Transcripts For KGO This Week With George Stephanopoulos 20240713

Rise. Without continued vigilance, well again create the conditions that led to us being the worst affected country. How many deaths and how much suffering are you willing to accept to get back to some form of normality. Economic adviser larry kudlow. And Liz Ann Sonders and Neel Kashkari. Top pharmaceutical executives will join us on the latest search on covid vaccines and treatments and all of the weeks politics with Chris Christie and rahm emanuel on our powerhouse round table. Announcer from abc news, its this week. Here now, chief anchor George Stephanopoulos. Good morning and welcome to ek that set somef e worst records ever for the rnin 20. 5 million americans lost their jobs in april, tentimes the record set in 1945 when the country demobilized from world war ii. The Unemployment Rate jumped to 14. 7 . Just three months ago, unemployment was at a record low of 3. 5 . And as stunning as those numbers are, they dont capture the depth of the damage, adding workers looking for fulltime jobs, the furloughed who hope to get their old jobs back and more than 1 in 4 americans are out of work. The lines at food banks are heartbreaking. We can all hope the economy can bounce back. Investors seem to be betting on it. By the close of business friday the stock market was building on some of its best weeks in decades. So what is wall street seeing that americans arent yet feeling . How long will the recovery take . What must we do to make sure it happens . And we start with the president s economic adviser, larry kudlow. Lar larry, thank you for joining us this morning. I do want to get to the economy, but first, this news breaking overnight, we know that two white house staffers have tested positive for covid. Doctors fauci, redfield and hahn are all selfquarantining. Will you follow their example . Well take the advice of the white house medical unit. There may be, i dont want to rule anything in or out at the moment, theres daily testing as you may know for people who come into contact with the president and the Vice President. Everybody wants to be safe. Were going to do the best we can. Well follow the rules and guidelines of the white house medical unit. You just said you had the best medical unit in the country, no doubt thats true, youre getting tests every single day at the white house, anyone whos in contact with the president. Doesnt that really expose the challenge for everyone else in the country right now, if the white house is not fully safe despite those conditions, how can average americans feel safe with the idea of going back to work . Well, look, i dont want to generalize from it, although i dont have all the numbers. I havent seen that yet. In terms of the white house complex, which is an enormous place, at least 500 people probably much more than that, george. Those who have tested positive is still small fraction, again, i dont know the specific numbers but we have had relatively very few. And look, i think the key point here, we have establisheduideliouhek fot are establishing guidelines, i think that businesses, large and small, are probably going to wind up leading this charge as we attempt to reopen the economy and deal with these heartbreaking jobs numbers. Which are awful. So my point is, why dont we rely heavily on what the businesses, the Free Enterprise system can produce, companies are very innovative, they know the job that has to be done. They know on the one hand, folks have to be safe, must be safe, and they know on the other hand we have to have some reopening as much as possible to deal with the economic problem the pandemic contraction as i call it. I think between public and private Health Systems we can do this, i guess about half the states are off to a phasedin start. Thats a good sign. Safety is absolutely crucial. But its not either or. You know, i think economy, i think it goes hand in hand. Lets talk about those devastating jobs numbers. The president said on friday, that all these jobs will be back, is that a realistic promise, is that a promise the president can keep . Well, look, several things. Number one, as bad as those jobs numbers were, and i dont want to sugarcoat it, because i think the numbers for may are going to be very difficult numbers. Its going to take a while for the reopening to have an impact. So theres that. The second point is, inside the numbers, theres a glimmer of hope i dont want to downplay the numbers theres a glimmer of hope, we had about 80 of it was furloughs and temporary layoffs, that by the way doesnt ensure that youll go back to a e businesgly thatrdeten theorr ink hopelly that has you know, allin on this we we probably including the federal reserves operations and the budget and fiscal work that the president has led, we probably had 9 trillion worth of assistance going to 175 it has million individuals. Its a remarkable plan to attempt to stabilize. It has been an extraordinary response from the government and the fed. Now House Democrats led by speaker pelosi, they need about another 2 trillion plan, aid to state and local governments, much more testing, more direct aid, like unemployment insurance, food stamps, direct checks. Yet, you and the president have said nows not the time to be dealing with that, why not . Well, im not saying nows not the time. I think many people would like to just pause for a moment and take a look at the Economic Impact of this massive assistance program, which is the greatest in the United States history. That a thatbeing said. Now, i was reading in some papers this morning that theres no talks between lets say the white house and the democrats, thats simply not true, theres no formal negotiations yet, i say yet, but in fact on friday, kevin hassett, my colleague in the white house, and i did a Conference Call with about 40 house members, democrats and republicans, george, and were scheduled to have a similar Conference Call tomorrow. And on the senate side, democrats and republicans were collecting iaseps which will undoubtedly be data driven. I do think there are issues here and there are probably going to be some agreements or distreatments, each side has its own positions. Its not that were not talking, we are and its just informal at this stage. Really after all this assistance, lets have a look at what the impact is in the next couple of weeks on the economy. We have heard from former president obama for the first time on his take on how the white house has responded to this crisis, lets listen. Its been an absolute chaotic disaster when that mindset of whats in it for me and to heck with everybody else when that mindset is operationalized in our government . Your response . With all due to respect to the former president , i really dont want to get into a political back and forth here. I dont know what hes talking about. With all the assistance weve done, with all the infrastructure that we the trump administration, working with governors and mayors, and with congress, with respect to testing, with respect to all manner of ppe, medical equipment, with respect to ventilators, you know, President Trump one thing shouldnt be lost here, he has, and its unusual in these emergency situations, hes made great use of the private sector talking about that earlier in terms of reopening in a safe manner, you know we have relied very heavily on the smartest people in this country who run retail operations, pharmaceutical companies, biotech companies, Automobile Companies producing ventilators at a rapid rate, we ramped up the testing. We have the Worlds Largest testing percentages by far. I dont understand what president obama is saying. It just sounds so darn political to me. Look, what we have done may not be 100 perfect. You know, these things happen once every 100 years but the overall picture is, we created a Massive Health and safety infrastructure to deal with the pandemic here in the United States and judging from the results, where there has been a flattening in the rate of growth of infection rates and mortality rates, its working, so were preparing to reopen the economy. When we do, i think, according to cbo well see a very strong second half of the year. Probably 20 economic growth. Larry policies that were in place on lower taxes and lower regulations are still in place. We may expand on those policies with the congress. Next year, 2021 could be a tremendous snapback in the u. S. Economy. Im going to leave president obama alone. I just want to make the case thats the prevailing consensus right now. Larry kudlow, thank you for your time this morning. Appreciate it. Lets get more on all this of the president of the Minneapolis Federal reserve bank Neel Kashkari and Liz Ann Sonders. This tremendous rise off the bottoms of the stock market over the last three weeks even as we have seen these absolutely recordbreaking unemployment numbers, can you explain this great disconnect to the American People . Probably not fully. Everything thats been happening both in the economy given that it was a Government Shutdown by fiat effectively in order to s, and also the warp speed in which we saw the stimulus kick in both by the fed and congress, we moved into bear market territory at a recordbreaking pace. I think at the lows, when the market was down 35 you could argue that it was pricing in the type of economic carnage that were seeing right now. I think the rally since that low, the speed in which we retrieved that, reflects a couple of things one, the stimulus, that represents more than a quarter of gdp and two, i think its on the assumption that the market is looking through sort of the valley and that maybe april will be the worst month, the inflection point, i think theres some risks associated with that. You got the potential second wave of the virus, so i think the speed that the market rebounded does now present some risks. I think everything is happening in a much more condensed time frame. No question about that. Neel, we see the Market Pricing in that relatively rapid sustained recovery you just heard larry kudlow saying, he expects a very strong second half of 2020 and a roaring 2021, is that realistic . I wish it were. This is more likely to be a slow, more gradual recovery. Unfortunately the virus continues to spread. People continue to get it. Unfortunately people are tragically dying. When we look around the world, theres evidence when countries relax their economic controls the virus tends to flare back up again. The more this goes on the gradual the recovery will be. If we see Companies Going through bankruptcy, empty strip malls for a while until new businesses form, the economic recovery takes longer. I loved to see robust economy, that would require a breakthrough in vaccine, widespread testing, a breakthrough in therapies to give all of us confidence that its safe to go back. I dont know when well have that confidence. Ultimately the American People will decide how long the shutdown is. Right, and well be talking about that later in the program. But in the meantime, we have seen this extraordinary response from the fed and the federal government right now. You heard kudlow said it could add up to about 9 trillion, what more should we do as a fed governor, what are you recommending the fed do right now and will we need another congressional package . The fed is standing behind the Financial System, clearly, to make sure that the Financial System continues to run. This is first and foremost a healthcare crisis. Anything congress can do to support more investment in those Technology Breakthroughs will be money well spent. Number two, if this goes on for a long period of time, i think its going to go in some phase for a year or two. Think congress will have to give assistance. As you said, its really around 23 , 24 of people right now who are out of work today. If this is gradual recovery the way i think its going to be, those people are going to need more help. And liz ann, what are advice are you going to your customers right now about to think about this market in this economy . Again, were reminding them that the speed with which the atasned sie en, lded, the rally can apply the same kind of logical thinking around investment that applies in this shortterm environment, hopefully you had a plan, you werent winging it, diversification across economic classes, and then use the ability and benefits of rebalancing. So trimming into strength and adding into weakness, just staying on the right side of the trade. Those tried and true disciplines. Too many investors think that the only path to success requires top picking and bottom ticking. Thats gambling on a moment in time. Even when whats happening is in a more condensed frame of time and thats the best advice we can give in this environment. Finally, Neel Kashkari, you have access to the best economic information in the world. What should everyone be expecting over the next several months as we wait for effective treatments, vaccines, treasury secretary Steve Mnuchin this morning is saying that unemployment could go as high as 25 . Yeah, the worst is yet to come on the job front unfortunately. Its really going to be, as these states start to reopen, and as thee these businesses start to reopen, obviously we need to reopen safely and we need to monitor and look for signs of things flaring back up. We may have to clamp back down again as the virus continues to spread. To solve the economy we must solve the virus. Lets never lose sight of that fact. Neel kashkari and Liz Ann Sonders, thanks very much. Roundtable is up next. Well be right back. [woman hummi g to all you need is love and instrumental music] love is all you need. Unlike ordinary wmemory supplementsr . Neuriva has clinically proven ingredients that fuel 5 indicators of brain performance. Memory, focus, accuracy, learning, and concentration. Try neuriva for 30 days and see the difference. And wells fargo employees are assisting millions of customers never before across america through fee waivers and payment deferrals, helping people stay in their homes through mortgage Payment Relief efforts and donating 175 Million Dollars to help hundreds of local organizations provide food and other critical needs. When you need us, wells fargo is here to help. 16. laughter how many pints of iced tea are left in the pitcher . Times. Ten. So, wait. errhhhhh do you want to show us the continents on the. No. It is not going good. My mom is getting stressed out. speaks hebrew mommas tired. I, im, like. Woooo. screams sighs heavily so, starting just quickly by breathing in. I never thought id say this, but i kind of miss school the teachers, i mean, yall are gifted people i thank you so much for what youre doing. Their investment into our children is beyond what we can even imagine. Appreciate all that you do. Home fragrances with exotic pairings. Warm vanilla and himalayan magnolia tropical pineapple and tunisian rosemary and its responsibly sourced. New botanica by air wick. Now at target. This was an artificial turning off of a tremendous economy. When we turned it back on, which we just started doing, i think its going to come back blazing. St chance to year is one of the econically. Hardeand will last longer because donald trump spent the last three years undermining the core pillars of our economic strength. Incumbent president s rise and fall on the strength of economy. So, does record unemployment spell doom for President Trump come november . Or does this unprecedented covid crisis upend all the patterns . We asked fivethirtyeights nate silver to weigh in. So the conventional wisdom is if the economy is in bad shape thats really bad news for the incumbent, and thats backed up by a lot of data, a dismal economy ousted jimmy carter in 1980, the recession under george h. W. Bush ended in 1991, but the economy was still back in 1992. Even though bush junior wasnt on the ballot after the financial crisis in 2008 it led to a landslide against republicans up and down the ballot. With gdp projected to decline at 40 annualized rate this quarter, and unemployment having already reached almost 15 , were in for an incredibly severe economic shock. Many voters will think of this wartime, theres a lot of disrurpgs in the economy and elsewhere but there can be patriotism and the incumbent can do well. In fact, voters in this recent polls, give President Trump above 50 for his handling of the economy. But trumps Approval Rating for his response to covid has been 44 and falling each week. sjobiden in key ng swing states like michigan and pennsylvania. Do i buy this is business as usual . This is a unique situation. To fit statistical models. Doesnt mean the news is good for trump, if voters dont like his response to covid hard to think a tanking economy will save him. Okay, lets get more on this from our roundtable. Were joined by Chris Christie, rahm emanuel, julie pace and axios political reporter alexi mccammond. Thank you for all joining us this morning. Chris, let me begin with you, you know, if you just look at the Economic News alone, this is something that no politician really could survive, but how does President Trump upend the conventional wisdom again . Well, i think, george, its just an unprecedented event, right, as nate just said. We havent had Something Like this in over a hundred years. So i dont think any of us know how this is going to play politically. If were expecting some sharp economic recovery by election day, well see some economic recovery by election day. So i think what the president has to do is to rally people around his leadership, say that this is not a time when you want to change leaders in the midst of a crisis and you want to stay the course. Thats going to be a part of his argument, surely will be things that will come up between he and Vice President biden theyll disagree. But the great economy that he thought he was going to be running on, he wont be running on now. Well see if the American People react well or poorly to that. And the question for Vice President biden, rahm emanuel, is how can he even get his voice out there in this unprecedented crisis . Yeah, i mean, think we were talking about history the last person whos run for president from their house is william mckinley. Who did a front porch strategy. I said to you, theres nobody around to talk to from the mckinley era, in this case, donald trump is his own his worst enemy. If you look at the data, the one thing that nate didnt talk about, its not whether a governor opens the economy or the president rallies people to go to economy, its their fear thats driving their economic and social decisions, and that fear is around the president s conducted himself by trying to talk about clorox, lysol ultraviolet light, hes giving people a sense of fear what the healthcare response will be. If they were comfortable there was a healthcare response they would be more liberal in the way theyd go out about society, economy. I actually think in this situation the president is his own worst enemy. What joe biden should do is make this a referendum on the president s leadership, both around the pandemic and his failure to invest in the economy. The more he fights investing in the economy and investing in health care, hell continue to be his own worst enemy in this. Bear the brunt of the bad Health Response and bad economic conditions. Julie pace, the president has a tough challenge here, hes got to give people hope, strike notes of optimism, at the same time showing hes in touch with the pain people are feeling . Its a fine line that he has to walk, of course he wants to cheer lead the economy, and pushing for people to get back to work, to be able to get off the unemployment rolls and to provide for their families. At the same time, i think what were sort of living through right now is the a lot of people who got laid off from their jobs at the end of march, beginning of april, thought they may be back to work by now, thats not going happen. Where this president has struggled throughout his political career is empathy. It can be intangible in a president ial election. If people if americans feel that you understand what theyre going through theyre sometimes willing to give you another chance. Thats a struggle for this president. Can he empathize with americans . Can he show that he understands whats happening in the lives of americans . Alexi mccammond, one thing that hasnt changed through this crisis is the extreme partisanship that affects every paculture. Even this virus is being seen through a partisanship. One thing you guys have seen at axios, democrats think the death toll is being understated, republicans think its being overstated. Yeah, thats exactly right, george, and thank you for having me. I know wed all rather be at the roundtable in person. Good seeing all virtually. Thats exactly right. The latest axios ipsos coronavirus index, twothirds of democratic voters thought the death toll was understated and more than twothird of republicans thought it was overstated. Last week, the president himself and the closest advisers, privately, and thdeh lls thes its overflatted. Its just another jarring example of how partisan politics have infected this moment at a time when its a literal life and death situation. To julies point, people are looking for empathy. They know the state of the economy isnt great. They see their personal financial situation getting worse. They know that President Trump cant just snap his fingers and get things back to where they want to be. Chris christie made a point, things might not be better by the time of the election. Theyll be looking for empathy from the leader of the United States, theyll look for President Trump to act like their governors, state executives, who they think are being more emphatic right now. Chris, how about this latest thing the white house is dealing with, the fact that two staffers have now tested positive, youve got the heads of the Health Departments also selfquarantining, its unclear how the rest of the white house is going to handle it. Does the president have to recalibrate how hes handling the Public Health side of this and the example hes setting . Well, listen, george, i thint in publi we should wri m and doing the things that were being recommended to do by our Public Health officials. Also, as i wrote this weekend in the washington post, george, whats at threat here is the way of american life. Theres always going on be some risks. To say if americans behavior, if we begin the economy in reasonable ways, the same before march of this year, is just foolish. Americans understand now, we have to social distance, well have to wear masks, we dont shake hands. We cant get close to each other. Were not going to open football or baseball stadiums to 50,000 or more people. Were not going to do those things. That will make the infection rate go down as well. So i do think that were maybe getting a little slow now, i was someone who was in favor of aggressive steps of what happened, tms ofclosg wn andg ti treasonably reopen, temperature checks before you go into businesses. We also need to get our economy reopen, george, people are suffering, 33 million unemployed. A woman in new jersey this week on a food line for the first time in her life who said, i feel like a total failure. Thats going to lead addiction, domestic violence, lead to suicide, we saw that after sandy here in new jersey. Well see it in america if we dont get people back to work soon. Rahm, if you were still mayor of chicago, would you be pushing hard to reopen the city . I think you have to take the data and level with the people, and say, look, theres risk and in fact theres risks now, at home depot, youll pass 30 people. What level of risk are we willing to take . We now know more things. Preexisting conditions, dense living conditions, take our Public Health resources and apply it there. For a family you have to play a role if youre younger in the economy and you have to practice all the pra of wearing a mask, washing your hands, social distance in that effort. Here are the sectors of the economy well gradually reopen over the next four weeks but you have to do this. One thing that we all should take stock in, over the last three months weve learned that the American People have stood up and actually taken responsibility for their behavior and their actions. I think you could open parts of the economy by engaging the public in their role and responsibility. They want to do something, they know they have a role to do not metaphor of just opening the economy. I think we dial it up, stage by stage, in a sense of lights getting brighter. Engage the public in their role and responsibility and then use our health care that we have built up in the last three months to apply to the most vulnerable parts of our population. Whether youre a senior, poor, a person of color, youre more vulnerable to this disease and its devastating consequences and thats where we should apply Public Resources so the rest of the economy and society can come back to life slowly but surely. I want to reet this, this president is his own worst enemy in trying to rush something you cant rush. Julie pace, youre seeing both campaigns, republicans and democrats across the board struggling with how to even conduct a campaign in the midst of this crisis. Its really incredible. This is not what anyone working on a campaign expected to be doing right now and i think the reality is that Neither Campaign knows when theyre going to be able to get back to some semblance of a regular president ial effort. If theyre at all. I mean, there are a lot of discussions happening in both parties right now about a convention, how can you possibly put thousands of people in a arena in august . That seems really untenable right now. Possible to have Campaign Rallies . Were seeing the Biden Campaign starting to really add to its digital presence, knowing that that campaign is going to be fought out on the internet, its going to be fought out screen to screen because thats how people are engaging right now, and i think that just adds so much uncertainty to how voters are going to be engaging with both of these candidates, to whether biden frankly is relevant even in this. I talked to a lot of democrats and republicans over the past week who said versions of, bidens kind of a sideshow right now and thats okay. Thisintoe a referendum election on President Trump. I think that everything that we know about president ial politics, every prediction we could make based on past campaigns has to go out the window because were living in such an unprecedented moment. Thats such a point well taken. Meantime, as you hear more talk about a referendum election, alexi, that has more Senate Republicans nervous that perhaps for the first time their Senate Majority may actually be in danger. Thats exactly right, i had some reporting for axios last week looking at different states, like montana, colorado and others, where there are these really Competitive Senate races happening, Republican Senate candidates tying themselves to trump ultimately slipping in their standing with voters. Thats because theyre watching the ways President Trump is handling the coronavirus crisis. Obviously, things can change and will change between now and november. It remains to be seen how, but the polls are not looking good for republicans in competitive races. To your point, george, that matters for their ability to control the senate in the future. Its still an uphill battle for democrats to be able to take back the senate. I will point you to house. Control of the house. Before this, republicans were looking at 30plus districts they flipped from republicans, those are obviously competitive by nature. Now things are looking stronger for democrats in terms of maintaining control of the house, when previously, republicans were hoping to tie the democrats to bernie sanders, as the nominee, now they have joe biden, things worked out differently in that strategy. George go ahead. Its upending for the campaign and its upending for us. One historical point, Second Quarter Economic Data would tell you historically whats going to happen in the president ial election. Unemployment, income growth, gdp. I dont know if id use that anymore as a reference point. For all of us trying to evaluate a campaign, looking at historical data, i dont think thats going to help. The campaigns are in vertigo. In a sense, everything we know by history as reference points i dont know how much stock you can put into it. Yeah, this is all brand new. We also saw an unprecedented move this week by the department of justice, that move to dismiss the charges against former National Security adviser Michael Flynn for lying to the fbi even though he pled guilty on two occasions to that. Thats now going to be before a judge. We heard former president obama weigh in on that on a phone call this week with his former staffers. Theres no precedent that anybody can find for someone whos been charged with perjury just getting off scotfree. You begin to get worried that basic not just institutional norms but our basic understanding of rule of law is at risk. Chris christie, this is something that we have never seen before and even you, youve been on this program many times, said that the president was right to fire Michael Flynn for being dishonest back when it happened. Well, listen, he was dishonest to the Vice President and that doesnt change, but george, theres a bigger point here that former president obama is running away, the history of his Justice Department is getting pretty battered this week. The conduct of these fbi agents in dealing with mike flynn i was an u. S. Attorney and worked with fbi agents and helped direct them. What they did with mike flynn was an absolutely classic perjury trap, they knew what the truth before they walked in. They didnt need to interview him. They went in there and they wrote notes afterwards about decide whether or not to i so he would get fired or charged, and then this week as well and one that involved me and my former team, the Supreme Court rejected 90 a false prosecution that was brought by the obama Justice Department and a vindictive prosecutor, politically motivated, against folks who worked for me when i was governor of new jersey. Its a bad week for the obama Justice Department, james comey, and his fbi and for eric holder and their Justice Department, you cant run away from that. These are unprecedented times. Because were taking the covers off of what was some awful conduct by prosecutors and investigators. George, i usually stand up for these folks, but you cant defend this conduct. It seems like, by that definition, every time fbi agent investigates someone when they have some evidence its a perjury trap, i dont fully understand that. Rahm, you just heard what Chris Christie said about the obama Justice Department. Look, george, all of us on this show know theres a rule you lie, you die. Thats the rule when it comes to the fbi. And in fact, on december 2nd, 2017, President Trump said the reason he fired flynn was because he lied to the fbi. Its a jury of one. You cant lie. This is now up to the judge, a country of laws or not . Unfortunately thats where the burden is. This is an unprecedented decision. The president got something out of this and we should be clear two cases his ability to destroy the reputation of intelligence agencies and his ability to have somebody else make a decision, he knows well he would own the consequences of this. I think in this situation, what happened with flynn, if were going to allow both the flinn and the stone cases, the culture of corruption in this administration. One of the issues coming out over the next seven months, is the issue of culture of corruption, whether its this case, whats happening over hhs and how contracts are being rewarded, and whats happening with the relief funds, whos getting contract, youll see a growing issue of cultural corruption. It starts at the top because the president has a history of not telling the truth and actually lying when it comes to his benefit. Hes actually imbedded that into the law with what hes doing with both flynn and stone its okay to lie on behalf of your political goals. George hey, george alexi mccammond, quickly, axios go ahead. Go ahead, george. It does start at the top. When you have fbi leadership like jim comey and what they did, and thats whats being uncovered, rahm doesnt attempt to defend any of that at all and im glad he doesnt, because that conduct has been outrageous. Its been outrageous by prosecutors in the department and the former leadership of the fbi that chris wray is now cleaning up. Okay, were just about out of time. Quickly, alexi, youre reporting that Vice President pence might be open to having mike flynn return to the white house . On an , george, tomorrow night exclusive interview with Vice President mike pence and my colleague mike allen talking about this exact situation. The white house has previously said that lying to the Vice President was the reason that Michael Flynn was fired. Now, Michael Flynn has pences own blessing to return to the inner circle. Mike pence told my colleague on axios that he would welcome flynn back into the Administration Just as weve heard President Trump say in the past. As trump tweeted earlier this week, theres much more news to come. We should stay tuned to Michael Flynn returning to the administration. Definitely check out axios on hbo tomorrow. Thank you all very much. Up next the latest on the rush for coronavirus treatments and vaccines. Well be right back. Announcer this week with George Stephanopoulos sponsored by pacific life. Life insurance that lets you live for today and protect tomorrow. Thats the power of pacific. Nd protect tomorrow. Thats the power of pacific. Fifty years ago, humpback whales were nearly extinct. They rebounded because a decision was made to protect them. Making the right decisions today for your longterm financial future can protect you and your family, and preserve your legacy. 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Were getting a super competitive Interest Rate on our money. Were able to invest through the same exact platform. I really liked that they didnt have any hidden or extra fees. Uly thank u epe for lets read a bookdont come behind the teachers desk this is going to be so hard. So what were going to do is were going to make our own hand sanitizer. Im going to teach you how to give yourself a selfisolation haircut. giggles oh, no im so sorry ill be making my first birthday cake from scratch. Happy birthday make two stitches all the way around. Im going to show you how to properly soak your nails off. Ew. Ew. Ew. Today, were going to talk about how to groom your dogs. laughing he looks like a Fried Chicken leg. I have some key tips that will be helpful in working from home. Dada daddys gotta work. Today im going to show you how to plant some seeds grow things youre going to eat you guys, ok . Ok how to make a simple loaf of sourdough bread. I forgot to score the tops, yall. I feel about vaccines like i feel about tests. This is going to go again. Its going to go away. Were not going to see it again, hopefully, after a period of time. I think great progress is being made by Johnson Johnson and oxford and some others. I see nyu is very advanced. But if you dont get it, this is going to go away at some point. President trump bucking the conventional wisdom on friday. Most experts agree that we cant get fully back to business without more effective treatments and a vaccine. Were joined by two top executives working on that, dr. Paul stoffels and dr. George yancopoulos. Thank you both for joining us. Dr. Stoffels, let me begin with you, will this pass without a vaccine and where do things stand with what youre working on right now . Well, we all hope it will pass without a vaccine because that would be great if the disease goes away very quickly. But we dont think so. Its now spreading around so fast and so significant that we need a vaccine to control it. Where are we . We are preparing Clinical Trials and we start Clinical Trials in september and hopefully have data by the end of the year, as well as now working towards 1 next year. Were upscaling manufacturing and we start producing late in the year with the aim of delivering 1 billion of vaccines next year. So thats all next year, is there any possibility that the hope that the president had called for earlier in the week that there could be some effective vaccine in 2020, is that realistic at all . Well, Clinical Trials will need to be done to show its effective. That will take some time. Well have some vaccine available this year it will depends on the authorities, the fda and others to decide whether it can be used earlier before efficacy data are available. Dr. Yancopoulos, youre working on an antibody cocktail to both treat and prevent covid. Where do things stand with that combination right now . Were on track to go into Clinical Trials in about a month, in june. And if all goes well, its possible that within a month or two after that wed actually have data that our antibody cocktail can be an important stopgap until we get a safe and effective vaccine. It could prevent disease in people who arent infected. Even treat people who are in either early or late stages of the disease. It might be possible that if all goes well, hundreds of thousands of doses of this could be available by the end of the summer. Can you explain a little bit about how that works, how can you prevent something thats not a vaccine actually prevent the transmission . What a vaccine does, as we all know, it generates immunity in the person who gets the vaccine. Whats that immunity . Those are antibodies against the virus. What we developed is technologies that allow us to make exactly these antibodies thkes in rponse to the vaccine. We make them outside of the body. We scale them up in bioreactors and then we inject them into people, and immediately its as if theyve been vaccinated. Its a passive vaccine because it doesnt depend on the body having to make the response itself. It can work much faster than a regular vaccine. Of course, vaccines can provide permanent immunity to much larger numberd of people. Thats why we need all of these efforts the sort of efforts that j j and others are doing to provide these immediate sources of both prevention and treatment that can have an impact until we get the vaccine. And dr. Stoffels, as you all are working on that vaccine, how do you also solve the problem, something thats safe, of getting it out on a large scale around the world at an affordable price . Well, we have a very effective manufacturing procedure where we can produce up to 3 million out of liter vessel. Were now multiplying those manufacturing sites. Well have four, five facilities available where we can start producing from and that will give a more than a billion vaccines in the course of next year. Its the science and technology where we have the platform that allows us to go that fast and in those quantities. Whats also important is, the vaccine is stable, you can transport it around the world in order to make sure everyone can get access, from north to south, east to west, the entire world probably will need a vaccine and thats what were working on. Dr. Yancopoulos, as were trying to rush this market that its done in the safest manner possible . I think the most important thing you already heard from dr. Stoffels, is that we have a strong and powerful set of technologies throughout the ecosystem, in basic research and in industry, that allows us to fight these battles when they appear. So we have to be ready and we have to make enormous investments as society, both in the nih, we have to up our game ther but also to support, have a robust set of industries and companies that can come forward and try to fight this epidemic when it occurs. Being ready is making those sort of investments beforehand. Thank you both very much. Important information. Well be right back. Thats all for us today. Thank you for sharing part of your sunday with us. Have a great mothers day. And ill see you tomorrow on gma. Up next ucsf doctors returning from battling covid on the frontlines worrying flying home found themselves in a fully packed cabin. How is californias Wine Industry holding up during the pandemic . We talk to analysts on the trends we are seeing now. Happy mothers day to you. Live love outside mt. Tam. Below the deck, still cloudy in santa rosa. Warmest day of the week on mothers day. Ill have details