Day where we can see some real progress. Charles what this means for businesses coming up, what this means for businessing coming up. Plus as more may be needed, a man whose devotion to the constitution sparked a uproar on friday. Kentucky congressman Thomas Massie will be one of my favorite guests today. Food network host guy fieri joins us spores forces with other Celebrity Chefs to create a relief fund for restaurant workers across the country. He will join me at the government of the hour. All that and much more on making money. Charles briefly exited bear market territory. The s p, nasdaq however, remain more than 20 off their alltime highs. Not all bear markets, folks, are the same. In fact according to Goldman Sachs there are three types of bear markets. You have got structural, the ones with the most devastating downsize. Theyre caused by financial imbalances. You have cyclical. These correspond with normal slowing economic cycles. Then event driven. Event driven bear markets are created by shocks to the system like oil prices or market crisis. I think right now this is an event driven bear market. I want to ask two of my favorite experts to see what they have to say about it. Capital wave strategist, shah galani. Let me start with three different bear markets. I dont think people knew there were three different types of bear markets, their duration vary dramatically. I think it is say coronavirus is eventdriven. Could it be shortlived as those in the past . Kudos to Goldman Sachs, that is great work for defining the different types of market events. Certainly this is a marketdriven event. We are according to Goldman Sachs, 29 to the downside and probably fairly quick recovery of that. While i think this is probably the case right now, i doubt that longer term, charles, that is probably going to be the case. I think were more looking at a longer term cyclical type drop in terms of maybe close to 35, 40 , in terms of the market on account of the fact that this event isnt just an extraneous event that impacts part of the economy or different region or some part of some market or another, whether the oil market, or the bond market. This is affecting the entire economy and of affecting revenue across the board for entire companies that makes it different as far as event driven. We havent seen this event globally. That makes it this time different. Charles i guess, shah, heres the thing, toe a degree you can say, well we had a 11year run this economy, 10year bull market, 11 year bull market. People say there was cyclical aspect that this was overdue, i get your notion there, but the notion of flipping off the switch on our economy and turning that switch back on, there has to be something vshaped to that, to what degree i dont know, but i would expect stocks come back dramatically to some degree . Weve seen what the v looks like in earlies of it the reaction last week. When the market jumps 20 in a week, ended up being 12 of the dow. The dow recovered from 20 from mondays low through thursdays close. That is absolutely remarkable. That is the kind of v investors thought maybe would occur. Weve seen it. Has it come and gone . I dont know. I think weve seen the steepness that is probably it for the steepness. Well see days we have the rip your face off rallies. Im encouraged by the fact were up today. I thought this would be back and forth day. How we close will be important. We need to see momentum. Investors want to see the markets close near highs of the day in order to feel secure, buy more stocks. This is the end of the month, the end of the quarter. There is window dressing going on here. Well wait until april 1st to see if it continues but hopefully it will. Charles right now i like to bring in Gibbs Wealth Management president , erin gibbs. Erin, what shah was saying this, is a session, certainly if you ask people yesterday after dr. Fauci said up to 200,000 americans could die, after President Trump extended social distancing for another 30 days, certainly we were off 1000 points on the dow, no one would blink an eye. Not only do i think that is intriguing but the leadership is a little bit different. The biggest winner is not norwegian cruise line. Auto desk of world, abbott labs of the world, Cardinal Health of the world, solid Companies Leading the way. What do you think about the first efforts to put the brakes on with this bear market . I think well be looking for companies we feel are going to be able to withstand the, basically the economic slowdown we might see over the next, six, nine, possibly 12 months. Companies with access to cash, that can still operate even if they have declining revenues. And, certain amount of stable and obviously Companies Earning revenues even in this period. Were still ending, obviously, Health Care May take a bit of a hit [inaudible]. A lot of the actual technologies, theyre going to be increasing revenues. So, i definitely think that companies we know will be around, able to rebound, companies that might have pentup demand and be able to come out of this, so a Company Maybe like disney. Charles right. We know it is very strong, has the cash flow to withstand a few downturned quarters. When people want to get back together, go out with families, go on vacation that is a favorite company. It is interesting when we look at valuations of the stock market. Right now, its, the overall valuation is very robust. A little over 16 times. This is far from bear market territory. We rebounded oval wages lows. So i think that there is some really positive momentum here. Charles real quick, remember rin did you make any moves . I was out all last week. You were already cautious even before we got into the throes of this sell off. Yeah. I think right now, it does look like this is a bit of a breather. I still feel that we could go further down. To he would, i would love to be prong on this point. And say that this is over and well recover here. I think particularly once we go through earnings, q1 earnings season, there will be probably negative news for, perhaps, again some more negative momentum and fear that comes back into the market. Were seeing a bit of a breather, and a pause, as people are accepting that the newer stimulus plan. We perhaps will have one more leg down where we might test maybe around the 2300, 2200 before we really recover. Charles real quick, shah, same question to you. I know that youre aggressive too. Sometimes you can be aggressive. It feels to me last week the earnings reports, ironically the names that reported, a lot of them went up, even retail names. Another curiosity were names that pulled back their dividend, those stocks went up. Investors applauding companies that hunker down and trying their best to ride through the wave, but have you made any buys last couple weeks, shah . I bought a handful of stocks on tuesday. Sold them on thursday. Booked some nice profits. I relgbt getted not holding to the end of day, i would have made a lot more. Would i love to see, not for anybody else out there, but for myself personally i would love to see the market come back to test the lows. I like to see it completely shake out, in which case i willowed the truck up, charles. There are some stocks on sale, so many Great Companies on sale if we level off if the near term bottom is in, and we go higher, that means, that will be resulting in metrics in terms of the virus, infection rates, mortality rates, those things get to the other side of the curve then this market can continue to go a lot higher there is it still plenty of room for folks who didnt buy in to get n i think well get another opportunity to do that and if we break through the lows we made last monday, i think we have a good bit lower to go. In which case i willowed up the truck on the way down. Charles real quick, erin, end with you, obviously you and shah still think there is significant amount of risk to the downside. What do you think could trigger that . You talked about earnings. I dont know there could be anyone out there that is not anticipating an absolute worst Case Scenario whether its earnings, whether its the jobs report, next initial jobless claims. Often things wall street doesnt expect that trips up the market more than these things that were bracing for . Yeah. I think were still focused right now more on numbers, steps, ventilators, that type of thing. I think where investors get the second wave of, oh, wow, this is going to take nine months, this will, really starting to see some of the negative numbers, we really havent talked about earnings, partially because theyre changing every single day. When we check the second wave of wow, this is how much it will impact us, that might again, once more, stip that fear as oh, that is one other thing we have to worry about. Any type of negative news again, just more on health basis might push us down. I think that is when we really get it fleshed out. I think that is [inaudible] charles well see. Im not sure i agree with two of my favorite market pickers. I thought when dr. Fauci said 200,000 americans would die, we would be off 1,000, 2,000 points. The big question, how long do we have to stay at home. According to a report from the think tank, American Enterprise institute, aggressive social distancing measures should stay in place until what they call substantial reduction of covid19 cases. This was written by former fda commissioner scott gottlieb. They offered a road map to reopening the United States. There are three faces. They recommend avoiding similar Infectious Disease threats in the future. I want to bring in First Trust Advisors chief economist rather, brian wesbury. Brian, i thought of you about this. Everyone on the street said this could be a guide for the economy and the stock market, this notion of reopening the economy in three three phases. Your thoughts . We all know there are phases. We go up. We come down. The spread stops in the spring and summer we hope but one of the things, charles, i keep trying to remind people of is there is a huge damage to health, and economic well being and of citizens when we shut down the economy. And, i dont think right now people are adding that in. I think theyre just looking at the Health Aspects of this and, we all know that the data isnt perfect. So no one knows. Okay, dr. Fauci says we could have 200,000 deaths. What he really meant over the next 18 months, not in the next month or two. And so, what we also know is that recessions and depressions cause anxiety, depression, suicide, more health care problems. So there is a balance here that i dont think a lot of people are talking about. Charles no. Its a tough conversation, brian, to have without sounding heartless. I think that is the case. Right. Charles of course by saying this is over a period of time, over 18 months, and i think youre right, i think more people are out of work, the more those stimulus checks stop coming, those kind of things would have the average person saying heck, i want to get out there, i want to work. I think that is why the report is important because there is a debate whether we hunker down as a nation, dont move, stay in place for another 30 days . Or do we return in waves . That is why i wanted to pick your brain on that . Right. And, so, charles, like, no one knows, right . We, we do know, i think the number i saw was 10 or 11 of restaurants are done forever. Theyre done. Their owners just said, im done. And so those businesses take time to reopen. So heres kind of the way im thinking about it. If we open by easter, well have 97 of our economy intact. If we wait until the end of april, it will be 92 of our economy intact. If we wait until the end of may, it will be 85, june it will be 75. Charles right. It takes a while to, like im not saying investors wont come in, perfect location in new york city on the corner. Sure, sure. They will buy it up. An but then they have to restaff and reopen and it takes time. The sooner we open up the more vshaped recovery we have, the longer it takes the more ushaped recovery we have. One thing we know, well have a recovery. Charles brian wesbury, one of my favorites. Thank you very much. By the way, folks, the fed came out in with a report in the Second Quarter we could have 47 million layoffs, 53 Million People unemployed. Unemployment rate of 32 . That is the worstCase Scenario. That is what is brian is talking about, healing these numbers sooner than later. Later this hour, Food Network Star, guy fieri will talk about his new restaurant to help. Kennedy center, they will stop paying workers mere hours after they got 25 million in the stimulus. Congressman Thomas Massie talks about how he tried to stop a roll call vote last week. For the past 168 years, weve also stood by you, helping you weather storms like this one, to protect your loved ones. And well do it for 168 more. Helpinhas you covered withe fast, reliable internet. Finity with advanced security to help keep you secure online. And with the most tv shows, movies and streaming apps all in one place. With simple Digital Tools you can get the help you need or even trouble shoot your services on your own. Download the xfinity my account app or just say help into your xfinity voice remote. We are working to make things a little easier on everyone. Download the xfinity my account app today. Charles with report two trillion dollar stimulus package now signed the question on everyones mind is, well, how do we get that money . Edward lawrence is live in washington with some of the answers. Reporter charles, you can get it through direct deposit for eligible americans as well as a paper check. Im told from a senior treasury official, the irs started now to process those payments but it is going to take some time because they have to go through 142 million american individual tax returns in order to figure out, do they direct deposit, did they have checks, where the direct deposits go, to match the accounts. Because of that time im told from a senior treasury official, it will be april 17th, when the first checks will be deposited, april 20th in ernest, that whole week, really start to see a lot of those checks go out. Small businesses could get help even earlier. They would walk into a bank on friday, fdic insured bank, be able to apply for the loan backed by the stimulus. Those loans will be retroactive back to february 15th. That means Small Businesses can rehire people from the date. Small business could reduce staff by 25 and still turn the loan into a grant if the staff is cut by more than 25 , then the grant amount gets reduced Going Forward as related to the loan amount. The u. S. Chamber says under 500 people or a company under 500 people can borrow two 1 2 times monthly payroll, up to 10 million. The money used to pay employees, rent, mortgage, lease of the business. Also utilities. Charles this is something needed for americans. It is also needed for Small Businesses. Back to you. Charles edward, thank you very much. That stimulus bill does not come without its criticism. Most notably kentucky congressman Thomas Massie who put up roadblocks to stop the bill. Congressman, thanks for joining me very much. Thanks for having me on, charles. Charles i have to ask right out front, were you prepared at all for the amount of criticism that you had to withstand because you took a principled stance based on your belief in the constitution and doing things right down there . Oh, i knew the world was going to come down on me but look, first of all, unconstitutional to pass a bill without members present. But the problem, with the whole scheme they had was that if you allow nancy pelosi to pass bills with nobody there, the fourth version of this bill, she said, this third one is just down payment. The fourth coronavirus bill will be insane. She will get to stick anything she wants in there. So we had to set a precedent that members will be there if youre going to have the vote. One other thing i want to make clear, charles, i didnt delay this vote. There was that narrative that i was somehow going to delay this vote, and everybodys checks would be late. No, i told people in advance, show up friday because im going to ask for recorded vote. If you dont give me the recorded vote, im going to require that a quorum is present. We were actually able to make Congress Show up for their jobs that day. That is important, especially if a fourth bill is coming out. Charles you mentioned nancy pelosi. I got to tell you, looks like she is bullying, man handling the Republican Party right now. You know, she called me a dangerous nuisance. I think more republicans need to be a dangerous nuisance to nancy pelosi agenda, im telling you, if you listen to their debate friday, they got up there said, this is just a down payment. Nancy pelosi saying that too. And what im saying is, all right, democrats, if you want to do this, im not going to let it happen in an empty chamber. Yall will have to bring yourself to work if you want to pass more money. And ill be voting no on the next bill. I did vote yes on the very first bill a few weeks ago. Charles right. Right. Real quick, sir, you called this the biggest wealth transfer in the history of mankind to wall street and bankers. What do you mean . Well, i mean there is 1200dollar checks in this. That is the cheese in the trap. If you take 6 trillion and divide it by 100 million families, that is 60,000. Where is the all the money going . It cant going to all the families. You may say there is a good argument propping up banks and wall street, there may be a good argument, lets be honest, that is where most of the money is going. Charles congressman massey, thank you very much. I appreciate your time. Thanks, charles. Charles wuhan, as we know ground zero for the coronavirus. Theyre starting to open up after two months of isolation just as america is hunkering down. Many are asking, should china be Health Accountable . Plus how voters are responding to President Trumps handling of this pandemic . Well be right back. Apps are used everywhere. Except work. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com. Charles President Trump gaining ground on joe biden in the abc Washington Post poll. Among registered voters the president closed a almost 7 point gap. Those who think is best able to handle a crisis like the coronavirus more than half said President Trump. They some think biden would be able to better handle the pandemic. When i watch joe biden, things he is doing from his living room, some of the things that he said, i find the poll remarkable that people would still have that much confidence in him as opposed to a President Trump and the rising star of course in the democratic party, cuomo, Governor Cuomo . Well, Governor Cuomo actually has pretty good ratings emerge ing in Harvard Harris poll we just put out. Look, i would say the president is moving up. People are watching his briefings. 72 said, yes, they are, they think he is doing a good job. 50 are approving of it. Generally higher than what his overall Approval Rating is. You know, it is a lot of wait and see, right . Were right in the middle of this thing. Theyre not really giving credit to anybody. In fact the political situation looks quite frozen. The one person who is looking conserably more partisan than the president though in this poll is nancy pelosi. Charles wow. Again, you know, polls always confounded me, made me, always confused me but there has been one constant, no matter what the polling organization is, and that is that President Trumps numbers have gotten better. Almost everyone have him at a high, the high of his presidency since the outbreak of the coronavirus. So there is no doubt he is making a positive impact. Oh, i think there is no doubt remember we were in a hugely partisan atmosphere where the president had been stuck, all the polls at harris i see exactly that trend up, but not like a massive up in the 70s. It is step by step, week by week. More people saying okay, maybe he is doing a good job at this, and so i, i think that is unquestionably a finding of our poll and every other poll. I think people have put the president ial race on hold. I think right now it is President Trump against President Trump. Theyre not really considering their opponent and, at all. Theyre waiting to see how President Trump gets through this and do we get to the other side . That will be, that will be the real judgment. Remember, President Trump has slightly better approval than the democrats, 46, and the republicans, 46. So no one right now is capturing a majority of the country, but everybody then i think is getting some of, some level of satisfaction and trump is showing more movement than anyone else postively. Charles mark penn, thank you very much. Always appreciate your wisdom and your expertise. Thanks, and stay safe, my friend. Folks more than 30,000 people are dead, 700,000 are sick. In the Global Economy obviously is in shambles. All of this from a disease that is believed to have been contracted at a chinese wet market where exotic animals are kept in horrible conditions. Theyre either sold to be consumed or used for medicine, very lax wildlife laws. Can the world rally together and hold china accountable for this pandemic . I would like to welcome Hudson Institute senior fellow rebecca heinrichs. Rebecca, im hearing more and more this is simply unfair what china unleashed on the world. Whether it was a pangolin or Something Else sold at the markets, withholding information so long, probably never being completely straightforward, not allowing the cdc into the country, there is a real big checklist on things they did that could have saved lives around the world . And theyre continuing to lie and obfuscate, charles. It is not just the wet markets even though people routinely told the Chinese Government how unsanitary and harmful they are they kept them open. There was evidence that the chinese knew something was going on. There was covid19. They didnt tell their people. Xi xinping deserves the blame. Not just vague Chinese Government. Xi xinping had control how the government would handle this they knew there was a problem. They went ahead and allowed that gigantic Chinese Lunar new year banquet to continue that infected millions of their own people. Before they even quarantined them, began testing people in wuhan, which those people traveled outside and unleashed it into the world. So there, it is not even just that they had these unsanitary practices. It is that they didnt tell, they didnt let people in, so that other countries could prepare and protect their own people. Charles so then whats the recourse here . How do we, you know, when we come out the other end of this, we look back, how does the world hold china accountable . Well i will say, charles, first, right now, while were in the midst of it, i would urge all Media Outlets make sure theyre not carrying the water of Chinese Party communist propraganda. The Chinese Government is trying to take this moment to show to the world erroneously they are now the worlds leader, where, for instance, you look at example of the news story they are providing all of this aid to italy. Theyre selling it to the italians. Theyre is some chinese rich people who are giving some money but that is just for pr. Theyre selling all the aid to the italians. You have for instance, the japanese have given aid to china and then china is now selling aid back. It is mercantilism, charles. Not because of the benevolence of the ccp. The nights of america is still the worlds leading benevolent leader handling the global pandemic. It is not getting the attention. I partly blame the Trump Administration not getting the word out sooner. Secretary pompeo did a great job this past friday, the hundreds of millions of dollars the United States is helping other countries. We need the word to get out better than this were currently engaged in the Chinese Government in spaining to the world who deserves the man tell of global leadership. Charles to that point, the World Health Organization to me feels like they were working hand in hand with china. They were very reluctant to label it a pandemic until china got under control. The irony were largest contributor to the organization but they are carrying the water for xi xinping . How do you explain that . You do. You have individuals working for the w. H. O. Who are absolutely carrying the water for the Chinese Government. There is this video, charles, went viral of a member of w. H. O. Who was having an interview with a taiwanese reporter and the taiwan east reporter, perhaps she was hong konger, she was asking about how great the taiwan east government has been not just handling this crisis in their own country, but humanely other than the Chinese Communist party inhumanely gotten ahold of virus. The member of w. H. O. Pretented not to hear the reporters questions. Shameful, taiwanese government, hong kongers, south korea, need to have the worlds attention how humanely they are taking care of the problem in contrast to the inhumane practices and obsfucation of the Chinese Communist party. Charles good to see it. Im glad youre able to lay that all out, rebecca. See you soon. Thank you so much, charles. Charles hey, folks, from diners, driveins and dives, coming up at 2 45 guy fieri is sharing what he is help doing to help mom and pa restaurants in this count i interest. Companies are ramping up efforts to combat the virus and germany is mulling mass testing forking immunity. Dr. Nicole saphier looking at the latest medical breakthroughs. Shes next. As a doctor, i agree with cdc guidance. I recommend topical pain relievers first. Like salonpas patch large. Its powerful, fdaapproved to relieve moderate pain, yet nonaddictive and gentle on the body. Salonpas. Its good medicine. Hisamitsu. Woi felt completely helpless. Hed online. My entire career and business were in jeopardy. I called reputation defender. Vo take control of your online reputation. Get your free reputation report card at reputationdefender. Com. Find out your online reputation today and let the experts help you repair it. 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Money reserve is one of the most dependable gold distributors in america. Charles we could have a covid19 vaccine available for emergency use as early as next year. Johnson johnson announcing today it has a lead Coronavirus Vaccine candidate. They hope to initiate phase one human testing by september. Cheryl casone joins me with the latest. Thats right, charles. J j is the biggest mover on the Dow Jones Industrials at 8 . They were lead candidate to work with hhs to develop a vaccine. Human trials by september is the expectation. Theyre hoping to get the vaccine out into the public by january much 2021. To those of us dealing with the crisis that sounds like a long time. That is almost a fast track type of vaccine, if you will that can come from the government. They did a one billion dollar coinvestment with the u. S. Government and hhs. That is very promising. Theyre hoping for a billion doses of that vaccine by january of next year, if it is successful, stock is on the move. Want to talk to you about a Smaller Company you may have not heard about this, called pluristem. They are an israeli company. They are a israeli company. They work on stem cells to help patients deal with inflammation. Think about inflammation in the lungs, folks. They have three patients theyre treating in israel. So far early reports these have been positive results. Three patients are either in severe respiratory failure or theyre already on ventilators. So these are pretty rough cases that theyre treating but theyre talking with u. S. Regulators, charles, about this therapy theyre using in jerusalem. Again, excuse me in tel aviv. That is a very promising story. Certainly this could be a positive story. Before i let you go, over in london, mercedes, formula one, and several London University engineers, charles are coming up with a positive airway device. The best way to describe this, putting somebody on this before you get them, charles, on to the ventilator. And that is what we heard Governor Cuomo talk about, today, charles, once you get them on the ventilator it is hard to get patients off of a ventilator this is positive piece of news. Investors are watching, charles. Back to you. They really are. Thank you very much, cheryl. Researchers are racing to develop tests to detect whether someone may have developed immunity to the coronavirus which could help society return to normal faster. The fda issuing emergency use for two antimalaria drugs touted by President Trump as possible treatments. Joining me for more, fox News Medical Team doctor, nicole saphier. We appreciate the work youve done. I want to say that up front. Youve been absolutely amazing. I want to start with this notion in germany to test folks with antibodies to see if theyre already had the coronavirus or if theyre immune to it, somehow letting them return to work to reignite the economy. Hey, charles, thank you so much for having me. Welcome back. Im happy to be back on the first day of programming. Thank you. I will just say what is going on in germany right now is not a novel concept. What theyre doing, they want to test massive amounts of the population to see who potentially has been exposed to the virus, who now has antibodies circulating in their blood system around might be actually immune to it because the theory is theyre immune to the virus, they could go back to the workforce and not be concerned with getting reinfected. There is positive and negatives to this theory. Spain tried to do something similar, however they found that the antibody tests they had gotten from the Chinese Government were extremely faulty. They had a lot of falsepositives and even falsenegatives. To take that even further, charles, we dont actually know if the presence of antibodies circulating in someones system confers immunity. It is likely that it will, however we dont have hard evidence that it does right now. So it is a little, it is a little tricky. The coronavirus, covid19 isnt mutating as fast as some influenza viruses we see with flu, which is why people get the flu over and over again however there are anecdotal reports out of china, people who had the infection, then tested negative, got reinfected again later on. Again i dont necessarily trust a lot of things coming out of china right now, however it does give us pause for caution before we start sending people back into the workforce. Charles speaking of pause for caution, the fda issue as emergency authorization for chloroquine and hydroxychlorquine, very controversial. President trump is touting them as potential life savers. He got a lot of flak in the media. This fda announcement seems to add some credibility to the notion they could help . Listen, charles, the reason there was controversy around it because President Trump was the one that said it, not somebody else. We all know that. This is not new. Something that doctors fauci and birx dealt with hiv crisis what they called parallel track. Expediting medications to be used to see if they could work. That is what is going on with the hydroxychlorquine and azithromycin. A couple studies out of france, latest one couple days ago with 80 patients reported it did decrease the length of stay in the hospital, it decreased the time being on ventilator and people became virusfree at a shorter time. I have to say the studies are all flawed. There is bias in there. They dont have a good strong control arm of the studies. No, these are not the Gold Standard type of tests in the Perfect World we would want to see but right now i want to take anything we can possibly get. If we have medications proving safe, showing some benefit we absolutely need to try these right now because if we have valid treatments, that are getting people out of the hospitals, saving lives, that will really get us to where were trying to be much quicker. Charles dr. Saphier, always appreciate it. Thank you very much. Thanks, charles. Charles meanwhile markets are surging higher at this moment. Were going to have, looks like it is a remarkable session. Well talk about it as we head into the final hour of trading. Next, ma and pa restaurants are in dire straits. We know this across the country. Food network star, celebrity chef guy fieri is here to tell us how he is helping restaurant workers and how you can help as well. To help you stay informed of the latest news just say coronavirus into your xfinity voice remote to access Important Information and special reports from around the world. And to keep your kids learning at home, say education to discover learning collections for all ages from our partners at common sense media, curiosity stream, history vault, reading corner and many others. For more information on how you can stay connected, visit xfinity. Com prepare. Charles restaurants by the pandemic. The National Restaurant Association Estimates that the industry already lost over 25 billion and more than three million jobs, a harsh blow for a sector that employs about 15 million americans. That is spurring celebrity chef, Food Network Star guy fieri to action. Guy joins us now. First and for most i salute you. Thank you very much. Give us the details what you and your fellow Celebrity Chefs are trying to do here . Well you nailed it right at the beginning. Weve got, the Restaurant Industry being hit super hard. I think ive seen more restaurants than anybody. These restaurants, these momandpop joints, even corporate restaurants, the fabric of the community. I spend all great events at restaurants. To see folks close down, it is not just the business owners, it is employees. You have employees are hourly. You have employees that live paycheck to paycheck. You have three million out of work now, on the way to five to seven million. The National Restaurant association, myself and a bunch of Great Companies, pepsi, uber, constellation brands, so forth, started this. We have 8. 3 million, on the way to 100 million. Well try to support the people that have been serving us forever. Our chance to serve those folks. Charles i was reading where restaurants of all Small Businesses they have the least amount of cash on hand. Anywhere from nine days worth to maybe 20 days worth. On average, 13, 14 days. That is a remarkable thing to be in in the first place. It underscores how tough the business is. Now the American Public is starting to really realize how important and how hard it is to be in the Restaurant Business . The Restaurant Business ive said it forever, you do it because you love it, you know. Own my own restaurants. All i have ever done in my career is work in restaurants and these folks really are just amazing. You talk about hardworking, seven days a week. Everybody loves being in the business. Celebrities, rock stars, but it is, tough. Yes, those numbers are true. There is not a lot of cushion inside of the business and i wish there was. But youre watching restaurants closing. Youre watching them handing out the last of the food they have in the restaurants to their employees who are going home. Some of these folks, you have got so many, they dont have the resources themselves to, you know, to be safe and secure. So it is really tough. That is why we got involved. The National Restaurant association has been fantastic. Theyre able to take the money in. We have 8. 3 million already donated. The good thing, 100 , this is key to me, 100 of the donations are going directly to these restaurant employees. If anybody is interested in getting involved in supporting, 10 bucks from you is 10 bucks to somebody else could really use it. Rerf. U. S. Restaurant relief program, going through the restaurant association, 100 going to the restaurant employees. Charles boy. There was a survey taken, only Grocery Stores and Small Businesses are more trusted and respected than restaurant owners. Folks you have to do this. Guy, a phenomenal thing youre doing. Thank you very much. Remind the audience, donate or aply for a grant, rerf. Us. Thank you, guy. Were following the markets as we head into the final hour of trading next. Charles well, stocks are right now at session highs as we head into the final hour of trading. What are the obstacles, what are the opportunities as we go forward . I want to bring in todd horowitz. You know, i know you are a trader who probably, you are built for this kind of volatility. The average person watching our show is not. One of the questions im asking of my favorite market guests is it possible we hit a bottom last week and if we havent, what should we be looking for . I cant hear todd. I cant hear programming. All right. Im not sure if we can hear todd just yet. We will try to bring him in, folks. We are near session highs. Again, im calling it the c. P. Effect. We started this show at the very beginning saying there are three types of bear markets. One is structural, those are the worst kinds. This is not a structural bear market. The other is cyclical, when the economy slows down, you could argue the economy was slowing down but i say the exact opposite. January and february, our economy was a juggernaut. I think this is an eventdriven bear market which means it could be shortlived. Can we go back to todd and see if perhaps hes in . Todd . Im here. You there . Charles where are you with this market . What do you think . We have had an impressive session today. We had an impressive week last week. Is the coast clear . Welcome back, charles. Is the coast clear, i dont think the coast is ever clear. I think there is some room on the downside. Could we have put in a bottom . Sure, there could be a bottom but you have to ask yourself where is the real growth going to come from after all the fed money runs out. Where will we start to see growth in this economy because again, we are targeting april 30th for the end of the social distancing and june 1st for maybe getting back to some normalcy but what if theres a delay . I see a lot of issues and from my perspective, i think the markets have a lot more room on the downside. This is nothing more than a short squeeze dead cat bounce. Theres a lack of liquidity in the markets right now, especially the futures markets, which is a big sign. Slon as long as the vix says above 60, theres no bottom yet. You should still look for bargains because every stock doesnt bottom on the same day. If you find something you like as a bargain, you are willing to own for five or ten years, own it. Theres no reason not to get in. Charles you talk about the vix, the socalled fear index, is still too elevated for your comfort. But we do know that what americans, millions stuck in their homes, that theres going to be pentup demand so you talk about growth. When people get out, they are probably going to be relieved and they will go out and do things, you may see people do things that were on their bucket list. We are not going to live the same, thats for sure. I think we will embrace life in a way that certainly should have some economic ramifications. The Third Quarter should be pretty spectacular. It should be, if everything clears out, but remember, we have to make sure everything clears. A lot of people are doing their pentup shopping online which is why amazon sales are going to benefit, walmart online sales are going to benefit. A lot of people are doing things while theyre online and the other thing they are going to say is hey, we have had some troubles here and we didnt have a job for awhile and we got this money from the fed but what are we going to do Going Forward, are we going to be as aggressive in spending. I think theres a lot more issues here than meet the eye. I think again, i look at these markets as a little bit overdone to the upside anyway. I was looking for a selloff. Theres always a reason. I think we have more room to go on the downside. Charles okay. Todd horowitz, thank you very, very much. Folks, it was great being back. I have been away too long. But while i was gone, Cheryl Casone did an amazing job filling in for me. I want to say thank you as i hand it over to you, filling in for liz claman today. Cheryl thank you. So good to see you back in the chair and riding these markets and giving our viewers all these ideas for investments. Charles c. P. Effect. Cheryl we will trademark that at some point. Thank you very much. All right. Well, we are going into the last hour, markets are bouncing higher right now following last weeks massive rally. The best since 1938 for the dow last week. This isnt so bad to kick off your monday r
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