governor Brian Kemp will be opening up the state completely, all businesses can reopen. That is the georgia governor, brian kemp. Georgia obviously under a lot of criticism in general for starting to open maybe too soon, take things too far, but david, the question here is with 30 Million People claiming filing for uninsurance claims, when can people get back to work and when can the economy start working again . Yeah, absolutely. With the market up close to 30 since the lows, it is a White Knuckle time. We will get Economic News here which is going to be the worst we have seen since the great depression. Having said all this, i still think its all about the medical news. Obviously theres two things to be watching for. One is the states like georgia that are trying to reopen, i applaud their enthusiasm but if there is a relapse, if theres more hot spots and so forth, do they have to close. The other thing were watching for is any kind of breakthroughs. Of course we have gotten a great therapeutic drug from gilead. Today astrazeneca said they partnered with Oxford University and may have a vaccine ready for testing this june. Any type of therapeutic or test is going to be far more important than any relapse on the part of the the states. Thats what investors have to watch for. Cheryl are the markets getting ahead of themselves . The dow and s p are on track to have the best month since 87. Are we ahead of ourselves . We are, but i will tell you with the breakthrough with gilead today and the bazooka of liquidity the fed has put into the market, you can take the worst Case Scenario out in my opinion as far as going back to the march lows. But i would expect to see a garden variety double digit drop as we start to get some Economic News over the next few months, i think its going to be pretty tough. Cheryl guys, great to have both of you here. Appreciate it. Again, we are seeing red arrows for the day. Green arrows for the month. That is it for me. I will call it the c. C. Effect. Over to l. C. , liz claman. Take it away. Liz l. C. , c. C. , its all a team here. Cheryl, i want to show you a live picture. We have a brand new camera right on top of the fox news headquarters. April showers clouding the empire state building. Thats a live picture of new york city. Not only are they clouding the picture of the city, but a massive month for the markets on this final trading day as the covid related slowdown claims 30 million americans who now find themselves out of work. Dow jones industrials begin this final hour down 364, s p lower by 40, the nasdaq which had been
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