And you told your club members this morning were done selling for now. You raised the cash for when or if the market starts to revert to its old ways. Weve been selling into this strength and have to set up for another leg down why . Were about to go into earnings. Mcdonalds this morning reported some bad numbers and withdrew forecasts. We may see more of those once april 14th comes around. Its earnings season when we come back from the holiday, i think well have earnings cut earnings cut. I donennt think this is didnt where do we think earnings are trending, with so many guidance pulls, we got more out of levi last night how do we know what a reasonable model for this years models are . Both pinterest and levis rallied, why they said we cant forecast, but we have good strength in the core business. Levis talks about theyre an iconic brand and they can do well i cant hang my has the on that. Those stocks are down big. I would tell you that there are companies that will have better numbers. And they are few and far between. When you have a constellation brands, they say numbers are too low, buy walmart, numbers too low, buy. When you have someone who says numbers are too high, sell thats no different from any other time unless you tell me theres going to be in davids world something good, like a tmobile. I keep thinking they did this great merger, they will go up. David, i see companies that with businesses that are faltering, i dont want to own the them i dont blame you given all we dont know and frankly what the recovery will look like or what things will look like when we reopen and how that will rehapper happen when you say my world, are you saying m a dont expect any of that soon. I was thinking look at ratheon. Look how well that does. Maybe that was a bargain because people didnt realize initially theres real synergies tmobile keeps going up. If i were a banker i would say i know you think this is a terrible time, look at the acquirers and how well theyre doing. I wish they would do that. That would be a sign of a pulse besides giving credit to companies that were surprised are getting credit no doubt if we were to suddenly see m a where one company says hey, i have confidence in my future, enough i want to buy you, and they have enough confidence in where the market is now or they feel like whoever the seller is, that they need to sell, that would be a positive sign. Im not picking that up. The bankers im speaking to im speaking to plenty during the course of the day, all from their homes, theyre talking to their clients. Theyre talking about what the future will look like. Most of them not sure what that is they are expecting that there is going to be a wave of consolidation of some kind, certainly the weak needing to go, needing to sell potentially. Right now, no. And its funny theres a lot of different reasons, whether its volatility in the stock market, not being able to really determine what an adequate price is, whether its perhaps worries in the financing market, even though that doesnt seem concerning. Theres one key reason, when you do a deal, you still need the two principles at some point to meet facetoface. They cant do that right now no. I mean, david, are you going to fist pump on a deal . I wouldnt fist pump and you yare not zooming to get a deal done. You need a facetoface. It sounds funny but thats one of many issues on why youre not going to see a lot of deals announced right now. Carl, one thing is certain, this is going to be if this is the new world, three months from now we wont feel like what david said well say listen, you know what . I love you virtual. Docusign business cant stop because we cant get in a room. Maybe the new normal is were not going to get in rooms. Maybe were all just germfilled antiparadise. I just feel like well have to get ready to see a big if u. P. S. Were to get together with fedex, this is not going to happen, but if they did, they could go against amazon. If the Big Oil Companies got together like they did in the 80s, maybe they would survive if they cant because they cant get a handshake, shame on them we have to its a great the first conversation, jim, the first conversation is often the most important one and its very hard theres a lot of business that will get done virtually. Its happening now the but actually when it comes to a deal, you still need to sit down in the same room with your opposite number and talk about things, either at the beginning more often at the beginning than the end dont forget antitrust the world youre describing there, any of those deals will require enormous antitrust scrutiny thats another gaining issue on why you probably wont see those kinds of deals unless theres true and total destruction in some of these industries, and there may be jim, your point about the social dynamics are starting to fill in company by company im thinking of three examples one, lowes is announcing the creation of social distance ambassadors within the store two, target curbside, up 13. Thats an alltime high according to cowen and then this burnstein disney call they go to 107 from 155. Theyre looking at zero park attend dance in the seco attendance in the second half, even as iger talks to barrons about taking our temperature as we enter parks some brands are iconic. Maybe youre going to say listen, its iconic but i wont pay anything for it. Youre going to say iconic when this thing is over, then you want to own disney do you want to own it at 79, 90 . I think you want to opewn it. I think that cowen call on target is interesting. Why . Because lets take macys. Macys stores are closed for the most part. How do you do Curbside Pickup at a closed store i had prologic on last night, they are saying we have six square feet per person of retail space in the uk, and we have 23 in the u. S we have way too many retailers i know this is a brutal darwinian way of thinking about what will happen i envision whole parking lots to do testing where there used to be Retail Stores and i really and truly am concerned that an outfit like macies has to be able to open. We had manny on this morning, the ceo of pvh and on mad money. He keeps saying Retail Stores were not built to be closed. Theres so many retailers that will not get through this period without mergers. They should be shotgunning right now. Same on them if they dont they wont be in existence jim, you know, its an youre right its very hard to imagine how theyre going to be able to survive this period. I dont know. In a bit well talk about the highyield market opening up for certain businesses that have taken it straight on here in terms of getting or having a tough time retail hard to imagine in some ways it seems to have accelerated what is already coming thats what prologic was saying to me last night. They make it so amazon delivers what you ordered yesterday to your house today all the big etailors u s use tm we were marveling, what we thought would happen over many years is happening over many weeks or months. Thats why we keep wondering what will happen to the Real Estate Investment trust. There was a big short covering, i think it was a counter trend move yesterday the cruise ships were up use if you were in the 8 carnival, you made a fortune in that thing. The Real Estate Investment trust were involved with did incredibly well. I say good a chance to lighten up were not going to have as many retailers, how will we have as many tenants if i were the cruise ship companies, i would get together in a room and say we need to be one company. We dont need to compete anymore. We need a standard of conduct in our industry that says you need to wear masks, take temperatures thats okay. I want osha to tell me they verified every Single Person who worked at home depot that i go to today well need that. Thats a new world i dont understand why people dont understand that. I want everyones temperature taken. Whats the matter with that . Its a bad, tough time i want people to shop. Jim, the one thing on the temperature, is that a lot of people are asymptomatic and dont have a temperature thats the insidiousness of this virus to a certain extent that you can be transmitting it conceivably without having a temperature. Its not clear to me that that is the answer. We have to have gloves and masks, we have temperature all were doing is trying to limit the contact we have with people and try to make it so its less likely we get the virus. We cannot eradicate this virus by using anything we do im sick and tired of hearing were plateauing, thats good. They plateaued in madrid the other day where my daughter is if thats a plateau, its wiley coyote we do not want this. We want eradication. Short of eradication we have to do a lot of things so you know what well make it so the odds are better that we dont get sick. Thats all we can do let better the odds. Where is osha . The Labor Department good question, jim. I googled it the other day. First time we mentioned that agency in light of it. Its Occupational Safety and health administration. I thought so. Theyll have huge responsibilities in making sure employees are safe and that customers are safe the old days when i switched into that jimmy chill mode, i would say, hey osha should be front and center. They should be saying heres how we protect workers heres how we protect the customers who come in, really the workers. David, youre right. Temperature, theres still a gap. The abbott test i think if we can ramp up the abbott test in one month, everybody has to be tested is this a new world . Its a new world until we eradicate. Polio was a new world until they eradicated youre right. All these things go back to the challenges that well have in terms of reopening the economy and how that will work its so vitally important that we figure it out and we get there and we get there as soon as possible. But theres no shortage of different impediments in terms of checking off those boxes where people will feel comfortable going out and doing things in their life again in a robust way theres a difference between going to the Grocery Store, getting your temperature taken and taking a long vacation and hoping your temperature is not high once you get there. Exactly well take a quick break. More squawk on the street continues in a men yes. Its the first word of any new discovery. But when allergies attack, the excitement fades. Allegra helps you say yes with the fastest nondrowsy allergy relief and turning a half hearted yes, into an all in yes. Allegra. Live your life, not your allergies. Shbecause Xfinity Mobilehen ygives you more flexible data. You can choose to share data between lines, mix with unlimited, or switch it up at any time. All on the most reliable wireless network. Which means you can save money without compromising on coverage. Get more flexible data, the most reliable network, and more savings. Plus, get 200 off when you buy an eligible phone. Thats simple, easy, awesome. Go to xfinitymobile. Com today. I know were on information overload, you cant get enough from the man, Steven Munuchin good to have you back. Great to be with all of you phenomenal, successful this program, phenomenally. So successful we need more money already. Its small and mediumsized businesses, Community Banks doing a terrific job larger banks not doing as well can we now do the trillion dollar war bond . We know Speaker Pelosi is in favor of it, larry kudlow is in favor of it. I want to give the treasury money. I feel helpless, so do 317 million other people can we have a way to give you money so you can beat covid . Jim, heres my idea for the 50year. Well be auctioning off 30 years and 20 years, buy one of each. Its the 50year that will give us twice as much money, and we appreciate your efforts. So 50year, we would be able can we earmark it or is it a 50year treasury can we note it as covid so we know who our enemy is its a common enemy. Were raising over 2 trillion, as you know, for our covid relief were raising it all across the curve. And we have tremendous demand for u. S. Treasuries. Everybody wants to buy u. S. Treasuries its the safe haven. So its being very well received and i just want to comment, the sba event we had yesterday with the president at the white house yesterday was a great success. He got to speak to both Community Bankers as well as the large bankers. We have 3,500 lenders up on the system with many more getting signed up every day. And i want to assure all Small Businesses out there that we will not run out of money. The president has asked us to go back to congress we hope they pass this tomorrow and friday we want to assure everybody, if you dont get a loan this week, youll get a loan next week or the following week the money will be there. You know i support this program with everything i have i think its fantastic the Community Bankers stepped up in a way i cannot believe. The small and mediumsized will be saved by that how about the large guys i go to citis site today, citi is working with the sba to provide relief to Small Business owners while were working as quickly as we can, we are not able to yet accept applications for the paycheck protection program. Charlie scharf is constrained by something that janet yellen did during the friday before the super bowl two years ago lets change that. They should be able to give all the loans they want. We need wells and citi involved in this if this is going to be a success, mr. Secretary let me just comment i think overall the banks have done a phenomenal job, as you said some of them are further ahead this was Just Launched last friday were literally three days into this i can tell you the fed put out a notice that theyre going to be doing a program, a 133 program, so that they can buy these loans. That will provide in excess of 350 billion of liquidity i know the fed is speaking to all the banks. We want to make sure the sba, the fed treasury, everybody is working with all the banks let me just comment, you know, there were a lot of banks signed up that had not used this system in a long time the sba has signed up over 30,000 individual people to be entitled on the system, and every day they sign up thousands more because at every single bank you have lots of people that need to be entitled to approve these loans. Okay. I think that look, i think the system is great. I know when i pick up the times today, Small Business borrowers frustrated by long delays. I know you worked all weekend, everyone is working all weekend, its not for lack of work. No one thought this would happen it does lead me to think why dont we do something in the interim for everybody who is in a jam mortgagewise and rent wise instead of just canceling mortgages, we just tack on 30 days to the end of a mortgage, 30 days to the end of a lease and we pay people to stay at home so we can beat this thing, get the testing we need and open up america at the time when lets just shoot for something, how about the allstar game . Something that is all american we have to shoot for a date, mr. Secretary. It cant be wild high. Well, i know the president is working on a date. I know he wants to reopen the economy as soon as we get the appropriate all clear and things are looking good i know he wants to do that soon. As it relates to mortgages, mos of the mortgage is freddie may, fha, va, we have already put out guidance that borrowers that have issues can call up. As you said, their payments will be tacked up on the end. My understanding is that the banks for their own portfolio have already instituted a similar issue. So where we could mandate people on government related loans, we did. And weve encouraged the banks to work on the private loans i know thats added much needed relief to borrowers who are having issues in these difficult times. Mr. Secretary, its david faber. Speaking of relief, ive noted this in the past, i know youre aware oftchit companies more than 500 employees who are not Investment Grade who are conceivably in need of capital right now. Is treasury thinking about a new plan to try to address that group . Ive heard theres at least the idea that a lot of large investors might be putting money in towards a fund that could be levered by treasury to Access Capital for these businesses at some appropriate Interest Rate is that a real effort undergone, being looked at by treasury right now . Its a very real effort. Its not something were just thinking about its something weve been actively working on. For the last week weve had daily calls with the fed this would be a 133 facility that we call the main Street Lending facility for companies that are, as you said, over the 500 persons and below the corporate facilities that weve announced. And we hope to have an announcement this week with the details on that and get it up and running as soon as we can. Mr. Secretary, on monday the president removed the chairman of the federal panel or that was overseeing the c. A. R. E. S. Act. Glenn fein, he was going to be the Inspector General for the c. A. R. E. S. Program hes been replaced by another gentleman with that job previously at the epa. Can you tell us why the president did that, if you know why . And whether or not thats going to create any tension with congress when you do go back for more money, because we have gotten statements from the likes of nancy pelosi indicating they were unhappy with that move by the president. I think the president thought that the appropriate oversight was very important, thats why he wanted to move forward quickly, and nominate someone for this position. I think you know this is a new Inspector General that was set up under the c. A. R. E. S. Act. Its someone who has a lot of experience and i look forward to working with him i think, as you know, with he very much support proper oversight. Theres going to be a congressional oversight committee. We have enhanced disclosure. So i think that the American Public deserves to know whats going on given the amount of money that well be putting out. Mr. Secretary, you say the president wants to reopen the economy soon, and kudlow yesterday did say that he would await the green light from Health Officials once that process begins, are you going