A far better measure is the ten Million People who filed for jobless benefits in the last two weeks. Fed governor lockhart just told maria the jobless rate is already more like 10 . Clearly, we are in an employment crisis, and another report that comes up at 10 00 eastern will likely show the Services Sector in collapse. Thats a strong word to use but its accurate. Later this hour, we are going to talk to larry kudlow, the president s chief economic adviser. I will ask him how bad is it and he will spell it out. Look, with nearly 300 million americans under a stayathome order, the economy is shut down. Morgan stanley says that between now and june, the economy will shrink by 38 . That would be a depression, the likes of which we have not seen before. Travel, shut down. At the airport tsa checkpoints, they are processing two million fewer passengers every day. Thats down 93 from a year ago. Those flights that do take off, virtually empty. Public transit ridership, down 75 . Commuters ju
Complexion of the approach that were going to be able to take. Testing was an issue, we had many questions of testing in this room for a number of times. Now that we literally have hundreds and hundreds of thousands of testing out there, theres a few things that we can do with that. One of the things is when we make policy about what were going to be doing with the rest of the country, particularly the areas that are not hot spots, we need to know what the pentraits of infection is there. We need to put a light on the dark spots we dont know. We have to act policy wise on data, and were going to be getting more data, a lot more data. The other thing is the areas of the country that are not hot spots, that are not still h a window of significant degree of being able to contain. In other words, when you test, you find somebody, you isolate them, you get them out of circulation, and you do the contact tracing. When you have a big outbreak, its tough to do anything but mitigation. We have
The president pro tempore the senate will come to order. The chaplain, dr. Black, will lead the senate in prayer. The chaplain let us pray. Eternal father, answer us speedily. When we dont know which way to turn, guide us with your light. When we cannot see the way. Do not hide your face from our lawmakers, as they seek to do your will. For in the time of trouble, you continue to hide us in your pavilion. Lord, teach our senators how to live in a way that will honor you. We magnify your name for the way you have preserved our nation through the seasons of its existence. You have made us glad, for you are our light and salvation. We pray in your glorious name. Amen. The president pro tempore please join me in the pledge of allegiance to the flag. I pledge allegiance to the flag of the United States of america, and to the republic for which it stands, one nation under god, indivisible, with liberty and justice for all. Mr. Grassley mr. President . The presiding officer the senator from i
Program. Democrats said it stops right there. They want added items that would no doubt be taken up in the house of representatives. Thereby substantially increasing cost of that. But the real catalyst for a lot of this as far as Financial Moves is no less than the Federal Reserve because 2. 3 trillion has been thrown at everything from the fed, shoring up support for small and mediumsized businesses to buying mortgagebacked bonds. Buying a lot of junk bonds. Just, anything they can get their hot little hands on. The junk bond thing is kind of interesting, folks. You might recall in the financial meltdown, we had these mortgagebacked securities. Remember they would pool mortgages, even iffy ones into a package of securities you could buy, mostly like a stock. When things are turning south, no one wanted to buy them. The Federal Reserve it saying when it comes to junk bonds, we dont think theyre there yet. Just in case well be buying a bunch of them. Indicating the markets the fed is no
I think it is important to keep we actually havent seen a vote on the 100 billion stimulus. [indiscernible] now they are going to try to work on a much bigger bill. But keep in mind it has been difficult to get this package that is much more targeted past the goal line, so we need to keep our expectations and check in terms of both timing and scope. It is a big number that would be welcome by the market and by the. Conomy [indiscernible] , the could actually happen market needs to keep their expectations and check in terms might beickly this real stimulus. David we are talking about 1. 2 trillion. We have 100 billion the senate still havent acted on. Beyond that, do we have a sense of what it is going to go for . As i understand, some amount of money, maybe 1000, to peoples pockets. Theres also some talk about differing tax payments in the treasury. Is there going to be money for the airlines . Is going tonk this be very multidimensional. Because this is an unusual crisis in some ways,