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Out of congress as opposed to just these executive orders from the president that are taking quite a bit of heat over the weekend. Yeah, look, david, i think that there is a sense initially that it was a white house grab and it kind of went through the weekend, there was a recognition that, wait a second, maybe it is a grab if youre going to give 400, 100 has to come from the states and many of the states including red states are in trouble. The thing that is most compounding people is that 12 of the people who make 80 to 100,000 get this bizarre payroll tax cut when the problem is not the people employed but the people who are unemployed. I think that its arer so counterintuitive our old friend larry kudlow always believed in that. We have secretary mnuchin right now, which is terrific lets do it lets do it. Go ahead, jim. Mr. Secretary, always good to see you on squawk on the street. We get a little bargaining done on the show. How have you been . Good morning. How are you . Im doing ....
News the president of the United States threatening executive action this hour as negotiations have collapsed. The president is about to speak from his resort in new jersey. He has just stepped out and told people assembled there hes going to be speaking in a couple of moments. It comes as the House Speaker nancy pelosi and treasury secretary Steven Mnuchin describe the talks as far apart or at one point today very far apart. And new jobs numbers show an incredible slowdown in hiring, the United States down 13 million jobs since the start of the pandemic. So, the issue here is the 600 weekly jobless benefit which expired at the end of the july so people didnt get that this weeb. Currently more than 30 million americans are collecting those job let events. I want to go ....
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 numb ....
The governor of california recommends the elderly should take shelter in their homes. New york city closes its schools. Many states close bars and restaurants. Hourly workers, in dire straits. The economy is grinding to a halt and we dont know how long this massive disruption will last. All right. Heres the financial reaction. This monday morning, stock futures are limit down and when we open an even bigger drop is expected. That may mean a trading halt. Travel and leisure stocks again beaten down. Airline stocks, decimated. Last night, the fed took emergency action, cutting rates to the lowest level since 2008 and pumping 700 billion into the Financial System. Were waiting for a rescue package from congress. Were waiting to see if the administration will put money directly into the hands of affected workers, helicopter money, for example, and into desperate industries. A kind of modern bailout. So whats next . We will find out ....