Fast jobs will return to sustain that and to turn that into real consumpti consumption. Ron, were seeing spices in coronavirus infection. Were seeing spikes in hospitalizations as well if you looked at trends in other parts of the world, you know, sometimes those do tend to follow the infection rates is it based on an expectation that may not play out. Maybe we were through the worst of this when in fact there is still quite a bit of Health Mandates just assuming we have a Straight Line up into the future i think there is room for disappointment we have higher infection and hospitalization rates. Sadly i think the death rate is followed up by lag im particularly worried about how many states and local governments will have to push the pause button or reverse on reopening efforts. I think there is choppiness ahead. I think it will be until we get here it can be rolled out basically globally tobias, i know you just had a institutional client poll. As we wrap up this Second Quarter, what is jr. Senyour se things and what the earnings might do to the market the se the Second Quarter be pretty awful. The current consensus estimates, the bottom up numbers, 164 for next year is too high. Were looking at 150 next year versus 160 the one comment earlier about cash, this is one of the bigger s surprises, cash is on a medium basis. It looks like much of the reaaly is coming from short recovery from institutions that are trying to be steady. So there is just a sense out there in our opinion, our panic euphoria model signals 8 of markets pulling back ron, you say the honeymoon is going to end what do you think end it, is is the guidance for the next year there are so many question marks. The others i had to what he mentioned already. The Paycheck Protection Program that rolled out in early april that program was meant to only extend two months of expense coverage and if youre in the Early Companies that applied for that youre about to run out of those funds. And an important thing to remember is youre not allowed to go back for a second time, at least so far, and 47 of americans work for companies under 500 employees. The other thing that im watching is july even if companies are giving guidance in their Company Earnings there are a lot of factors that are hard for them to work around i worry that as market goes up, people that have been reluctant feel like they have to chase it. What im hearing more and more of is people wanting to move down the quality spectrum. Now i have to get in on the low quality rally and i think that is not the right trade i think you want to focus on quality of blast sheets and the ability to keep investing on this downturn and come out with stronger competitive advantages and stronger market share. Hey, tobias for a market that a few months ago pivoted around china and trade, we seem to be overlooking headlines regarding the Hong Kong Security log. The stickiness of phase one. Do you think that comes back or do we not have the bandwith any more we have been in this short term environment, carl, of good news is good news. And they think they will come up with new stimulus, and it is hard to pinpoint that date, but at some point investors will recognize there are real problems out there we looked right through hostilities with china and india. I suggest that two or three years ago no one could go through that so i think there will be, and its not a light switch, can it might be more of a dimmer, that we get some of the good news and ron is right about the discussions. It is very unlikely that congress will be able to extend it Vice President biden has signalled intentions to roll back some of the tax cutting that is i guess splinting the difference between where it is, where it was and where it is now. Do you expect that to change in the coming weeks i think the timing and the magnitude is something hard to predict. I dont know that investors have ever fully assumed that the 21 tax rate was permanent 28 is more in the ballpark of where our competitors sit now. But arguably it depends on what the economy would look like. When he would win he would have to make an assessment about whether or not he can handle a tax increase at that point likely it will be in a strong position by the beginning of 2021 and you probably want to delay any tax increases, try to go the other way, and stimulate through invest tmenteinvestment. How important is the reaction between congress and the president . I think the balance in congress is critical to this i think investors over estimate how important it is who is sitting in the white house you to think about the house, the senate, and the white house. I worry though, by the way that having a split decision might be the worst possible outcome because it means more gridlock in washington. I think this economy needs changes in terms of investment and responding to this pandemic. I would reference that im rarely considered a bull on europe, but im encouraged by what im seeing. Other measures to invest and stimulate longterm growth strange times, ron tobias, thank. Later this hour, Walter Isaacson growing in on the facebook cuts. What it means for mark g what it means for mark g zuckerberg and company, next what it means for mark g zuckerberg and company, next im thinking. Will i have enough . Should i change something . Well, youre asking the right questions. I just want to know, am i gonna be okay . I know people who specialize in am i going to be okay. I like that. You may need glasses though. Yeah. Guidance to help you stay on track, no matter what comes next. I geh. Common bird. E. Ooh look over here something much better. There it is. Peacock, included with xfinity x1. Remarkable. Fascinating. Very. It streams tons of your favorite shows and movies, plus the latest in sports news and. Huh run the newest streaming app has landed on xfinity x1. Now thats. Simple. Easy. Awesome. Xfinity x1 just got even better with peacock premium included at no additional cost. No strings attached. Just say peacock into your voice remote to start watching today. And a taco chain is closing for the second time after troubles with people not wearing masks. I saw your tweet a few days ago, it has gone viral. You used the world exhausted when you talked about your employees. Can you give our viewers a sense of what was happening at the taco stand we have been having a conversation with our customers about the masks for several months now, but in the last four to five weeks the conversations have gotten a lot more emotional. People have been expressing defiance laughing openly and mocking our cash years and crew. It is no different from how we clean raw chicken. Were required to ask our customers to wear a mask and we can only serve people who wear a mask and people have been taking it personally they have been acting out in ways that haveen increasing in vitrial and it is taking a roea toll on our employees. It had to be pretty bad for you to have to shut doin again. Did you say we can accomplish scripts, but that was not in the calculus for you well, it is not always enough to convince somebody there are times that no matter how rational you want to be you will just not cut through. It is just one in a series of pressures on a vulnerable workforce that had challenges, emotionally and mentally being prepared to serve the public so were feeling fuvulnerable sometimes the crew feels physically vulnerable. There is not many people working at any one given time. Some of the strains on the resource thats provide testing, and it is more difficult for the screw overall and we felt it imtime to give ourselves a break, take a breather, come up with strategies and hope that the Community Starts taking this message seriously. It is about keeping your neighbor safe, hopefully were hoping that the fever snaps, in a way. Realizing that reaching out and helping each other doesnt cost anything i wonder how much of this is driven by employees saying we cant continue to do this, and how much of it is what you are noticing going on, and what happens to the employees themselves a. We are noting this for several weeks. This conflict is not new it has been part of our ethos for the last several months ever since the clarity of the science was posted and became part of our code we have been talking to our people about various ways. Were going to have to start posting someone in our plost we need monitors monitoring this enforcement is not in the job code. Create induststrategies with ou employees. We wrote we needed a little bit of a breather. The reaction to this little note that we put up to let our neighborhood know ahead of time. That will help our employees a lot. But we expect to come out of this fairly soon and a lot stronger bill, julia here. Im in los angeles, im a big fan of your restaurants and your taco stands. It saddens and horrifies me to hear this because i sigh it with people on the streets crowding around restaurants if you dont see a real change in people starting to wear masks are you toing to stick with a take out only model . Is the prospect of opening a model and having people sit inside just not worth it for you at this point . Were fighters. It is worth it to us to see and find a way through this. Because this is not going away in the short term. We have to find a strategy with our guests and crew to make everyone feel safe i think that public behavior is unpredictable. We all know that we need to find strategy thats will keep the kfs worker and the guest safe. And i think we will be able to do it. We just need to snap it fever. Its not just in the food and Service Industry theyre all having similar experiences. Hopefully it was just a temporary fever that we could all just snap out of you have been implementing all sorts of technologies in our taco stands. When you think about all of the invoe vagss, whinnovations what think is the most valuable i think the methods that you reduce the interaction have bng some of the most valuable tools. And i think i dont believe that we have ashortterm fix to this i think that is one of the best tools that people have to feel safe when were able to minimize the action deficit it seems to be what the customers are appreciating initially. Its all about questionibein contactless. Maybe the fever will break and were in the environment where masks are a niceful tool we wish you the best in the meantime europe has reopened its borders to 14 countries but notably not the united states. Seema mody explains. The u. S. Being left off of the u. S. Safe list instead lifting travel restrictions on 14 other countries inside of europe including australia and ya pan china will be included that s a zrouing destination 50 million visit annually and they are a pillar to the economy. So there is certainly an Economic Impact here they reacted to this travel ban saying as we see numbers going up it is understandable that governments may reinstate travel restrictions it points to how important it is to keep everyone healthy and the huge impact on everyones health and that travel cannot fully recover without safety the europeans said the list is not political in nature, but the u. S. Travel came out saying that if this pan was to be nut in place a retaliation could be in the cards. In the meantime Domestic Travel will like i will be limited. The last day of the month closing out the dow fractionally higher, s p up by almost a percent. 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Stress comfort comes naturally, only from natures bounty comes naturally, were committed to making college more affordable. , thats why were keeping our tuition the same through the year 2021. [student] i knew snhu was the place for me when i saw how affordable it was. [narrator] find your degree at snhu. Edu. Microsoft, ford, and more are pulling their ads from facebook thank you for joining us today with facebook making this big push to assuage concerns what is your advice to mark zuker bzuk zuk zukerberg. Facebook was made to connect people and make the world a better place, but they have allowed it to be driven by their Business Model they allowed it to become a cespool of ads and more zuckerberg says he is focused on free speech, indicating that facebook is reflecting the world around us. How do you balance maintaining free speech. Yeah, that is a very good question its not just about reflecting the racism, hatred, resentments, it is about amplifying it. Its about sending you down a rabbit hole. If youre in one group you get to another group and soon youre circulating things that are not legitimate, thoughtful people saying im angry about this or i feel this. Its about trolls and bots and people who are weaponizing the resentments in our society we always had people in our society on all parts that have been resentment. But we have not had a tool like facebook, or for that matter any of the social Media Companies that not only amplifies it but their Business Model defends on amplifying the it, recognizing it, mutating, human communication. People who are purposely weaponizing it on the platform that is what makes facebook a problem. Our society is not nearly as bad as the society on facebook or certain regions of twitter what happens in those places is the worst in us gets amplified theyre very smart people. Theyre very, very smart people at facebook. They could figure out a way to take it so theyre not apply if iing these bad sentiments. Sorry, john. Thats okay, youre making a good point is it possible for facebook to do what youre suggesting, stop amplifying the bad without making a moral junction on what is garbage and what is not do they have to stop amplifying everything that would certainly have broad implications, or could they mathematically identify what our society, at least the majority of people, might label as a dangerous material there are certainly regions that would be easier to do such as things where it is anonymous and fake accounts, bots, and trolls doing this not because theyre expressing legitimate opinions of individuals. They could be more careful, too. It is important to keep some anonymousness. If theyre trying to find ways to say were not going to amplify it they would be able to do so. They have done it delivcleverlyd as you know, john, its theyre caught in between the. Theyre not exactly just a pure platform like a Bulletin Board in a abandoned building. Theyre in between they have some responsibility. Walter, do they put themselves in a position where in countries i know they dont operate in china, but im going to use them as a generic example, about types of messages that should not be out there, might it be great messages if facebook shows the willingness to act as a moral filter might there be areas of the world where the government says okay, aplay that moral filter here and shut down this type of speech that we say is dangerous and then facebook in a different kind of problem . A great question. That is why this is a difficult problem, but we all do that. By the way cnbc does that. We had to face it. We had to be responsible for our own world and platform and so maybe that means you cant deny the holocaust in germany. These are difficult issues but it is not an argument to throw up your hands and say lets just amplify the worst in society and say we have no control over this platform to your point there are a couple headlines this morning. One is that theyre going to submit to a Third Party Audit on how they control hate speech the other is that theyre going to updit the algo to rank story thats prioritize original reporting. How constructive is that very constructive it answers better than i did how can they do these things theyre smart enough to figure out that we can have story thats are transparent and reliable without sensoring somebody but, theyre doing things, and it shows, that they are theyre both responsible for their platform well as letting people have it for free speech that is a different balancing act. They have to do what they did today and go four speps further. It is interesting we talk about going four steps further and what that might entail Mark Zuckerberg is in an interesting conversation here. This is his company, and you also have the fact that facebook has eight million advertisers, and if you look at 1090 bigger, by my measure they spent 6 of the companys total revenues if it is limited to july, it will have a regullatively small impact on the company overall. Im wondering if you look at these factors and the fact theyre making these changes, do you think he will take a change in how he approaches these issues or because she in control he will continue to just make smaller changes . Youre right in some ways hes in control, but test not in total control. He has got to make sure that he is not creating an environment over all environment that advertisers say that isicy i dont want to be there youre in the media we have all been there if youre on cnbc youre creating a reliable, trusted advertising environment where people put on their ads and they know that it is a place that people can go and trust. If facebook continues to create unreliable things why would ford, why would proctor and gamble, why would they want to come back there . I think this advertising, i wont even call it a boycott, it is just common sense theyre saying this is not at the moment that we want to be in it is a weaponized hate environment. They will start pulling back and that will make him sit out he is not he is a smart guy and he is probably trying to do the right thing in many cases. Yeah, it will be really interesting to see the other announcements that facebook makes and if the boycott goes Global Shares are now up about half a percent. Thank you for joining us we will take a quick break here a