Well shortly be determined. People want to go big as opposed, everybody seems to want to go big. They want to get to the recovery. The big thing we can do is get rid of this horrible, i call it the unseen. It snuck up on us. Cheryl with these roller coaster rides on wall street is there any good news . Charles payne, yes, that Charles Payne, will join us in 15 minutes with his perspective on the market action. He has great points to make. All that and more coming up on making money. Cheryl lets start with the stop story. A short time ago, that happened when the s p drops buy low 7 . But the administration is trying to calm, not only nervous investors but folks across the country staying inside of their homes to stop the spread of the coronavirus. We have blake burman at the white house where President TrumpJust Announced he is sending two hospital ships to new york and california. Blake, you were able to get some questions to the president today. Reporter cheryl, weve been getting an idea what this Economic Relief package, bailout, what you might want to call it, would look like. Treasury secretary Steve Mnuchin said it would be a trillion dollars on top of some 300 billion already been talked about. Now we have a sense how that trillion might be cut up. Were told that the Treasury Department is considering the following options. It would be 50 billion for airlines. 150 billion for loan guaranties, for critical sectors of the economy. Some 250 billion in direct payments to individuals. The first batch coming on april 6th. A second batch coming about six weeks after that, on may 18th. So 500 billion in total. Then as it relates to Small Businesses, some 300 billion in loan guaranties. I am told though, as you can see the numbers are big, they are round. It adds up to exactly trillion dollars. Some of this is still fluid. That theyre still working through it. But i asked the president as i ticked off the items in the Briefing Room a little while ago, if that sounds right, if that is something he stand behind. This is his response. Were playing with a lot of numbers a lot of very big numbers and small numbers frankly. We have to help everybody. It was nobodys fault. This happened. We want to keep the companys vibrant. There will be a comeback very quickly as soon as it will be solved. It will be solved. We will win. Reporter earlier today President Trump held a call with members of the business roundtable, some of the biggest executives in the country. On the call, tim cook, mary barra, et cetera. They are giving ideas what the stimulus should look like. They endorse the direct payments. Direct payments to americans who need them the most. That is where they say this should be going. Separately on top of all of that, set that trillion dollars to the side for a second. The administration is also calling on congress to enact another supplemental spending request to the tune of 45. 8 billion. The overwhelming majority of that going to four different agencies, veterans affairs, health and human services, Defense Department and department of the homeland security. The reason why you see the Defense Department, the president invoked the defense production act in case he says the country needs it that would call for production or ramp up production of things like masks and ventilators. Cheryl things desperately needed. President will speak with nurses as well. There is a nursing shortage, blake. Blake burman at the white house. Thank you for that live report. Trading was halted for the fourth time in two weeks today as the s p level one Circuit Breaker was triggered. That happened just before one p. M. Eastern time. The Dow Jones Industrial average now erased all of its gains since President Trump took office. Another big story though . Were following oil sharply down, hitting lowest level, since get this, march of 2002. All of that on fears of a global recession which could be at our doorstep right now. Lets bring in commentary kaltbaum Capital Management president fox news contribute to, Gary Kaltbaum and Heritage Capital paul schatz. Great to have you here on such a day. Good afternoon. Cheryl gary k. , i start with you, these markets are messy, theyre ugly, we have been here before. Where are they at in your opinion . There is really no edge here because you really dont know hour from hour. I must tell you the one thing really hit me yesterday when the hilton and marriott ceo came out and gave out the numbers, then i knew this is a lot worse than the worst anybody thought. And at this juncture, it is anybodys bet. Were in limbo. The movie, the day the earth stood still, brought aliens in to stop the world. We have a virus stopped everybody from doing anything both here and around the globe. I must say the virus is the economies around the globe. Until the the dynamic changes. The word fear builds on itself. You see people buying on a daily basis. You see what is in the shelves. As far as markets, i dont know the next hour from the next hour, from the next hour to tomorrows open. I take a step back and just be a spectator. I do know when this is over, this will be one of the greatest buying opportunities of this century. I dont know eventually is or what price it comes from. Cheryl paul a lot of analysts, market commentators talking about second hatch of the year. This isnt 2008 to be clear, lets repeat, not 2008. The banks are so havent. The economy was doing strong. We had record employment going into this crisis. At the same time you had this really intense snap down for the markets. That tells me it will be a very intense snapback maybe in the second hatch of the year. So couple of things on that. Number one is, there is certainly speculation open are we going to have as you said a snapback like the shape of a v, sharp down, sharp up, the shape of a u, where the bottom is a little more rounded or as some of the doom and gloomers have suggested, it is a hockey stick bottom with some new paradigm. In five weeks youve gone from seriously among the most euphoric times in history this is a combination, social moodwise, it is 9 11 on steroids and, marketwise it is a combination of 08 and 1987 where you clearly got people pressing buttons. Get me out at any price. But, crises are never repeated in sequence. This is not a banking crisis like 2008. The banks are overcapitalized. They have plenty of my n this is hitting at kind of fabric of our new economy, were a consumer driven economy so at some point i fully agree there will be so much pentup demand it will be unleashed but, it is what we dont know that is scaring we dont know what we dont know and theres, and theres so matches hess tear yaw, fear and panic. Let me just say i think were going to have an elevator down, elevator up type move, the day they announce a vaccine or the day they announce that this virus is kicked in the rear end. I dont think you ever stop people of this country or around the world from doing the things they want to do, that striving for better and higher on a daily basis, and i dont think that dynamic will ever change but you got to get past this. There is fear of dying right now, whether that should be or not, even though the numbers dont say, what is it, 1 at most on the whole, mostly in adults though were hearing a little bit more on young people. So i am highly confident we go straight back up to a certain extent. Just a matter of getting there and i dont know what date that is. Cheryl gary k. , before you go, that is when people talk bpstudent. Well have Charles Payne coming up in a few moments. He will talk about the opportunities he is seeing but that tells me if youre a a longterm bull on this market, long term, not trying to trade the numbers now, most of our viewers arent, they are in this for the long haul, you take a step back and take a breath, let all of this fall by the wayside and go about your day. Problem is, and youre right, you want to always look over the long term. People are not living over the long term, theyre living second to second, minute to minute, hourtohour. People are worried they will not have money to put on their table. They will not have money to pay their rent. That is spreading across the country. To garys point, i somewhat agree. I think markets bottom long before the news gets better. Markets will bottom because there will be a dearth of sellers. As the news continues to be worse, we will no longer go down. That will be kind of the seminal change of the markets, accepting, saying we understand where we are in the crisis of the eventually markets go up on bad news. Then we know we are at some point towards the end but it is short term that is really gripping eninvestors. People dont know if theyre coming or going. When you see treasury bonds, gold, stocks all go down at the same time, people are running for where do i put anything right now . Certainly your mattress is not the best place for your money. Cheryl certainly not. Theyre telling clients, dont do anything right now this is the worst time to make panic decisions. Stay your course. Charles will talk about that in a few moments. Gary, paul, thanks for being here, giving us per speck stiff. Thank you, chairman. Cheryl well see you in a little bit. Bulls bears will be tonight 5 00 p. M. Eastern time right here on fox business. Obviously a lot of market coverage throughout the day on fox business for you. Were also following the Auto Industry right now, they are the latest victim of the outbreak with retailers and grocers. Automakers agreed to close all the factories. Ford and gm confirming to fox business just moments ago, these closures. Grady trimble is live at a Ford Assembly plant in chicago with all the latest breaking details. I guess, grady, we somewhat expected the news to cross at some point. Reporter yeah. It was only a matter of time, still a bit of a surprise because uaw officials met with the big three detroit automaker ceos last night, the conclusion was not to shut town factories entirely. Now that seems to be not happening. They are shutting down factories entirely. We have it confirmed from ford and gm. They are closing all factories in north america that include here in the United States as well as canada and mexico through march 30th. After that, i guess, they will go through the cleaning process and then they will take it from there. But this was, as you said, sort of something that was inevitable. Here at this ford facility here in chicago it is already closed today because they were experiencing a parts shortage related to the coronavirus. In terms of fiat chrysler, we havent gotten official confirmation from them they will be doing the same but a source in detroit tells me they will make announcement shortly and it will be in line with what ford and General Motors are doing. Ford, the president of north america in making this announcement says this, quote in these unprecedented sometimes were exploring situations to help our customers, workforce, suppliers and communities. He said it there, these are unprecedented teams. In terms of what this means for the companies, they are going to take millions and millions of dollars of hits. Most recent work stoppage we look at is the General Motors strike. Gm took a 3. 6 billion hit from the strike. That was a 60day stoppage. This is much shorter. Were talking about all three of the largest auto makers in the United States going through this. In terms of the employees, were still trying to figure out whether they will be paid, how they will be paid while not working. General motors telling me minutes ago, employees will be compensated but theyre still working with United Auto Workers union to figure out how that will happen. A lot of news breaking here at this assembly plant, at plants across the United States and across north America Today as these stoppages will go into effect. For ford, thursday evening, and for gm it, will be staggered over the next couple of days. Cheryl . Cheryl grady, please come back if you get anymore breaking details from the plant there. I know this is evolving story. Grady, thank you very much. Lets get back to our markets now, joining us from his home, Charles Payne to give us assessment what is happening with the stock market. So good to see you, charles. You know what . You and i were talking on friday afternoon in the hallway about the markets and how were covering it, how the viewers are feeling and we talked about opportunity. Yeah. You know, cheryl, can you hear me . Cheryl yes, i can. First of all great to be talking to you. You know, and i think investors kind of sense that as well, and this is the theme i had on the show for the last three three or weeks. From wall streets perspective they want to see the individual investor crack, crumble, go beyond capitulation and then they will pick up the pieces. I have to be honest with you everyone involved in the market now has to be on interhooks i believe. Great conversation with paul and gary. They both made fan mastic points. Every one agrees this is generational rally f you miss i had it in march of 2009, kind of kicked yourself for 10 years, be ready this time around. I think it will be two parts, cheryl. I think a lot of things will initially rebound. Some things will look great. You look one day, Carnival Cruise line will be up 20 in one session. Those are not the names people should be looking for. I think you should look for these names that will clearly be winners in the new economy and were living part of that new economy now, that weve been boasting about that. Weve been talking it will be here one day, where we have the work life balance, more people will work from home. Well have fewer cars on the road. It is interesting, this is what weve been told was utopia. It certainly doesnt feel like it. Look at cloud names, Software Names that dont need parts from china. Well look at some of the names becoming key components much our daily lives. Even today, some of the winners. Walmart at alltime high. We have amazon was up today. Costco, target, was up today. Teladoc is up. Again being able to work from home and speak to, either your office or your customers. Thats the new world. Those are names that will bounce sharply but continue to climb long after this is over. Cheryl charles, again, straight to see you. Well check back in with you a little bit. When we come back, we talk about the possibility much bailouts. I know you have a strong opinion about that. You were going to explain that to us in a few moments. Charles payne joining us from his home. Well talk about another thing were seeing across america. Youre already seeing it yourself. Young, healthy americans offering their hand in support for their elderly neighbors amid the covid19 pandemic this is happening across the u. S. Of a. This is who we are, jackie deangelis, hello. Reporter good afternoon, cheryl. There are Silver Linings in terms of humanity. People helping people in the midst of this crisis with so much uncertain i out there. The cdc said if youre over 65, if you live in a retirement community, youre more at risk. These are the populations that should be isolated now. Meals on wheels is trying to serve them as best as possible even though the logistics have become more complicated. Ceo of meals on wheels in Staten Island told us they do two meals a day to 1200 people. The average age theyre looking at is around 8. Referral requests, increased demand is coming in as were certainly personning. More demand, higher costs. They cant exactly work from home. People have to come in, they have to prepare the food. They have to be sent out for delivery. There is a mix of people helping. Young people as you mentioned, but also some seniors who are still themselves very active trying to get out there to give a little bit back. Food supply is a concern, something theyre watching closely. Also the health of their volunteers important too. But theyre delivering meals doortodoor, establishing these new procedures. Listen to what the ceo told me. Theyre going to the door of the recipients, putting it on the door handle, knocking on door, ringing bell, stepping back six to 10 feet, so the recipient receives the meal, then asking the question, we havent had to ask before in the past, asking the question, are you showing any symptoms . Reporter cheryl, unprecedented times. All kind of new questions. Meals on wheels doing what they can. Cheryl so many groups trying to pair folks with elderly folks that do need help. It is what makes country so strong. Jackie, thank you very much. Well get through this. It has been a rough ride today. Were here before. Weve been here today. Stocks are tumbling. Charles was talking about it. Walmart hit a alltime high today. Lets bring in Kristina Partsinevelos from the new york stock exchange, get more frankly what is a little bit of a silver lining, kristina. Kristina i will get to walmart and sense on the floor. It is a little quiet with less traders here today. We had fourth halt. Markets halted 15 minutes this happened before 1 00 p. M. Eastern time t was anticipated given the drop we saw especially during the president s press conference. But the trend seems to be, youre seeing stocks, bonds, commodities all sell off simultaneously, exact same time there is a shift or hunt for liquidity to raise cash that could be why were starting to see, for example, the 10year yield climb higher, as people move away from safety bets like government bonds. They move away from safety bets like gold. That could be contributing to some sell off. Look at huge 8. 4 basis increase for the 10year. Gold trending lower, over 2 1 2 lower. Talk about oil for a second. This will have negative repercussions for some time to come, given, i didnt want it to be at this level but at 20. 53 a barrel. A industry analyst, wellknown in the industry, if it hits 20. 24 could wipe out profitability of domestic producers here in the United States. These are levels we may not necessarily we want to see. What were seeing here essentially atom iic bomb in the oil markets. Doesnt look like saudi arabia and kuwait are cutting production anytime soon. Now i can bring the bright spot up. Walmart hitting record high. The only dow member to hit a record high in the past month. Two reasons for the increase. I was told on twitter not to use the word panic. People are stockpiling everything. Youre seeing other stores close. Walmart is benefiting that so many retailers close the closed up shop , Credit Suisse increased to buy rating. I will have more bright spots later on in the show t wont be a bunch of Debbie Downer stuff coming from me. Cheryl youre never a Debbie Downer, kristina, great job on the floor. Glad you brought up the oil issue. Youre right, that is psychological level for 20 bucks a barrel. Importantly for traders, hopefully opec and russians and saudis come to agreement on production cuts. We can only hope on a positive day, right, kristina . Kristina what we all need in life right now. Cheryl we do. Youve been there for us. Kristina, thanks so much. Well check back obviously in a little bit as we follow the markets. Of course the halt we had in trading earlier. Other story were follow Something Big technology. Theyre using the size and reach to help americans cope with the coronavirus crisis. Facebook announced a 100 milliondollar program for Small Businesses. That happened an hour ago. Google is developing a website to speed up coronavirus testing. The president talked about that. And amazon hiring 100,000 workers because they need to deal with a big surge in orders. They joined forces to fight misinformation during the pandemic. All the companies have. Maybe this is the comeback for these companies. Bring in Constellation Research founder ray wong. Ray, great to have you. How are you doing . Cheryl start with the new news with facebook, 100 milliondollar grant. Facebook is sitting on cash. Theyre willing to giver it to Small Businesses to help them through the turbulent time. Is this good for facebooks public image because the government has been after them for so long . It is a great thing. Small businesses right now are suffering given the fact they have closures, shelter in place here in the bay area. They really need the cash toable able to survive. Anything from restaurants, small shops, small consulting firms, a lot of folks are down at the moment. Not because of lack of trying. Theyre doing their part trying to stay out and keep the virus contained. I think that helps. Cheryl go ahead. Go ahead. I was going to say, if you look at these companies, in particular how washington after them for anticompetitive behavior, europeans are after them because of anticompetitive behavior, one thing they have, i dont know if it is good or bad, they track us. They know our movements. Google and alphabet bought fitbit. This could be a good thing to maybe track the spread of the virus. Theyre watching what you search. Watching what you are looking for. If youre looking for thermometers and doctors near you, is that helpful at owl during this pandemic . It provides signals from a Public Health perspective. There a lot of data that can be aggregated in a private matter. You figure out if there is surge of cases we might not have thought b the might be shortage of ventilators somewhere or shortage of masks. This provides demand signals the government and Public Health service can use to figure out how to predict and prepare as theyre trying to figure out the surge and shock of potential icu cases. There is good part. At long as they respect the privacy data and use the data for good. A lot of these companies are sitting on a lot of cash. These companies have 50 billion, to 100 billion cashing on hand. They can put that to use to help local economies. They can put that to use to help with coronavirus chans going on. A company put out some code being used in the state of the washington. An example of putting big tech to work. Google is working on the website to help with testing and testing out there. Big tech has a role to play. They have a lot of cash on hand. Hopefully people in the valley are doing that. Cheryl apple announced a new ipad pro. My first thought was, there is a lot of disadvantaged children out there across the country that dont have an ipad or even a phone. They are at home, supposed to be schooled at home with virtual learning. They cant do that. Maybe apple should consider making donations . It could be. A lot of capability, what is been happening as students go online, what theyre discovering they have bad connectivity. Some people dont have more than one laptop. One way to create programs for the schools or other folks. Help a lot with learning Community Given some kids at home. 40 million kids are at home. Cheryl that is the thing. Were seeing this everywhere. How are things out where you are right now . How are conditions, how are people feeling . What are they doing to deal with this pandemic . Six counties here put a shelter in place restriction. I think people are very, very worried. They are concerned. People are helping out. There are calls for people hoarding personal protective equipment, somebody has 1000 masks, please donate them to the hospitals or health care workers. They need them a lot more than you do at home. There is a lot of community building. A lot of people working together to figure out how to solve problems. People are coming together. Theyre starting to understand remote work. Were worried about number of coronavirus christmas babies and divorce filings for people home too close. A lot of things going on here. Cheryl i gotten calls from a lot of friend with kids at home. There is lot of good and bad. Ray, good to have you. Were coming together. Well figure it out. Ray wang, thank you very much. The Federal Reserve taken unprecedented steps to stimulate the economy that started on sunday. Two former fed chairs say the central bank may need to do more this is a great oped. This is in Financial Times this came from bernie sanders. Here is what they wrote. The fed can help mitigate the economic effects much the outbreak particularly assuring once the virus direct effects are controlled the economy can rebound quickly. What is left in their arsenal . Lets bring in our favorite former fed advisor Danielle Dimartino booth. Great to have you. Great to be here today. Cheryl what do you make of oped. They talked about in is not 2008. The tool applied by the fed dont really apply now. What did you make of that until. I had a bit of a rough time, cheryl, with the oped. Mainly a lot of tools deployed and a lot of things the Federal Reserve did encouraged corporations to take on more debt than they otherwise would have been able to because the fed left Interest Rates too low for too long. That is always been a few that i have held. Now were seeing the back side of companies being overindebted and a lot of the feds tools that worked worked in 2008 not g as they do now, because it is not the household sector necessarily that is in distress right now but rather Corporate America that is in charge of employing so many americans. So im worried that the fed might actually have to, have to be ail lit about, thinking out of the box, a little more ingenius how they approach this. It is not like 2008. My concern there is greater potential for unemployment to rise because of the fact that the virus it taking, aimed square at our highly employed services sector. Cheryl that is interesting because you brought up corporations but corporate debt if you go back to 2013, the financial crisis was in 2008. It started to rise at almost annual basis. It is 3 trillion. Corporations are struggling and also sitting on all this debt. That seems to be a scary cocktail . Well the 3 trillion you cite, cheryl, is the bbb Credit Rating. It is the lowest rung of Investment Grade bonds that you would put in your parents portfolio that i would put in my parents portfolio but it is the lowest rung of Investment Grade above what we call highyield bond or a junk bond and it is that particular slice of the 10 trilliondollar bond market i think investors are most cautiously approaching right now because i think somewhat over, more than 40 of this particular slice is trading as if it is already been downgraded. You know, investors are a little bit shy right now because they feel like, oh, my gosh, weve been here before when the Credit Rating agencies put their stamp of approval on subprime mortgages, maybe shouldnt have been so generous in inflating those ratings. So, i think, again, right now, it is credit that is making the situation in the stock market that much worse. There is a feedthrough mechanism. Cheryl that is why i brought it up. Well talk to Charles Payne. He is coming back in a little bit, talking about corporations and state of their books right now which may not be so great. Danielle, youre great. Thank you very much. Good to see you. Same here. Stay safe. Cheryl all right. You too. Well, can the United States even afford the massive trillion dollar stimulus the white house is asking for . Could this plan backfire, lead to higher taxes in the future . Edward lawrence following that story. He is in washington. Reporter cheryl, that is the trillion dollar question. Today the federal government asking for another 45. 8 billion for Government Agencies to handle the coronavirus in fiscal year 2020. That is on top of the 8. 3 billion already been passed. Now we have this plan by the administration to look at possible direct checks, direct payments to the american people. 1 000dollar checks two times. Also a money help for Small Businesses. 300 million for Small Businesses. Also possibly a bailout for industry decimated by the virus. The price tag topping 1. 2 trillion for this. Arizona senator mortgage that mcsally says we cant afford not to do this. This is not like a previous recession or downturn. If ween this curve, we all Work Together we can turn it back on quickly when we get out of this. Reporter dan sullivan from ohio going further, we have to spend whatever it takes to insulate the economy from the virus. These are extraordinary times i think bold, bipartisan action now is actually the fiscally responsible thing to do because if which dont take action now, if we dont take action now, the cost to the u. S. Economy might be much, much higher. Reporter if you think about it, theyre adding a little more than a trillion dollars with this package. We have a trillion dollar deficit we expected before the coronavirus. Then you have all of the lost revenue that the government is not going to get because people are not traveling, theyre not spending at restaurants, theyre not going out and buying large ticket items. That is a huge hole to the federal government budget. The deficit at 23. 5 trillion. Republican senators were talking with, say we need to spend whatever it takes in order to handle the virus for the economy. Also the health of the american people. And then figure out how to pay for all of later. Back to you, cheryl. Cheryl the question is, does this lead to higher taxes down the line . And you made that point right there, this is certainly frightening with the deficit. Reporter or cut spending somewhere. That is something republicans looking for. They want some entitlement change. If you cut spending a little bit from the federal government, you figure out maybe pay for some ever these without major tax increases. Great point. Edward lawrence, thanks so much. Stay with washington. Senate is set to pass the stimulus plan passed by the house last week but what do they think about the latest plan from the trump administration. We have texas pub michael mccaul. Should let our viewers know were expecting a vote from the senate in the hour. Is this confidence that the measures will be enough . Were hearing treasury floating this idea, fox business reported, we have the document actually, were talking about direct payments to americans. 250 billion going to americans april 6th in the form of checks. 250 million may 18th, direct to people out there that need it. What do you make of where were at right now . Well, were in a crisis. It is a global pandemic. Next two months will be critical when i talk to larry kudlow and others fundamentals in the economy are very strong. Well get through this but in the sort term we have a provide stimulus particularly to workers without pay. Medium to low income workers, really live paycheck to paycheck. Have hourly wages. That is where this stimulus of 500 billion of direct checks is going to be targeted towards. I do think that well have a obviously shortterm effect on markets. I think they will respond postively. There is 300 billion in Small Business relief as well which i think well will be very important and finally cheryl, 200 billion for impacted Industries Like airlines and hospitality. Im sitting here in houston, texas, there is not one restaurant or bar open here. It is all shut down. It is heartbreaking. Were seeing across the country, the service sector, service workers. Not just bartenders and waitress es. Nail shops are closed. We have to have the conversation now about the federal deficit. Were already, as Edward Lawrence reported, we were coming into the crisis with a large defer sit thats up to you. Up to congress to manage this a big debt taken on by this country. When do you start having those conversations. Weve been talking about for years. Paul ryan many years ago had a plan to reform entitlements, save them, about 2 3 of our budget is on autopilot. It is mandatory spending. What congress appropriates, that is 1 3 of what the budget is. That is national defense, that is everything. So i do think well have to have a adult conversation about this at some point. Well also have to have an adult conversation where this all started in the first place and that is in wuhan, china, the irresponsible, wet market practice in china where weve seen, this is not our first movie, right . We had sars come out of there. H1n1, bird flu and now coronavirus. When is this going to stop . Cheryl thats a great point, congressman. All these conversations will be had sooner rather than later. Which means we got through the crisis. Were anxious to do so. Well weather the storm together. Congressman, thanks for being here. We appreciate it. Thank you, cheryl, appreciate it to. Cheryl we heard about the third massive stimulus measure washington wants to inject into the economy. Big business might be able to withstand the economic blow but with some help. Washington wants to protect Small Businesses. Hillary vaughn with more. These are the folks that are suffering, hillary . Reporter thats right, cheryl. We obtained the treasury document with the numbers that give us idea what the administration, what the treasury wants in terms of how much theyre planning to give to taxpayers in the single checks that the president has been talking about. The treasury document says theyre setting aside 500 billion what they describe as direct payments distributed by the irs taxpayers. They would be fixed and tiered based on income level and family size. That follows a report on proposal that senator hawley discussed with treasury secretary Steve Mnuchin. Hawleys plan would offer on family assistance that would increase based on the size and need, starting at 1400 for a family of three and topping at around 2200 for a family of five. A source familiar with that conversation between hawley and mnuchin tells fox business, mnuchin tells hawley he thinks the numbers make sense. Someone in the white house likes that idea. What size will the checks be . To be determined. Were working with the senate right now. More than 1000 . I dont want to get into that right now, john. Were looking at different numbers. Were looking at timing that would be different. Reporter this afternoon the senate is expected to pass the house coronavirus bill and immediately get to work on what theyre calling phase three, that would be an aid package for businesses and families. Senate minority leader Chuck Schumer saying cutting a onetime check for taxpayers wont cut it. What happens after that . How do they pay their rent in april when their office or restaurant and store is still closed for business . How about may . , how about june . 1000 goes by pretty quickly if youre unemployed. Reporter there is bipartisan interest to put conditions on the aid. Some people floated idea of making corporations that take this money, enforce a 15dollar minimum wage. Cheryl before you go, were expecting the senate to do that vote within the next hour . Reporter were expecting final vote to happen around 3 00 p. M. , cheryl. They have indicated work is not done here. Time to work on deal for phase three. Cheryl great job, getting that treasury document. That was great to have you on our air doing that. Hillary, thank you. Were talking alot about Small Business. Restaurants are warning that the industry could take a 225 billiondollar hit over next three months. The National Restaurant association. Theyre asking d. C. For their own relief package which would include 145 billion for recovery funds, block grants, Small Business loans and tax relief. Does the Restaurant Industry need this to survivor . Bring in former mcdonalds north american ceo ed rensi. Hello. Good afternoon. Thanks for having me. Cheryl 145 billion, how bad is it . Well you know you folks are reporting very well what is going on wall street but im here to tell you main street is in serious, serious trouble. I talked to 50 restaurant and Small Business people in the last two, three days, representing about 150 different businesses. One gentleman i talked to has a 1. 5 million payroll every two weeks. He laid off virtually all his people. He doesnt know how he will pay rent on his businesses he was down is zero income. Sales were off 25 to 30 . Now theyre virtually nonexistent. He has one interest with a drivethrough, holding 76 of volume. But these Small Businesses are in deep trouble. I talked to a swan operator who has eight chairs in her swan. Come pleat total cancellation yesterday. Not one customer. This is serious crisis. Employees will not be able to make rent payments. Rent goes on in commercial establishments. Utilities, sales tax. We need sales tax abatement in every state in the union for restaurants and Small Businesses this is a major crisis. We better not make any mistakes about this. Im concerned about how far does 1000dollar check go when youre rent is 2,000 a month . Cheryl yeah. Everybody about it seems so disproportionally wrong. Weve been talking about that today. Im curious here, you talk to the Small Business owners so much, where do they go . All the stimulus coming from washington. Here is the basic question, who do you call to get that loan so you dont run out of cash . Most Small Businesses have only 30 days of cash on average, right . Who do you call . Call the bank . Call the landlord for a break . What do you do . Three of the people i talked to called their bank, the banks said well do nothing but interest only for next four months to see where this shakes out. Several of them have contacted their landlord said, give me four to sixmonth break on the rent, i will pay you back over next 12 months once we get back up and running again. Everybody is trying to make a deal with somebody everywhere. The fact of the matter is, youre commercial landlord with 20 different properties, nobody paying you any rent you have a problem too. This will be felt for very long time to come. Most Small Businesses dont have much liquidity. They dont have a lot of cash laying around. Some Big Companies can draw on lines of credit because they have assets. A lot of these restaurants have no assets other than restaurant equipment, 10 cents on the dollar if you try to sell it. It is a major crisis. The government in d. C. , the statehouse, better start paying attention to this because it is the core of a foundation of so many jobs in this country. Small Business People create more jobs than anybody. Cheryl that is why were so concerned about Small Businesses there is a lot of back and forth do the air lines really need a bailout right now . Ed, thank you very much for being here. Ed rensi. Thank you. Cheryl state of new jersey, they have more than 425 coronavirus cases. Theyre pushing several towns now to take the drastic measures including one town asking resident to selfquarantine out of extreme caution which is why Charles Payne is not here with me right now. He is on skype. Charles, how are you and your family doing . Charles, are you there . We lost it. You know what . Charles is really good with technology, i can tell you. He will get that connection going in a couple seconds. Lets talk to charles in a couple moments. Right now were looking at the markets. The dow down more than 2100 points. Want to bring in my gal, my friend, liz claman. Talking about Circuit Breaker issue and talking to mayor of another town in new jersey. What are you going to be talking about . Edgewater, new jersey. He used to trade oil down at the nymex for many, many years. He is the mayor of the town known as the gateway to new york city. It has a ferry which is now shut down. It is, basically helmed between the George Washington bridge and the lincoln tunnel. This is extraordinarily important point on the map here because they do have a couple cases, one of them a school teacher. So they told the entire lower school to shut down and to definitely hunker down in place. New jerseys mayor, phil murphy, just came out in the last hour and said that its cases spiked, now at 427. It was at 267 yesterday. So well talk to Mike Mcpartland what is happening with the businesses. You had mr. Renzi on. You had mcdonalds, we have a target. We have a whole foods. We have a whole bunch of publiclytraded companies that have operations in edgewater, new jersey. Well talk to him. We have former Fortress Hedge Fund manager and leader, mike novagraph is not just something that happened at noon hour on our competitor cnbc where another hedge fund manager, bill ackman said, hell is coming. He is going to join me live on the phone. Well talk to mike novagrath, all he is doing. He began his career as commercial paper salesman at goldman sachs. What does that mean . That is where the whole financial system, lending system, starts to gum up we saw in the financial crisis. He will give us a threat assessment. Cheryl new jersey number six as far as states dealing with the issue. The whole state. Mike, give him my best, liz. Liz sure will. Cheryl tune in to the claman countdown at top. Hour. It is not just how the markets open but how they close. Liz has that. U. S. And canada closed their border that was breaking news. Trump administration considering doing the same with mexico. Watch. 30 days . I would say 30 days, hopefully at the end of 30 days well be in great shape. Cheryl white house is following in the footsteps of many European Countries in the face of this outbreak. Ashley webster is here. What are you hearing now, ashley . You know what, cheryl, the 27 country bloc is enforcing a entry ban for the next 30 days. The European Union says unless youre a member of the European Union you cannot come in. That has happened, had an impact, passengers coming in from to germany from turkey were turned away at frankfurt airport. Latest numbers show 3400 people have died in europe alone. Italy has seen the highest fatality rates. Close to 3,000 deaths there. Spain the second hardest hit with 623 deaths. Border checks, as we know, the eu is supposed to be free movement. There have been border checks reported on the spanish border of france, poland, germany as well. Poland has seen traffic jams up to 25 miles long at some of the crosses. It is an absolute nightmare. Eu officials says those border checks have to be eliminated because too many people are just stranded within europe. More draconian measures in europe taking effect. Belgium introducing a lockdown for its 11. 4 million citizens. Italy, france, cracking down on people who violate the lockdowns. France issuing fines to individuals of up to 500. The swiss government simply told its citizens to stay at home. Serbia told everyone over the age of 25 to stay indoors. There is a nighttime curfew in serbia for everybody. Big car companies, volkswagen, daimler, have all shut down their factories. German trying to repatriate 100,000 germans stuck abroad. What were seeing in europe a week or two, cheryl may reflect what were seeing here although were seeing many of the same measures in the United States already. Cheryl we seem to be following in lock stop especially when is it all started in italy. Ashley, thank you. Well come back for any breaking details. We have Charles Payne now. Hope you can hear me. How is your family doing, how are you doing . Were pretty good. It is awkward. I talked to selfquarantine friends in the country. Our theme song is space oddity by david bowie. They are stuck in tin cans. Im lucky here. I have a pinball machine and pool table downstairs. It is a beautiful day. Im looking out the window. I want to be there. I want to be in the action trying to help folks. It is tough. It is the route weve taken to go in this country. I hope it is addressable sooner rather than later. What do you make of all the talks about bailouts for big industries, charles . Maybe the Airline Industry or the Auto Industry is next . Are you in favor of reaching out to those groups . Tell you what. I heard ed rensi he is spot on. People are tweeting me, writing me, this is a huge Political Risk for President Trump. He is always talked about going big. Unfortunately yes, we do have to bail out boeing, but let me tell you something, cheryl, in 2013 boeing started a 10 billiondollar buyback. They lifted the dividend from 50 cents to 73 cents. Next year they went to 12 billion. Looked at dividend. 14 billion. Next year, two years later, 18 billion. The dividend was 1. 71. Next year, 20 billion. Dividend was 2. 06. Dividend went up 300 . They paid out, bought back 43 billion in stock. That was wonderful if you owned the stock but engineers said they spent more money on buybacks than even fixing planes. Heres the problem. If you keep bailing out these large companies, we must, we have to, we have no choice because of how intricate they are to the economy, on main street will get upset. President trump and Steve Mnuchin have to go back to the drawing board. I know we complained about the debt for years. Guess what, folks, whatever that cliff is, well probably have to hit it. If President Trump does not bailout the Small Businesses, individuals in this country, he will not be reelected. Our budget, federal budget, 48 comes from individual taxpayers, 9 from corporations. Im kind of guy, we need strong businesses, love lower taxes not just for businesses but for everyone else. This is the moment of truth. Go back to the drawing board, Steve Mnuchin. President trump go back to the drawing board. Lets face it, whatever that cliff is, you may have to hit it. If you piecemeal this thing and favor these corporations, that, listen, they had amazing runs. The public has to share in the misery, it becomes a very dangerous slippery slope. Cheryl Charles Payne, so glad we got you back on the line. It its great to see you. Were certainly thinking about you. Enjoy the pinball. Im a little jealous of that one. I know you will be back. Usually play with my granddaughter. Sheave cant come over. I will try to have fun by myself. Cheryl Charles Payne. Good to see you. You will join the show tomorrow. Charles payne from his home. If you missed it earlier, one p. M. Eastern time, stocks were trading and halted. There were a few bright spots on wall street. Kristina, down on floor of new york stock exchange. What is the temperature there. A lot of people have been talking about how cold they are. I promise you i will come back on the show and focus on some of the green out there, some of the stocks that are doing well. I want to talk about the race for the cure. You have a lot of these startup, publiclytraded Bio Companies announcing new vaccines. Not all are startups. Vaccines or tests. Teladoc is part of the health care industry. Administration expanding telehealth to medicare. That company is known doing well. They have 15,000 patients on their website. Then imv, theyre developing a vaccine. Bio america is one point today they were up 307 . People at home maybe not working investing every single day, theyre kicking themselves in the butt for missing that boat, even though thinly traded at 9. 17. They are working on rapid test. Take ten minutes. Prick your finger. A blood drop comes out. Ten minutes you can tell whether you have covid19 or not. This is not approved in the United States. Theyre working with countries outside and overseas. Moderna too, they actually tested their product on a patient. So they still have to monitor that patient 12 months from now. Nonetheless they actually had a patient use the vaccine is a step forward in their phase one. Now they said theyre moving on to phase two. There you go. There is the health industry. Talk about stockpiling, that is nicer word than hoarding right . Stockpiling. Smuckers was on. They were green before. Consumer staples are going out to buy nonperishable items, ridiculous amount of toilet paper, cleaning wipes. Smucker, say it was positive not too long ago. That is of course jam. Im sure pb j, Peanut Butter jell and its pretty calm. Its calm. The overall consensus. I think people are upset and very concerned about shale producers given the drop in oil and what we are going to see Going Forward if theres going to be bankruptcies. Thats going to hurt the u. S. Economy for sure. Cheryl are they still checking temperatures when you walk into the building . Kristina you cant see it but i have a smiley face on my wrist. Every day they change. Its a heart, a star, a smiley face. Im healthy, thats why im here. Media have been exempt, too. This from governor cuomo, media is allowed to go in the building. I feel i get dirty looks walking through the streets, i have to go back in the building. Cheryl we are here to report on the story. Kristina, thank you very much. We will stay with the story. Nicholas wealth managements David Nicholas is with me along with paul schatz. Paul, i will go to you first. We were having a discussion at the top of the show about the volatility and maybe the swings in the market and where we are looking for the bottom. We are searching for a bottom. We are. We have been searching for a bottom since february 28th. That was the first shock and awe day of the bear market where people said holy geez, Something Else at play here. We have had all kinds of days lately where you have one or two new highs or no new highs, and the number of stocks going down just totally overwhelms everything else. I mean, this is a longer term 1987 crash. Markets are going to go wherever theyre going right now. I dont think this is a story for may or june. People said could we go down into may or june like this. The short answer is no. If you look at a snowball going downhill, snowball is the largest the second before it hits bottom. I think thats where we are with the markets. The markets are going down as fast as they can until they hit the bottom, then they will bounce. Interestingly, we have not seen backtoback up days during this entire bear market. Cheryl what does that tell you . A couple things. One, you have epic or historic Downside Momentum and youve got people around the globe pressing the computerized cell button, get me out, any price, on all of my assets. When you finally get backtoback up days, perhaps that would be a sign the worst momentum is fading. Cheryl david, whats your take on that . The extreme amount of swings in this market is something we have not seen really since the financial crisis and before that, 1987. Its quite historic. When fundamentals are missing which they are right now, we really have to look at technicals. Unfortunately, the s p, the markets have broken every technical level. 2350 was the number i was watching today. If we can close above 2350, that would be very positive. Unfortunately, below this is 2100. Below that is, you know, we go well under 2000. The uncertainty right now for investors is are we looking at the worst. Im optimistic about our future but as investors, i dont think the worst is behind us. We have to look at our portfolios and understand equities will be pretty ugly in the short term but if you are approaching retirement or are in retirement, hopefully you have some bonds, some cash, annuities to get you through this period. Cheryl are you worried, though, about i hate to put this out there in the ether, that there could be a run on money market funds and mutual funds . Theres been talk in washington about backstopping money markets, that people will panic and hit the banks. I think thats something to look at liquidity wise. We have to look at that. If you look at what happened with treasuries today, people are going to cash. Thats a systematic risk, something thats not being priced in right now. If theres any type of run or liquidity issues this only gets worse. I do have my concerns. The federal government has to make sure liquidity is open and available to banks so we make sure there is a peace of mind and confidence in the banking system. Unfortunately, i do think this is going to get worse. We have to hold on, prepare for whats ahead but there are much brighter days ahead of us. We have to get through this. Cheryl thats the thing. I said this before. We have been here before, 2008. We were here in 87. We went through the dotcom bubble, all of that, and survived and the markets went back up and prosperity reigned the day and i think it will again. Guys, thank you very much for that. Appreciate it. Right now the dow is down 8. 61 . I send it over to liz claman. Take it away. Liz i dont know if i want it. This is really significant here, folks. The coronavirus crush is obliterating airline and auto stocks, insurance, social media names, semiconductors, gold, the entire oil patch, the entire energy sector, and more as we head into what will be by many metrics a historic final hour of trade. The dow dipped below 19,000 earlier. It is now just slightly above it at 19,478. S p down 7 . We do have the nasdaq down 5. 9 but it is the dow jones transportation index which includes the airlines that is losing blood at an alarming rate. Right now the index which also includes freight movers and