Thinks about the issue of negative rates. Then nancy pelosi, she is set to brief the houses Coronavirus Select Committee in less than an hour on the next stimulus proposal that multitrillion dollar proposal. The only doctor that will be on board, Tennessee Republican congressman mark green. He is going to be here. He will join us what he wants to hear when nancy pelosi starts that underway, 3 00 p. M. Eastern time in an hour. Washington is pressuring airlines to next their Customer Service policies. How a new proposal could help you get your money back because they have not wanted to give you your money back. You probably know. A lot more coming up on the next hour of making money. Cheryl stocks falling sharply. The nasdaq is now back into negative territory for the year. As you can see, we are now down 535. The dow at its lowest today, down 605. The nasdaq down 202. Techheavy nasdaq 2. 25 loss. S p down more than 2 . Federal reserve chairman Jerome Powell gave some dire warnings about the economy this morning. The central bank chief said, there will be quote, an extended period of weak growth but we can get back to the 3. 5 jobless rate before the pandemic. I want to bring in Edward Lawrence for more. He didnt really mince words this morning, edward. Reporter exactly. Talking about that 3. 5 . He says unemployment will peak in about a month or so. After that peak, cheryl, he is saying it will go down sharply, not back quite to the 3 1 2 record but getting close to that, he believes. Now powell thinks that we need to start that recovery. Listen. A place we can get back to, we will get back to. It will take some time. The main thing get on the road to recovery, stay on it for a long period of time. I think that is what i expect will happen. Reporter the Federal Reserve chairman says he sees significant downside risks, adding at this moment in time we are in the worse recession weve seen since world war ii. The longer were in a recession the harder to have a robust bounceback. Powell says Small Businesses will be the key to that robust recovery. If they avoidably become insolvent because economic recovery is not fast enough. I think we lose more than that business. I think we lose something fundamental. It wont be able to be replaced, you know, quickly. Reporter to help bridge that gap to reopening the economy he says that we have implemented the fastest and largest fiscal response with swift and forceful action. He has pledged that the fed will do what they have to do. It is not the final chapter own the stimulus in the economy. He says the fed will use all of its tools to its fullest in the crisis until it is passed and we are well on the road to recovery. That is a signal that the federal funds rate could be zero for some time. Quantitative easing will be here to continue. He also says the federal open Market Committee is unanimous in their belief that we do not need to go into negative Interest Rates. He says that is something they talked about and shot down. Back to you, cheryl. Cheryl didnt go so well for japan. We learned that story. Edward, thank you very much. Joining me now former dallas fed visor Danielle Dimartino booth. Kaltbaum Capital Management president fox business contributor gary kaltbaum. Great to have you both here. Danielle, i want to start on comments from Jerome Powell. He is not willing to go into the story about negative rates. You and i talked about that before. I know you dont think it is in the cards but what else can the fed do to support the markets and economy at this point . Were near zero on Interest Rates . You know, we are at the socalled zero bound. So as far as the fed is concerned they want to synthetically create more ease in the economy that means quantitative easing. Im not so sure that the market is convinced as to its efficacy how well it works. To jay Powells Point more needs to be done on Small Business front. That is not what you and i would consider to be a momandpop business on main street. We have fresh data out that show more than 2 of Small Businesses across america have closed for good. 3 of restaurants have gone out of business, and, yet only 14 of the 30 million Small Businesses in america had used those paycheck protection loans because it has been rolled out with so much confusion. That a lot of people have not taken the loans thinking it is not trulily forgivable. Cheryl gary. What do you make of the fed chiefs comments this morning . First off i want to Danielle Dimartino booth for ted chief. I think she would do a 10 times better job. I mean that seriously. Here is the problem. I hear him talking about, he has these tools. Were already at zero percent Interest Rates. All that has done is screwed over the savers. He talked about more quantitative easing. We printed, seven, eight, nine trillion dollars. What if he prints another trillion dollars . That will not do anything for the economy. It may help the markets a bit. He is buying up Corporate Bonds now, which by the way interferes with people buying bonds. They have to pay more. I think theyre out of the bullets. If you have no quantitative easing, you go to one trillion, that can affect things. They have done so much already, the markets are not hearing anymore. I dont think the markets are down because of it today, but i think is part of it. Cheryl what do you think is happening in the markets today, gary . Even before today and the day before 80 of market, maybe even 85 were not participating and markets have a lot of big megacaps names doing well. They finally started pulling back last few days. The rest keep going down. I think earnings are not there. I dont think the economy is there right now. Of course the virus is the economy. I think were getting some reflection of that. The market is logical. You still have cruise lines and airlines down at their lows for obvious reasons. You have oil down at the lows because airlines were going to use 98 billion gallons of gas this year which theyre not going to. It is some logic here. I think there is more on the downside right now. Cheryl danielle, i wonder about tomorrow morning. We get another read on initial jobless claims. Over the last seven weeks weve seen more than 35 Million People file for initial jobless claims. We could get more millions tomorrow. The continuing claims have also been i think worrisome as far as been high and steady. Are we at the peak with jobless claims, do you think . No. You know, cheryl, i dont think that is the case. As we see demand destruction move through the economy, what were seeing is this phenomena of companies that are not directly affected by covid19 beginning to lay off employees, whitecollar workers. Youre seeing it in the earnings reports. Youre seeing it in some of the reports that go out on an individual state basis, talking about North Carolina or illinois or california. You were starting to see larger corporations push through higher income lay offs. I dont think well see the shock and awe multimillion numbers of initial claimants but we will see those continuing claims to your point, continue to rise and stay at a very high level. I would add one more thing and thats we dont have the boost of share buybacks coming out of earnings season that markets have become so very accustomed too, because Companies Start paying attention to their balance sheets. Cheryl that is very good point. Danielle, i would like to mom neat you for fed chief. Well have the discussion too. Gary, give you a shoutout. We know youre doing good work in the community. Youre donating kid baskets for Boys Girls Clubs of central florida. Tell us what youre doing, gary. Ive been with the boys and girls clubs for many, many years. There is a lot of families in trouble here. Typically we do a big thanksgiving dinner for 400 kids. Were not able to. We came up, put together baskets of essentials as well as lot of things for kids. Well deliver between 50 to 100 this afternoon to families in need. I can tell you it makes us feel good. Were doing everything we can to help families that need a big leg up right now. Cheryl gary, that is amazing youre doing that. That is awesome, gary. Cheryl thank you, gary. Thats wonderful. Appreciate it. Cheryl our future fed chief, good is a mayor tan of the year. Guys, thank you very much. In washington partisan lines are already drawn after House Speaker nancy pelosi unveiled a new 3 trilliondollar stimulus proposal. It is about testing. Its about honoring our heroes, and third it is about putting money in the pockets of the american people. What you see in the house, nancy, is not something designed to deal with reality but designed to deal with aspirations. Cheryl well, pelosi will talk about the proposal with the new house coronavirus select task force in less than and our. The only doctor on that committee, republican congressman mark green of tennessee who is with me now. Thank you so much. Thank you for having me, cheryl. Cheryl im curious what do you expect to hear at 3 00 p. M. Eastern time . This committee is already off to a terrible start. The first thing they do is attack job creators with a letter last week to certain businesses about the ppp program. And now theyre going to hold a Committee Hearing and they didnt even allow republicans to call witnesses. Sounds pretty familiar to what happened with impeachment and mueller and all this other mess. It is as if the only thing the left can do is attack President Trump. They have no ideas. I take that back, exempt for this 1800 page, three trillion dollar Christmas Tree for all the liberal pet projects. Yeah, that is whats going on. Cheryl lets go through some of this. We know there is 500 billion for states. 500 billion, 67 billion just to new york. Hazard pay. 175 billion for renters and owners in trouble. 100 billion for Health Care Providers testing. Direct payments to individuals. But also, interestingly enough, i got to flag this for our viewers, 50 million to the epa to study link between pollution and covid. 10 million to hivs. 10 million to Higher Education institutions. 20 million to Howard University . We havent even spent, the money, cheryl, from the last cares act, two trillion dollars plus. Oh by the way in that act we had 765 billion for states and federal governments to for challenges to covid. We havent spent the money n. O. W. They want to allocate 3 trillion. They want to stop the salt act, penalize states like my state. Lowest per capita debt in the nation. One ever the lowest tax states in the country. Ridiculous what they are trying to do. Nancy said on msnbc, speaker said this, is opportunity. Like telling the Vietnam Veterans that the vietnam war was opportunity. We lost more people to covid than during the vietnam war. It is ridiculous what she is saying. Absolutely absurd. Cheryl that is the worry, that we would get this, there would be basically pork spending. I want to ask you about this news coming out of senator warren and senator klobuchars office today as well. They basically are proposing that any company, large company, that takes any kind of bailout money from the u. S. Government would be restricted doing any m a. What do you make of that proposal they put out there . You know, i havent actually seen the proposal. I would love to read it to see exactly what theyre saying. Doesnt make sense on the surface but i would like to dig into it first. Cheryl i know that new york Governor Cuomo is sending a task force to washington. He also wants to see any large company, any company that takes money cant lay off people. That makes sense. That is actually in the cares act. I mean if you actually take the ppp, you have to hire those individuals back by certain period of time. So that is already in there. Cheryl congressman, were looking forward to hearing. Please keep us updated how it goes at 3 00 p. M. Eastern time. Youre the only doctor on the committee. Hopefully you will have a voice. Thank you, sir. See you. Thank you. Cheryl well the government is putting pressure on the airlines to up their Customer Service. But is this going too far . Well dig into the details. As the president meets with more governor this is afternoon amid his calls to reopen america my next guest tells me why the shutdowns were overkill to begin with. Stay with us. 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Were committed to keeping you connected. For more information on how you can stay connected, visit xfinity. Com prepare. 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. Cheryl President Trump set to meet with governors of colorado and north cac today, 4 00 p. M. Eastern time. While the subject of federal aid will inevitably come up, the National Governors association is sounding alarm. Maryland republican governor larry hogan, who both head the organization are calling for state aid, instead of calling for aid, should the states end the shut downs. Bring in First Trust Advisors chief economist brian wesbury. Brian, were these shutdowns overkill . Totally. You know, if you think about it, i dont want to, pandemic experts, theyre brilliant people. They have our best interests in mind but they have been waiting for this their entire life. If you sort of think about it, they have three variables, four variables. How many people have it, how quickly it spreads, how many people die, and how many hospital beds we have to take care of people. That is the only thing theyre thinking about. So when you use these models and then you shut down an economy and they ignore the damage, it makes a as far as out of the whole thing because we know that this damage to the economy is going to cause Health Problems down the road for our kids, for our grandkids. We have, you know, trillions of more debt to repay. And the damage to the economy will be longlasting. Were going to have businesses that never open again because of this. Peoples entire life savings wiped out, and it is all based on models which have actually proven early on to be overkill, to be way off the mark. So, yes, i totally disagree with what we have done. I get it, that people die from this but we die from a lot of things and, you cant just turn off the economy and turn it back on. When you turn it off you create damage that spreads. To your point, here in new york, i cant speak to other states, weve seen a rise in suicides. Weve seen a rise in domestic violence. Right. Cheryl weve seen a rise in crime. The homeless issue is really tough here. A colleague of mine actually, joking somewhat serious, if we left our lives up to doctors, eat kale, never drink alcohol, exercise and drink a fruit smooth at this every day. So where is the balance . I think to your point we have to find a balance between science, protecting lives, protecting the vulnerable but not destroying businesses which are going under every day, permanently. Right. Cheryl not temporarily, permanently. Right, exactly. Believe me, it is hard to find that balance but what i believe what has been missing in this conversation is, is the economic side. You know, the damage, the Small Businesses that dont reopen, the kids that arent going to school, in Nancy Pelosis 3 trilliondollar proposal that is on the table they want to bail out lobbyists. So that is how far this damage goes because if people arent going to work, theyre not getting paid, theyre not paying union dues, and there for theyre not paying the lobbying arm in washington, d. C. The extent of damage to supply chains, to Small Businesses, to state and local budgets, its devastating. The federal government doesnt have enough money to pay for all of this. And one of the things we have to remember is, forget the fact that the economy will take a couple of years, at least, at least a couple years to get back anywhere near normal, our kids and grandkids will have trillions of dollars of debt saddled upon them to take care of this shutdown. Cheryl yeah. No one seems to be thinking of any of that stuff. Cheryl brian, i agree with you on so many points. It is great to have you on the show. Thank you. Cheryl i hope our folks are listening out there. Thank you, brian. Thank you. Coming up, the airlines undoubtedly the one of the hardest hit industry in the in the panpan pandemic. Should government pressure airlines to help customers and force them toe give out refund . We have that story coming up. Doctor bob, what should i take for back pain . Before you take anything, i recommend applying topical relievers first. Salonpas lidocaine patch blocks pain receptors for effective, nonaddictive relief. Salonpas lidocaine. Patch, rollon or cream. 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So, for a second time were giving members a credit on their auto insurance. Because its the right thing to do. Were also giving Payment Relief options to eligible members so they can take care of things like groceries before they worry about their insurance or credit card bills. Right now is the time to take care of what matters most. Like weve done together, so many times before. Discover all the ways were helping members at usaa. Com coronavirus cheryl airlines under pressure from the government to reexamine their Customer Service policies amid the covid pandemic. Hillary vaughn is here with those details. Hillary. Reporter cheryl, travelers are flooding the department of transportation with thousands of complaints, complaining that airlines are not giving them cash refunds for flights that the airlines have canceled. In the last two months over 25,000 complaints have been filed with the department of transportation against airlines, many of those complaints relate to refund travelers say they are not getting. The secretary of transportation, elaine chao issued a second notice to airlines, telling them essentially hand over the cash if they cancel a flight, saying quote, the department has received an unprecedented volume of complaints from passengers and is examining this issue closely to insure Airline Policies and practices con form to. s refund rules. They are asking airlines to revisit their Customer Service policies and insure they are flexible as con sider rat. If they significantly change the flight schedule but travelers complain theyre just getting vouchers and not cash. Consumer groups argue that airlines are using travelers for interestfree loans by hanging on to flight fares. Instead handing over vouchers even after they received billions of dollars in federal fund approved by congress in the last cares act. There is a proposal in the senate that would require airlines to hand over cash refund for any traveler that cancels on their own with concerns for air travel during the coronavirus pandemic. Airlines of america said that would bankrupt, the lobbying group that represents Major Carriers like united, american, delta, would essentially bankrupt airlines completely if they hand over cash for every passenger chose themselves to cancel the flight. I talked to the source at the department of transportation what exactly theyre doing with these 25,000 complaints they have received in the past two months. They tell me they have a team working through them casebycase. They are talking with airlines about each individual case, tracking the reasons why they refuse to pay over. Seeing if it does follow the. s guidance. If it doesnt, this source from the department of transportation tells me enforcement is on the table. If there is negligence or a pattern of refusal by one airline to consistently choose to give a voucher instead of handing over cash, if it conflicts with their guidance, they will take enforcement action on that. Cheryl . Cheryl interesting. Hillary vaughn, thank you for that live report. I want to bring in to discuss right now, independent womens forum policy director hadley heath manning. Theres the question, should the Government Force these airlines to give passengers refunds . Man, tough questions. Airline executives, just like Small Business owners and individuals are all trying to navigate really tough questions in the midst of the pandemic. I think the answer lies not only considering what is fair but also in considering what incentives were offering both the airlines and consumers on either side of this. So, for example, if you make it too easy for consumers to get refunds, regardless of the reason they might cancel on a flight, then youre creating an incentive for consumers to book maybe several flights for one trip and cancel all but one at the last minute based on their preferences or the best price. On the other hand, if you make it so that it is too difficult for consumers to access refunds in the midst of uncertain pan dem muck environment you might create an incentive for passengers to feel there is Public Health reason they shouldnt travel. For example, if they feel they have symptoms or even without symptoms they have been exposed to germs. We want to make it easy for people to back out on travel if it is what is best for Public Health and their health. Cheryl i think the onus on the airlines then, they should do what they were advised to do, guided to do by the department of transportation which they have not been doing. 25,000 complaints in two months. They normally get 1500 complaints a month. Were talking 25,000. Because theyre not refunding money, theyre the ones canceling the flights. Maybe for the airlines at least for the next six months in good faith to honor these passengers and obviously their financial hardships. That way they avoid the. Coming in dot comes in and say you have to do it, there cannot be going back on the policy it could be permanent. Exactly. Congress wants it for airlines i take them at their word that would cause serious cash flow and potential bankruptcy related issues because airlines have been one of the hardest hit industries. That doesnt say they havent received 25 billion in federal relief funding through the cares act but there are some Ways Airlines could get around some of the Public Health concerns. Theyre considering federal checks at airports. They warrant the federal government to pay for that as well. That is tricky balance between walking the line what is critical industry. Air travel is a critical industry. Our government supported the Airline Industry many times through different stimulus packages and bailouts. Also facing real concerns on the consumer side. Those consumers who paid money for airline tickets, they cant travel, theyre asking where it my money . I need a refund now. Cheryl we reformed the tsa. Transformed the tsa after 9 11. Maybe this is the next step in that evolution of that agency. Well see. Hadley, thank you very much. Appreciate it. Thank you. Cheryl some airline experts say the industry will not get back to prepandemic levels until 2023. Boeing expects at least one Major Carrier to go out of business this year despite all the government assistance. Here to discuss Heritage Capital president , paul schatz. Paul, that ask the question, can these airlines survive . So good afternoon, cheryl. Hope youre doing well. So first of all, it is not a can they or could they, should they all survive . I have long argued that its very, very unfair for the government, for the third time this century to bail the airlines out again when they legally, made a decision to spend their money on other things like, buybacks instead of a rainy day fund. That is why they made chapter 11 bankruptcy. So that a company can reorganize, shrink itself down, and still survive. I think this all or none that is being bandied about in the public is unfair. Frankly irresponsible. If airline x cant make it the way it is, if theyre overburden denned with debt Like American Airlines is, chapter 1path helps them survive but i dont necessarily agree with calhoun that one airline is going out. They may be in chapter 11 but i dont think necessarily that means theyre going out of business. Cheryl the Airline Industry is littered with twa, braniff. There is a list of carriers. Pan am. Cheryl pan am, exactly. At the same time the industry was under pressure if you will, a slowing in the economy, worry about global growth. That seems the bigger problem the Global Economic story will hurt airlines. That is something no one can control, not even chapter 11 can help you in that regard. Thats true. Dont forget when you say braniff, pan am, pwa, eastern airlines,. Cheryl eastern. Im dating myself that was a different time. The last five years the Airline Industry fully figured out how to nickel and dime the public for their profitability. For them it is a great business model. Global slow something also part of the business model. The economy doesnt only go like this. Sometimes it flats out, heaven forbid we have recession that is all part of us managing our business. Fox managing its business. Boeing, airlines, et cetera. There is nothing wrong with the airlines and airline or two going chapter 11 route, shedding some routes, guesting rid of some planes, being a little leaner and meaner. The Airline Stocks are down 62 ish since february. Clearly the market sniffs out they have a problem. Who in their right mind will sit in a middle seat anytime soon . Who is going to jam pack the airlines anytime soon without either really strong antivirals or vaccines or new protocols . Cheryl sure. So the airlines have huge challenges. There will be a few that are going to survive and thrive. But i would certainly not take a huge stake, a huge sector play in the airlines right now. Cheryl yeah. Not a intelligent move. Cheryl no, youre right. It always was i think at the end of the day. Paul, thank you very much. Great points from you. Thank you. Cheryl i dated myself probably more than you did. Thank you very much. Twitter Ceo Jack Dorsey said most of his employees can work from home permanently. What does it mean for other Major Companies . Should they go the same route . Big victories for republicans last night. Are we looking at a snapshot of november . Deneen borelli weighs in. This storm. Weather music cheryl well, President Trump taking a victory lap today. Here is what he tweeted. Big congressional win in california for mike garcia, taking back a seat from the democrats. This is the first time in many years a california dem seat flipped back to a republican. Also tom tiffany beat his democrat rifle big in wisconsin. Two great congressional wins. Does this mean something in november. Deneen borelli, what do you make of this . Do you think this is big for the president in november . I do, actually. I think with the special elections, it is an indication of voters mood, especially since covid 19 hit our country but i also think the elections reveal there is enthusiasm and excitement for President Trump. Were talking about california, cheryl, big blue california this would be the first flip from blue to red in 22 years. This career politician, smith, it didnt matter who was backing her. Big names, former president obama, hillary clinton, bernie sanders, she is a career politician. She was not able to really excite her base to the degree for her to push this over the edge. Cheryl this district is just north of los angeles. Cant get more blue than that. Although we dont have a, no one is giving a concession speech, it is looking pretty good for garcia, obviously with the mailin ballot thing, let me ask you about that, what do you think it will look like with the voters and the coronavirus and the pandemic . It is going to be interesting to see. I believe with wisconsin, i think there are about 20 of registered voters who did mail in. But im sure the voting polls are going to be extra careful and sensitive to the fact that people will be concerned about having to go into these spaces, having to touch certain surfaces. There should be extra careful to make sure that people can be rest assured that the proper precautions and procedures will be in place, so that we can have in person voting. Im old school. I prefer in person voting to show your i. D. , to place your vote. Cheryl i just want the sticker, deneen. The sticker is fun too. So is the pen, the pens. Cheryl deneen borelli, thank you very much. Good to have you here. Thanks, cheryl. Well take a look, this is probably not a good thing to look at the markets right now. Were having a rough day. Obviously we have a dow down 573 right now. Were off session lows. Were down 605 for the dow of session lows. Techheavy nasdaq is back in negative territory for the year. Were following the numbers. Also coming up next, are workers more productive from home . Well a new survey says yes. So what will this mean for companies as they start to reopen . Is the abnormal going to be normal . Staying connected your way is easier than ever. Youre just a tap away from personalized support on xfinity. Com. Get faster internet speeds with a click. Order xfi pods to your home in a snap. Or change your Xfinity Services with just a touch. All in one place. Youre only seconds away from all of that on xfinity. Com. Faster than a call. Easy as a tap. Now thats simple, easy, awesome. Cheryl twitter Ceo Jack Dorsey telling some employees they will be able to work from home during the pandemic. They are not the only Company Making the offer. Jackie deangelis with the story what that means in the future. Jackie. Reporter cheryl, this is another layer of discussion about reopening the american economy. What do we do with workers whose jobs can be done remotely . Big tech taking a lead here. Theyre pushing their employees to continue to work remotely for at least the remainder of the year. Twitter is taking it a step further. Twitter Ceo Jack Dorsey emailing employees saying you know what . You can work from home forever. Reminds me when oprah gave everyone a car. This is even after the lockdowns were lifted. Past few months prove we can make it work. If our employees are in a role or situation that enables them to work from home, they want to continue to do so forever, we will make that happen. Twitter was one of the First Companies to push the work from home policy for its employees. That was in early march. Looks like theyre not going to be one of the first to bring employees back on campus. Not a lot of tech giants are doing this in the same way. Apple is announcing it will return more employees to work onsite, starting at the end of may. There will be a second phase schedule in the beginning of july to bring even more employees back to apples offices globally but interestingly enough the covid lockdown, they sort of accelerate accelerated trend already in place. 63 of the workforce is working remotely. More than half have working from home because of the pandemic. But the same study is showing that the new work flow had a minimal impact on productivity in the sense that productivity is still high, cheryl. That is what Companies Care about. We keep talking about a new normal. Looks like people should start getting used to working remotely because it is working for the companies. Cheryl as long as theyre careful on the zoom Conference Calls about what theyre doing. Right. You have to make sure to wear pants. Cheryl wear pants. Dont be eating breakfast on the zoom call. Put the kids away in another room. Jackie, thank you very much much. There are even Better Stories out there. Up date on an a story we brought you earlier this week. The plan to hold the first socially distant concert in arkansas may not go on as planned. Governor Asa Hutchinson has directed the States Health department to a cease and desist order to country artist travis mccready. The venue promised to adhere to social distancing guide lines, including keeping concertgoers separated, drastically decreasing capacity. Well keep you updated as the story develops. Strong words from fed chair Jerome Powell and they werent good words, sending stocks lower. Now we were down 605 on the dow at session lows. Were down 567. A lot can happen in the next hour and ten minutes. Were all over the market as we head into the final hour of trading. Well be right back. Happy birthday so, it goes. Hold up your answers. How is mickey doing today . Youre just a really hard worker. Find a stock basedtech. On your interests or whats trending. Get realtime insights in your customized view of the market. For smarter trading decisions. Fidelity. Cheryl well, stocks are sinking today after fed chair Jerome Powell warned of a possible prolonged recession from the coronavirus. What can we expect heading into the final hour of trading . Here now, walser Wealth Management president , rebecca walser. What do you think about these markets today . Its pretty red. I think its a reaction to people saying we are not going to get negative Interest Rates and great stimulus. Powell is dead on. What is everyone expecting . Ive got to be honest with you, if we keep saying we are not going to reopen, right, then we arent going to reopen and our economy is not going to bounce back. I mean, no, you know, i dont know what to say the word is, nothing to take away from dr. Faucis testimony yesterday, but im sorry, the numbers so far have not borne out as they said they would, we close down, lets not forget that we closed down so we could flatten the curve which was done. Nobody ever said lets close down indefinitely until we have a vaccine. So that is totally ridiculous and off the table and when you have testimony like that followed by a Federal Reserve chairman who is being realistic, i mean, one thing that stood out to me, he said 40 of people making over under 40,000 lost their jobs. That is a statistic that is just unbelievable. We are headed towards the biggest depression we have ever experienced ever in the history of time if we do not reopen this economy. Cheryl you said the word depression. You believe depression . Because thats the big debate right now, recession or depression. Look, we dont know. We dont know. Hes talking about this is the worst we have seen since world war ii but we did have a depression in the 30s. Yes, absolutely. World war ii is after the 30s depression and that was the great depression, right. Im not saying that, cheryl. Ip not sayi im not saying we will have depression. Im saying if we dont reopen, these people that think they can keep everything closed and then their state can go with their hand out to the federal government and get a bailout of a trillion dollars, its not going to happen. We dont have the money. All of the money that is derived at the federal level and state level comes from us, the consumer. We are a consumer society. We have to consume in order to generate a tax base. So we must reopen and people need to open their eyes and see that as a reality, and start to talk about how can we demand that we reopen and make that the safest way possible, instead of talking about this lala land that will never happen that if we stay closed together we will somehow get a federal bailout. Its not possible. Its not going to happen. We have to reopen. If we dont, then yes, the biggest depression that has ever been recorded in the history of time will come. It will come. Cheryl to your point yesterday about this time, actually, or it was in the 3 00 hour, we found out that l. A. County was looking to possibly keep stayathome orders in place until july. Three months. And the question mark for the new york city economy is the same. These are large scale economies, billion dollar, multibillion dollar economies. Whats the point it overturned for you . I mean, cheryl, i think they just think they are going to go to the federal government and have another cares act every three months. Cheryl i dont think they are going to get it, though. I dont think theyre going Mitch Mcconnell has said its not happening. Exactly. Dead on arrival with the proposal that came out yesterday out of the house. They are not going to get it. These politicians would do their citizens that they serve a Great Service if they would start to realize that there is no money tree at the federal level and at the state level and instead, lets Start Talking about how we can safely return to an economy that is getting back to work. This idea of crashing the economy indefinitely and people arent going to just the economys not going to collapse, i dont know where these people they dont have economics degrees. We were talking about doctors, right, no defense or not trying to ding them, but dr. Fauci is not the one that we need to be taking our economic advice from because hes not an economist. There is no way that we can stay closed until we have an actual, you know, vaccine. Im trying to say vaccine. Its not possible. We have got to reopen. We have got to reopen. We have got to start this mantra of reopen, reopen, reopen because if we dont, we are looking at the biggest depression in the history of time and its not necessary. Look at the data. They are acting like this is the black plague. This is not the black plague. The numbers of deaths, lets start breaking down the death rates by age group, lets start doing that. Lets start breaking down numbers by comorbidity. Lets start breaking down the deaths and really starting to justify do we need to remain closed. The answer is a resounding no, even from the medical community, except for the outliers that would prefer because they dont want the liability. Im a lawyer. I understand you dont want the liability of reopening. Cheryl i hear you. I hear you. Rebecca walser, you are fabulous. It was great to hear from you. Thank you so much for your passion, especially about these markets and getting the country back on track. As you can see, the dow is down. We are at session lows and i just want to apologize to liz claman for giving her the markets at these levels. I dont know what to say, liz. I couldnt do it. You got one more hour. Liz lets fix this. Lets try and fix this. We got 59 minutes left. Cheryl, thank you very much. Indeed, we are at session lows right now for the dow jones industrials, down about 618, a second ago. Pandemic pandemonium on wall street as Federal Reserve chair Jerome Powell warns of a prolonged recession due to the coronavirus outbreak aftermath. The selloff has pretty much been an allday affair but as we head into this final hour, the nasdaq has turned negative for the year