Day where we can see some real progress. Charles what this means for businesses coming up, what this means for businessing coming up. Plus as more may be needed, a man whose devotion to the constitution sparked a uproar on friday. Kentucky congressman Thomas Massie will be one of my favorite guests today. Food network host guy fieri joins us spores forces with other Celebrity Chefs to create a relief fund for restaurant workers across the country. He will join me at the government of the hour. All that and much more on making money. Charles briefly exited bear market territory. The s p, nasdaq however, remain more than 20 off their alltime highs. Not all bear markets, folks, are the same. In fact according to Goldman Sachs there are three types of bear markets. You have got structural, the ones with the most devastating downsize. Theyre caused by financial imbalances. You have cyclical. These correspond with normal slowing economic cycles. Then event driven. Event driven bear markets are created by shocks to the system like oil prices or market crisis. I think right now this is an event driven bear market. I want to ask two of my favorite experts to see what they have to say about it. Capital wave strategist, shah galani. Let me start with three different bear markets. I dont think people knew there were three different types of bear markets, their duration vary dramatically. I think it is say coronavirus is eventdriven. Could it be shortlived as those in the past . Kudos to Goldman Sachs, that is great work for defining the different types of market events. Certainly this is a marketdriven event. We are according to Goldman Sachs, 29 to the downside and probably fairly quick recovery of that. While i think this is probably the case right now, i doubt that longer term, charles, that is probably going to be the case. I think were more looking at a longer term cyclical type drop in terms of maybe close to 35, 40 , in terms of the market on account of the fact that this event isnt just an extraneous event that impacts part of the economy or different region or some part of some market or another, whether the oil market, or the bond market. This is affecting the entire economy and of affecting revenue across the board for entire companies that makes it different as far as event driven. We havent seen this event globally. That makes it this time different. Charles i guess, shah, heres the thing, toe a degree you can say, well we had a 11year run this economy, 10year bull market, 11 year bull market. People say there was cyclical aspect that this was overdue, i get your notion there, but the notion of flipping off the switch on our economy and turning that switch back on, there has to be something vshaped to that, to what degree i dont know, but i would expect stocks come back dramatically to some degree . Weve seen what the v looks like in earlies of it the reaction last week. When the market jumps 20 in a week, ended up being 12 of the dow. The dow recovered from 20 from mondays low through thursdays close. That is absolutely remarkable. That is the kind of v investors thought maybe would occur. Weve seen it. Has it come and gone . I dont know. I think weve seen the steepness that is probably it for the steepness. Well see days we have the rip your face off rallies. Im encouraged by the fact were up today. I thought this would be back and forth day. How we close will be important. We need to see momentum. Investors want to see the markets close near highs of the day in order to feel secure, buy more stocks. This is the end of the month, the end of the quarter. There is window dressing going on here. Well wait until april 1st to see if it continues but hopefully it will. Charles right now i like to bring in Gibbs Wealth Management president , erin gibbs. Erin, what shah was saying this, is a session, certainly if you ask people yesterday after dr. Fauci said up to 200,000 americans could die, after President Trump extended social distancing for another 30 days, certainly we were off 1000 points on the dow, no one would blink an eye. Not only do i think that is intriguing but the leadership is a little bit different. The biggest winner is not norwegian cruise line. Auto desk of world, abbott labs of the world, Cardinal Health of the world, solid Companies Leading the way. What do you think about the first efforts to put the brakes on with this bear market . I think well be looking for companies we feel are going to be able to withstand the, basically the economic slowdown we might see over the next, six, nine, possibly 12 months. Companies with access to cash, that can still operate even if they have declining revenues. And, certain amount of stable and obviously Companies Earning revenues even in this period. Were still ending, obviously, Health Care May take a bit of a hit [inaudible]. A lot of the actual technologies, theyre going to be increasing revenues. So, i definitely think that companies we know will be around, able to rebound, companies that might have pentup demand and be able to come out of this, so a Company Maybe like disney. Charles right. We know it is very strong, has the cash flow to withstand a few downturned quarters. When people want to get back together, go out with families, go on vacation that is a favorite company. It is interesting when we look at valuations of the stock market. Right now, its, the overall valuation is very robust. A little over 16 times. This is far from bear market territory. We rebounded oval wages lows. So i think that there is some really positive momentum here. Charles real quick, remember rin did you make any moves . I was out all last week. You were already cautious even before we got into the throes of this sell off. Yeah. I think right now, it does look like this is a bit of a breather. I still feel that we could go further down. To he would, i would love to be prong on this point. And say that this is over and well recover here. I think particularly once we go through earnings, q1 earnings season, there will be probably negative news for, perhaps, again some more negative momentum and fear that comes back into the market. Were seeing a bit of a breather, and a pause, as people are accepting that the newer stimulus plan. We perhaps will have one more leg down where we might test maybe around the 2300, 2200 before we really recover. Charles real quick, shah, same question to you. I know that youre aggressive too. Sometimes you can be aggressive. It feels to me last week the earnings reports, ironically the names that reported, a lot of them went up, even retail names. Another curiosity were names that pulled back their dividend, those stocks went up. Investors applauding companies that hunker down and trying their best to ride through the wave, but have you made any buys last couple weeks, shah . I bought a handful of stocks on tuesday. Sold them on thursday. Booked some nice profits. I relgbt getted not holding to the end of day, i would have made a lot more. Would i love to see, not for anybody else out there, but for myself personally i would love to see the market come back to test the lows. I like to see it completely shake out, in which case i willowed the truck up, charles. There are some stocks on sale, so many Great Companies on sale if we level off if the near term bottom is in, and we go higher, that means, that will be resulting in metrics in terms of the virus, infection rates, mortality rates, those things get to the other side of the curve then this market can continue to go a lot higher there is it still plenty of room for folks who didnt buy in to get n i think well get another opportunity to do that and if we break through the lows we made last monday, i think we have a good bit lower to go. In which case i willowed up the truck on the way down. Charles real quick, erin, end with you, obviously you and shah still think there is significant amount of risk to the downside. What do you think could trigger that . You talked about earnings. I dont know there could be anyone out there that is not anticipating an absolute worst Case Scenario whether its earnings, whether its the jobs report, next initial jobless claims. Often things wall street doesnt expect that trips up the market more than these things that were bracing for . Yeah. I think were still focused right now more on numbers, steps, ventilators, that type of thing. I think where investors get the second wave of, oh, wow, this is going to take nine months, this will, really starting to see some of the negative numbers, we really havent talked about earnings, partially because theyre changing every single day. When we check the second wave of wow, this is how much it will impact us, that might again, once more, stip that fear as oh, that is one other thing we have to worry about. Any type of negative news again, just more on health basis might push us down. I think that is when we really get it fleshed out. I think that is [inaudible] charles well see. Im not sure i agree with two of my favorite market pickers. I thought when dr. Fauci said 200,000 americans would die, we would be off 1,000, 2,000 points. The big question, how long do we have to stay at home. According to a report from the think tank, American Enterprise institute, aggressive social distancing measures should stay in place until what they call substantial reduction of covid19 cases. This was written by former fda commissioner scott gottlieb. They offered a road map to reopening the United States. There are three faces. They recommend avoiding similar Infectious Disease threats in the future. I want to bring in First Trust Advisors chief economist rather, brian wesbury. Brian, i thought of you about this. Everyone on the street said this could be a guide for the economy and the stock market, this notion of reopening the economy in three three phases. Your thoughts . We all know there are phases. We go up. We come down. The spread stops in the spring and summer we hope but one of the things, charles, i keep trying to remind people of is there is a huge damage to health, and economic well being and of citizens when we shut down the economy. And, i dont think right now people are adding that in. I think theyre just looking at the Health Aspects of this and, we all know that the data isnt perfect. So no one knows. Okay, dr. Fauci says we could have 200,000 deaths. What he really meant over the next 18 months, not in the next month or two. And so, what we also know is that recessions and depressions cause anxiety, depression, suicide, more health care problems. So there is a balance here that i dont think a lot of people are talking about. Charles no. Its a tough conversation, brian, to have without sounding heartless. I think that is the case. Right. Charles of course by saying this is over a period of time, over 18 months, and i think youre right, i think more people are out of work, the more those stimulus checks stop coming, those kind of things would have the average person saying heck, i want to get out there, i want to work. I think that is why the report is important because there is a debate whether we hunker down as a nation, dont move, stay in place for another 30 days . Or do we return in waves . That is why i wanted to pick your brain on that . Right. And, so, charles, like, no one knows, right . We, we do know, i think the number i saw was 10 or 11 of restaurants are done forever. Theyre done. Their owners just said, im done. And so those businesses take time to reopen. So heres kind of the way im thinking about it. If we open by easter, well have 97 of our economy intact. If we wait until the end of april, it will be 92 of our economy intact. If we wait until the end of may, it will be 85, june it will be 75. Charles right. It takes a while to, like im not saying investors wont come in, perfect location in new york city on the corner. Sure, sure. They will buy it up. An but then they have to restaff and reopen and it takes time. The sooner we open up the more vshaped recovery we have, the longer it takes the more ushaped recovery we have. One thing we know, well have a recovery. Charles brian wesbury, one of my favorites. Thank you very much. By the way, folks, the fed came out in with a report in the Second Quarter we could have 47 million layoffs, 53 Million People unemployed. Unemployment rate of 32 . That is the worstCase Scenario. That is what is brian is talking about, healing these numbers sooner than later. Later this hour, Food Network Star, guy fieri will talk about his new restaurant to help. Kennedy center, they will stop paying workers mere hours after they got 25 million in the stimulus. Congressman Thomas Massie talks about how he tried to stop a roll call vote last week. 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Im told from a senior treasury official, the irs started now to process those payments but it is going to take some time because they have to go through 142 million american individual tax returns in order to figure out, do they direct deposit, did they have checks, where the direct deposits go, to match the accounts. Because of that time im told from a senior treasury official, it will be april 17th, when the first checks will be deposited, april 20th in ernest, that whole week, really start to see a lot of those checks go out. Small businesses could get help even earlier. They would walk into a bank on friday, fdic insured bank, be able to apply for the loan backed by the stimulus. Those loans will be retroactive back to february 15th. That means Small Businesses can rehire people from the date. Small business could reduce staff by 25 and still turn the loan into a grant if the staff is cut by more than 25 , then the grant amount gets reduced Going Forward as related to the loan amount. The u. S. Chamber says under 500 people or a company under 500 people can borrow two 1 2 times monthly payroll, up to 10 million. The money used to pay employees, rent, mortgage, lease of the business. Also utilities. Charles this is something needed for americans. It is also needed for Small Businesses. Back to you. Charles edward, thank you very much. That stimulus bill does not come without its criticism. Most notably kentucky congressman Thomas Massie who put up roadblocks to stop the bill. Congressman, thanks for joining me very much. Thanks for having me on, charles. Charles i have to ask right out front, were you prepared at all for the amount of criticism that you had to withstand because you took a principled stance based on your belief in the constitution and doing things right down there . Oh, i knew the world was going to come down on me but look, first of all, unconstitutional to pass a bill without members present. But the problem, with the whole scheme they had was that if you allow nancy pelosi to pass bills with nobody there, the fourth version of this bill, she said, this third one is just down payment. The fourth coronavirus bill will be insane. She will get to stick anything she wants in there. So we had to set a precedent that members will be there if youre going to have the vote. One other thing i want to make clear, charles, i didnt delay this vote. There was that narrative that i was somehow going to delay this vote, and everybodys checks would be late. No, i told people in advance, show up friday because im going to ask for recorded vote. If you dont give me the recorded vote, im going to require that a quorum is present. We were actually able to make Congress Show up for their jobs that day. That is important, especially if a fourth bill is coming out. Charles you mentioned nancy pelosi. I got to tell you, looks like she is bullying, man handling the Republican Party right now. You know, she called me a dangerous nuisance. I think more republicans need to be a dangerous nuisance to nancy pelosi agenda, im telling you, if you listen to their debate friday, they got up there said, this is just a down payment. Nancy pelosi saying that too. And what im saying is, all right, democrats, if you want to do this, im not going to let it happen in an empty chamber. Yall will have to bring yourself to work if you want to pass more money. And ill be voting no on the next bill. I did vote yes on the very first bill a few weeks ago. Charles right. Right. Real quick, sir, you called this the biggest wealth transfer in the history of mankind to wall street and bankers. What do you mean . Well, i mean there is 1200dollar checks in this. That is the cheese in the trap. If you take 6 trillion and divide it by 100 million families, that is 60,000. Where is the all the money going . It cant going to all the families. You may say there is a good argument propping up banks and wall street, there may be a good argument, lets be honest, that is where most of the money is going. Charles congressman massey, thank you very much. I appreciate your time. Thanks, charles. Charles wuhan, as we know ground zero for the coronavirus. Theyre starting to open up after two months of isolation just as america is hunkering down. Many are asking, should china be Health Accountable . Plus how voters are