Theadies and gentlemen, president of the United States accompanied by the Vice President of the United States. Pres. Trump thank you for much. This is a very big day for our country. It is an affirmation of the work we have been doing for three and a half years. This is not just over the last few months, this is for three and a half years. It is a great thing. We were very strong. We had the greatest economy in the history of our country. We had the greatest economy in the history of the world. And that strength will let us get through this horrible pandemic. Largely through, i think we are doing really well. I had a meeting yesterday on vaccines and we are doing incredibly well with that. I think you are going to have some very positive surprises and wisely cs, like likewise, we are doing extremely well. Cures we are doing well. I think those two words blend with each other. Tremendous progress is being made on vaccines. We are ready to go in terms of transportation and logistics, ove
Crisis. He is in charge of 2. 3 trillion. Relief is on the way for millions of americans meanwhile and has a 2 trilliondollar coronavirus package is expected to help Small Businesses and individuals as soon as next week. It includes funding for public health, Small Businesses, Small Business loans, Unemployment Benefits and direct payment to americans. Steven mnunchin tells me that the new bank Lending Program will be ready by next friday. Chairman powell and i are speaking multiple times a day, every day. Even before this legislation was passed, the fed requested use of 133, those are there emergency powers, the way this works is the fed makes a request to me as treasury secretary, i have to approve it, ive approved all the requests so far, weve announced five of these transactions using existing money that we had before the legislation was passed, and the mechanism works in some of these where the fed is doing certain transactions, vacant credit support from the treasury and money th
Relief is on the way for millions of americans meanwhile and has a 2 trilliondollar coronavirus package is expected to help Small Businesses and individuals as soon as next week. It includes funding for public health, Small Businesses, Small Business loans, Unemployment Benefits and direct payment to americans. Steven mnunchin tells me that the new bank Lending Program will be ready by next friday. Chairman powell and i are speaking multiple times a day, every day. Even before this legislation was passed, the fed requested use of 133, those are there emergency powers, the way this works is the fed makes a request to me as treasury secretary, i have to approve it, ive approved all the requests so far, weve announced five of these transactions using existing money that we had before the legislation was passed, and the mechanism works in some of these where the fed is doing certain transactions, vacant credit support from the treasury and money that we put up with the Exchange Stabilizati
Those put out of work because of the virus and make direct cash payments. The deal was in the work on tuesday ands caused a celebration with the dow having its biggest oneday point gain in history. It appears investors have become a little more optimistic after stocks took a tremendous battery. On tuesday President Trump toogave the first indication of when he wants to see the pullback in the nationwide restrictions we are seeing. He told a town hall that he liked to have the country up by easter, april 12 but thats a much earlier timeline than many experts believe will be required to keep the virus under control. The first shockwaves we saw on thursday when they reported weekly unemployment claims that soared to over 3 million. The most since records have been capped and almost five times higher during the financial crisis. How much has the coronavirus already hurt the economy . How much more damage might be done . And more importantly how long can the country remain at a standstill b
Screen. And we look at buying opportunities intact. Ben, carlton and. [inaudible] all practicing social distancing, thank you for letting us into your homes, i promise i will try not to stare at the background behind you for personal details. Ill do my best. Then, let me go right to you about the market. I used to know a thing or two about how the stock market works. You had your ups and downs, you waited them out, you got good returns over time, i not only just watched a bull market turn into a bear market in record time, i briefly watch that bear make it turn into a bull market in record time. What in the holy blue is going on with the market. I wish i could tell you. The only thing we can really know right now is that it is volatile. Through tuesday the market had been averaging 6 . Day. It hadnt done anything like that since the great depression. These kind of moves that were seeing come from the unknowable thats out there. Before we were worried that the Financial System was melti