Transcripts For FBC Mornings With Maria Bartiromo 20240713

Futures searching for direction. Take a look, gain in the dow but decline on s p after wild day yesterday. Dow erasing all of its early gains of more than 900 points to end the day negative yesterday at 4 00 oclock on wall street, the dow industrials coming down from a gain of 900 to end down 26, the nasdaq down 25 and s p 4 points. Treasury secretary mnuchin seeking 250 quadrillion. If the money did run out the white house would go back to congress and ask for more. Meanwhile in china the country ending the lockdown of wuhan, people allow today leave the city where outbreak began. Mornings with maria is live right now. Global markets this morning red across the board in europe. Take a look at european indices, cac quarante 75. Still no unified response in europe to coronavirus pandemic from European Union leaders following 16 hours of discussions, talks set to resume tomorrow. Boris johnson remains in intensive care as he battles coronavirus. Overnight in asia and markets in china, south korea and hong kong ending in the red as you can see. Japan where we saw gain of 2 . Investors are looking ahead of tomorrows important opec meeting with partners including russia and saudi arabia. President trump expecting an agreement on production cuts between 10 and 15 . Crude oil this morning up 2 and twothirds percent. Interest rates meanwhile take a look at the yield in 10year treasury this morning. We see the yield trading up 1. 3 basis points now at level of. 728 on the 10year. Now the latest on the coronavirus this morning. There are more than 1. 4 million covid19 cases across the world. The global death toll has topped 82,000. Here in the United States new york, new jersey, louisiana and illinois reporting their highest daily death tolls on record yesterday despite officials saying that the outbreak appears to be slowing down in covid19 hot spots this is the week and this is the day. New York Governor Andrew Cuomo says that the hospital rate is letting up even though model is showing today will be the peakest day for greatest need for hospital beds, ventilators and healthcare resources. More than 22,000 people have recovered so far from the coronavirus here in the United States. So thats one point of good news certainly. Another sign that things are slowing slowly returning to normal in china, the lockdown in wuhan, epicenter of the coronavirus, that has been lifted. Healthy residents are able to leave now after 76 days, more than 2,000 people died. Officials are warning that the threat is far from over, anybody leaving the city must undergo two rounds of testing for that virus. President trump lashing tout World Health Organization for what he calls china centric views in response to covid19 outbreak. The president taking the who to task over handling to have coronavirus adding that the u. S. May cut its funding to the organization. They called it wrong. They could have called it months earlier. They would have known and they should have known so we will be looking into that very carefully and we are going to put a hold on money spent to who. We will put a very powerful hold on it and when they call every shot wrong, thats no good. Maria the United States right now contributes the most money to who, thats 122 million authorized by congress for fiscal year 20 and remember on january 14th, it was january 14th when the who put out a tweet saying that we know that theres no human to human transactions of the coronavirus transmission rather and china told them to say that. It was wrong. Meanwhile in terms of markets investors watching stocks ran out of steam yesterday. Take a look at futures, s p up almost a point and nasdaq up 11 points right now. Joining us right now is Skybridge Capital trey going the conversation this fox, fox business Dagen Mcdowell, michael lee and optimal capital director strategy and market analyst Francis Newton stacy. Great to see everybody. Dagen good to see you. Maria we had positive news this morning even though this is supposed to be the peak day. Troy, do you see positive signs in this Coronavirus Crisis as reason to look forward to the economy getting back to normal and look forward to perhaps putting money back to work in markets, how are you allocating capital today . Troy obviously when we step back markets are moving much faster and what markets are doing just like ourselves are looking for in 2022 and 2021 looking where earnings will be and looking more cash flows and given precedence and stimulus from the federal government in the form of transfer payments an other direct loans combined with the unprecedented expansion of the Balance Sheet that markets have more than likely bottomed and the broader point that we want to make now that credit markets are pricing in armageddon and so we think the best upside or best risk rewarded is tied to credit markets particularly to Residential Mortgage and commercial lend mortgage maria and you said you thought equities have bottomed . Troy we think across the board assets have bottomed, investment credit, highyield bonds, equity marketing it does seem like the combination of federal government stimulus not only whats been passed by the house, senate and the president but almost more importantly the pace of quantitative easing and money supply growth has put a floor into markets. Maria yeah, and treasury secretary Steven Mnuchin joining us yesterday to talk about just that. Look, if americans need more money, if Small Businesses need more money, we will get right right back to the program and we will go back to congress and get more money. Here is what he said, watch p. Do you think the next weeks they will open up in the time that they can actually use the money and make sure that the employee has the money but actually get revenue in so they can open up again because this is an 8week period that gave money to employees and theyve got no revenue. They are in lockdown, so at some point they might have to fire that person anyway. If you cant get the loan today or tomorrow, dont worry. They will be money. If we run out of money, we will go back for more. Troy, what about that, youre talking about a quarter percent of gdp in terms of stimulus and you heard the treasury secretary say if you need more we will go back for me, openended . Troy however, you know most cycles including this one markets bottom far sooner and they are pricing in the bad news and to go back to what the Federal Reserve is doing with quantitativizing, they are expanding their Balance Sheet at almost 15 times the pace they did during qe3 which is is largest quantitative easing going out of financial crisis. The numbers are outrageous, its growing at 78 annualized rate over the last 4 to 5 weeks. As typical what the fed does they try to get financial conditions as easy as possible in order to lesson lessen or soften the blow of the Economic Issues and get markets to rocket out of this in a very explosive way. We think what the game plan thats being executed and thats causing floor maria dagen. Dagen its not even a loan, its a grant, its forgiven if 75 of the money that you take is used for payroll in 8week period. What the treasury secretary is trying to do, by the way, in 3 days this program has made loans of 80 billion which is 2. 7 times what the sba does in loans in a year, so thats almost 3 times what happens in a year has happened in 3 days. I understand that people are frustrated, that they cant get through their bank. Wells fargo has been based on what people are telling me just horrible but other banks that are getting money out to people and the treasurys message is this is free money and we want you to have it and if you cant get through, do not get frustrated, please keep trying. Please theres going to be 250 billion more on top of 350 billion if Congress Moves quickly, so please keep trying. This is an alternative to people going on an unemployment. Thats what it is. A way for the sba and treasury to get money to employers to keep people on the payroll so businesses exist 2 months from now when the economy beginnings begins to reopen. Maria the 8week period of time is timed to as soon as you get the money. As soon as you get the money the economy is still on lockdown. Yesterday after my conversation with treasury mnuchin i heard from a lot of Small Business, maria, youre right, the period they should either extend 8week period or start the clock ticking when when that company could get a little more traction knowing that they could open again because if youre talking about an 8week period you get the loan today, you pay your employees so that you dont have to fire anybody, thats fine, you are still going through an extended period of time where you have no revenue, you to pay the bills and you have no business coming in because the economy is shut down. Thats the issue that i kept bringing up yesterday. Dagen theres another type of loan that you can get called the Economic Injury Disaster Loan Program which would you could also use for operating costs not just payroll but bill payments cost associated with fixed debt, so a lot of people are looking at either or or both. So you get you get more money for different different expenses. Maria troy, thanks so much for joining us this morning. Troy great to be on. Maria we are just Getting Started this morning, a lot coming up. Markets that are looking for direction and the ceo is coming up, paul hudson on the companys fight to fight the coronavirus vaccine, wait till you hear this story. White house strategist steve bannon is here on china down playing severity of the outbreak. Admiral bret girior, my exclusive interview john on Paycheck Protection Program. We will get his take on how he sees it from a bank standpoint and the ceo of shake shack, he will tell us how covid19 will change future of industry. We have a lot coming up. Stay with us. We will be right back. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. But when i started seeing things, i didnt know what was happening. So i kept it in. He started believing things that werent true. I knew something was wrong. But i didnt say a word. During the course of their disease around 50 of people with parkinsons may experience hallucinations or delusions. But now, doctors are prescribing nuplazid. The only fda approved medicine. Proven to significantly reduce hallucinations and delusions related to parkinsons. Dont take nuplazid if you are allergic to its ingredients. Nuplazid can increase the risk of death in elderly people with dementiarelated psychosis and is not for treating symptoms unrelated to parkinsons disease. Nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. Tell your doctor about any changes in medicines youre taking. The most common side effects are swelling of the arms and legs and confusion. We spoke up and it made all the difference. Ask your parkinsons specialist about nuplazid. Maria welcome back, the white house addressing, responding to statistics that the coronavirus is disproportionately affecting africanamerican citizens in the United States. Watch this. We are seeing tremendous evidence that African Americans are affected at far greater percentage number than other citizens of our country because we are dealing with our country. Now we are looking at it from a worldwide standpoint. They are suffering disproportionately as dr. Birx said correctly. Its not they are getting infected more often but when they are getting infected underlying conditions, diabetes, hypertension, asthma, those are the kinds of things in icu and ultimately gives them a higher death rate. Maria in the state of michigan 33 of all coronavirus patients and 40 of all deaths are among African American citizens while counting for only 14 of the states population according to washington post. Joining me to talk more about that the mayo clinic genetic, dr. Mike. Great to be with you, maria. Maria your take on vaccines and treatments. Well, good morning, long bc, before corona we knew about disparities and access to health care among minorities, African Americans, so dr. Fauci and others is right, this is shining a spotlight on it that if their diabetes wasnt as treated, if their hypertension, they wont do as well with covid19 as other patients. Maria that makes sense given those numbers. Look, i want to get your take on hydroxychloroquine. President trump spoke on the potential risks of side effects of using this malaria drug to treat coronavirus. Here is what he said. I want to get your reaction. Generally the side effects are really with the z pack having to do with the heart, the z pack, thats the antibiotic and hydroxychloroquine. Im just saying we are hearing great results. Some people say go to the laboratory, we have people dying in the country and all over the world right now, not in a couple of years. As we speak there are people dying and i really think its a great thing to try. Maria dr. Ackerman, you have been researching this and warning about the potential serious side effects on the heart, tell us about it. Well 2 weeks ago we put out a warning, a guidance in mayo clinic proceedings because i like all of us hope that hydroxychloroquine works. Wouldnt that be wonderful if thats therapeutic effective . And we will get disease experts and dr. Fauci give us if i believe word and and this medication isnt risk free at all. It can rarely cause what is known as drug induced qt and we need to make providers throughout the world fully aware of the side effect to respect it because if we know of existence we can easily neutralize a threat and eliminate the risk of sudden death from hydroxychloroquine and im particularly concern, im particularly concerned about the corona cocktail, combination of both medications at the same time. Maria i see. We have seen some success for people who were very sick. Who are your thoughts on the current therapeutics out there whether it be profalactics or conversation, what are your terms in treating. We do have some of the antiviral strategies that we can implement immediately, washing our hands, taking our temperatures, staying 6 feet away. We can do those things. In terms of treatments, we are trying hydroxychloroquine and we will see how well it works, but while we are doing that, we need to identify those who are at greatest risk for this qt side effect. Maria yeah, sure, thats it identifying those people, dr. Ackerman, thank you, we will see you soon. We will be right back. More than ever, your home is your sanctuary. Thats why lincoln offers you the ability to purchase a new vehicle remotely with participating dealers. An effortless transactionall without leaving the comfort and safetyof your home. Thats the power of sanctuary. And for a little extra help, receive 0 apr financing and defer your first payment up to 120 days on the purchase of a new lincoln. Working day in, day out. E. And defer your first payment up to 120 days at t is here. Providing support with advanced services for first responders. And connected temporary hospitals, mobile testing sites and Emergency Management centers. 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I think we have a chance to really open big and really open with an up and catch where we were because we do have tremendous stimulus. Maria larry kudlow sounding optimistic and saying he plans to reopen in 4 to 8 weeks. Francis newton stacy is with us this morning, what about the idea of a big bang and leading to a boom. Yeah, i see the economy reopening. I think people will be watching wuhan and see what occurs there. They said that 94 of their businesses are reopening. The thing is that in america 55 of businesses cant survive 3 months without being open, thats going to be interesting and i know as dagen pointed out earlier, there are loans in place for other economic damage besides helping employees out and those are loans and depends on how much more givens will come through and i think theres a cultural change thats difficult to anticipate and those are the risks Going Forward because they are completely unknown. Maria yeah, we will talk about that coming up with our guests the fact that this will probably mean longstanding changes to the economy like, for example, how will we go and gather again, are we going to have social distancing with us for a long time. Michael lee, how do you see things, markets this morning, searching for direction, you heard what troy guyeski said earlier . Mike but as troy pointed out and we have been saying on the show for the last 2 weeks that equity markets will bottom and recover much quicker than overall economy. In 2000, bottomed in 2009 and unemployment peak in 2010. Equities are forwardlocking instrument. We need to reopen this economy sooner rather than later. We are not set up to come to a halt and all of the destruction could end up being far worse than the coronavirus itself. We need to get things open. Maria wow, dagen. Dagen to the point of how does that behavior change gallup, a poll that just came out with it was done in in late march and first few days of april and 8 and 10 americans said their lives had been disrupted and that theyre experiencing a great or fair amount of disruption. That was up from 57 just in midmarch. The issue is as bill gates summed it up, who the only thing that really gets us back to a completely normal way of life will be a vaccine so we can feel good about sitting close to one another in a stadium and the issue with say new York City Restaurants are people here going to feel comfortable literally sitting on top of someone in a bistro just for good french fries. That is going to be a major problem and as we said early on, at least 30 to 40 of new York City Restaurants will never reopen. But the government, the congress, the administration, the treasury and the Federal Reserve, they deserve an enormous amount of credit for taking challenge on and doing things in ways that we have never seen before. Maria yeah, im giving them a lot of credit. I think they all deserve a lot of credit. The issue is just giving Companies Money to go right out the door to keep employees at home is not going to be enough and thats the bottom line. Its just not enough for Small Business and thats is why if were all perfect we would not be seeing treasury secretary mnuchin going back for more money. They will need to allocate more money because its not enough. Dagen and they mightthey are trying to send the message if people havent gotten a loan in the last few days. Its a firstcome, firstserve program, they are trying to prevent people from freaking out if they havent gotten a loan and might extend they might extend the terms of it, maria, to your point youre talk about a loan that has to be spent or a grant for it to be forgiven has to be expanded maria thats what ive been saying for the last 2 days. Dagen right. Maria the 8week period needs to change because youre getting this money and youre sending it right out to the employees so that they have money and you can keep them and you dont have to fire them but thats not doing anything for the business because theyre in lockdown and it would make more sense once they can actually open again and they can actually have a shot of getting some revenue in. This is not going to stop these businesses from going belly up, thats my point. Dagen yeah. Maria sure, it would pay employees, employees will get money. It doesnt mean the companies are still not going to go bankrupt. They will dagen my friends who run Small Businesses are grateful for this program because they were going to pay employees anyway, these arent restaurants but they are online retailers or theyre head hunters or people who have been able to operate in a small way but they we wanted to pay employees and this gives them a really easy way to do this and its a forgiven loan and they are really happy with it. Maria quick break and then we have a lot more, the ceo of sanofi coming up. Stay with us. Ople 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 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. Woman they were able to restore my good name. Vo visit reputationdefender. Com or call 18778668555. Maria wisconsin residents braising long lines to vote in primary. They will have to wait for the results. What a story, cheryl. Cheryl it really, is maria, good morning to you, we will not the results of wisconsins primary until next month. Voters in protective masks lined outside of polling stations across the state yesterday, the National Guard stepped in to help handing out hand sanitizer. Wisconsin the only state in the nation to hold inperson primary in the middle of coronavirus pandemic. Well the white house is shaking up Communications Team Kayleigh Mcenany will be stepping in the role of white house secretary. Kayleigh mcenany was Trump Campaign 2020 secretary. Grisham will return to the first ladys chief of staff. Uk Prime Minister Boris Johnson in icu fighting for coronavirus. Johnson foreign secretary is filling in for johnson. Jack dorsey will donate 1 million. Dorsey will make grants to charity, a full accounting of donations will be accessible to the public, up 1 and a half percent and those are your headlines, maria. Maria all right, cheryl, thank you so much, we are zeroing in on curving the spread, french drug maker sanofi partnering with health and Human Services to develop a vaccine. Joining me right now the ceo of sanof paul hudson, thank you for all your efforts. Tell us where you are in the development of a vaccine . Thank you, maria, good morning to everybody. We are making tremendous progress. Ive never seen over 100 years of vaccine experience. We know its likely that theyll be some form of continuation of the pandemic through the fall of next year. Its very important that we make the level of progress and have viable option to keep people safe. Maria so you think you will have a vaccine on the market when . Well, we are hoping somewhere before the middle of next year, we are doing things at unprecedented speed. Its about 10 years to develop a vaccine. You to remember youre treating a lot of Healthy People with vaccine so you have to make sure youre doing it the right way. We are doing it in 18 months which is really never been done before. We are comfortable that we will get there. We need people to know that we will get there and we are leaving nothing on the table, we are doing absolutely everything we can. If we are not sure, thats okay, we want to make sure somebody gets there and make sure we can help people. Maria i want to come back to this subject because i also think that china wants to develop the first vaccine and working now as well and trying to be be first in the market for that. I will ask you about that in a second. I want to also look at treating coronavirus symptoms and effects right now, sanofi, world main suppliers of antimalaria drug, hydroxychloroquine, and you recently partnered to test a rheumatoid arthritis. Thank you so much. Yeah, we are doing our very best. What we found that in early days of the pandemic meds were tried by doctors to find solutions and early evidence that both of the medicines hydroxychloroquine, can help patients in early disease progression or very late preventilation. We partnered with who. Across europe to get the evidence to show that these treatments really are the right proven interventions. On hydroxychloroquine, you know, we give it away free. Others should try their best to make sure nothing stops patients on getting meds. Its just around the corner and we will know definitively. Maria what about the side effects that keep coming up with regard to hydroxychloroquine . You know, there are heart palpitations and we heard a lot of risks in terms of Heart Disease when its combined with the zpac, what are your thoughts on that . Well, the medicines have been proven for many illnesses. Thats why we do clinical studies. We prove that the risk benefit is worthwhile and we hope in a week or two to have the evidence and as soon as we have it people in positions in particular will make credible choice on what they give a patient. All we can do is bring them forward. Let people have the evidence and move forward. It would be wrong not to do it. Maria there are trials going on in new york. Fda is doing trials of hydroxychloroquine. Any knowledge in how thats going on, trials in new york happening . So the studies are underway as we mentioned both of mic and kebzara, just around the corner from the evidence. It would be wrong the jump the gun and the tight rules governing how we can and when we share the data. As soon as we have it, i can promise you, as soon as we see effect and as soon as we can confirm that that is real, then we will be sharing the data and making sure benefits get to those who need them. Maria you have been doing so well since being named ceo of safofi, i want to thank you. I know that china is a major issue here. Weve got so much of our active ingredient, Prescription Drug, active ingredients produced in china and right in the middle of the crisis we saw a story from from staterun media, well, you know, if the u. S. Keeps playing around with tariffs maybe china will not export those active ingredients to the people who really need them in the u. S. You dont want to play around with things like this when youre needing these these ingredients so critically and sanofi is helping to decrease dependence from getting supplies from china and india with a new company that will make pharmaceutical ingredients in europe and thank you for doing that, this is something thats become front and center in the United States. You know, thank you for asking a very important question. The pandemic brought it sharply into focus if you rely on one or two countries to produce medicines and theres a moment where they cant ship or bring it into europe, then you are really held hostage to a certain extent. We set up program of building on some superb infrastructure we have here in europe to build to repurpose plants from active pharmaceutical ingredients and get the medicine it needs in challenging times. Of course, its not just in and around the pandemic, theres been drug shortages on and off for many years because we rely on many drugs and we decided it was time to bring an end to that and we are trying to do our best to build a business, to be shared amongst companies and Health Systems that could actually do something incredible and maintain that supply for medicines for people who are taking essential meds every single day that may not be in the spotlight right now but the continuation of the treatment is critically important. You mentioned also a critical point about vaccines, another thing thats coming out on parts of the world, i think its worth mentioning, a lot of people, you know, trying to get to the table and theres very few that can stay maria okay. Do you think china can probably scale it up . They are trying to do that right now. Would we use a vaccine thats made in china in 6 months . I think the better question who will get there first. I think we believe very strongly sanofi will be thereabouts next year and sufficient quantity to address that need. We will do everything we can, i promise you that. Maria terrific, paul, we certainly look forward to it and we wish you the best of luck, the best of success. Paul hudson, thank you, we will be checking back with you, the ceo of sanofi there. More mornings with maria when we come back. Stay with us. Thank you i am totally blind. And non24 can make me show up too early. Or too late. Or make me feel like im not really there. Talk to your doctor, and call 8442342424. Maria welcome back coronavirus and hunger. Feeding america, working with Business Leaders and celebrities to make sure theres food on dinner tables across the country. Joining me to talk more about it feeding america ceo claire, claire, thanks very much for being here. Amazon Ceo Jeff Bezos recently donated a 100 million to feeding america. Tell us how the money is being used. We are putting it out to local communities as fast as we can. We are planning to deploy all of the money into communities within the next couple of days. Thank you so much for maria how does it work . Obviously the donations are very important not just financially but for also for the visibility of feed america, so tell us about that and how the process works that you can get food on the dinner table for americans who cant do this themselves . So thanks again. I appreciate you having us and right as the world is facing a Health Crisis there are tens of millions of people in the country who are facing a food crisis. Feeding america for those who havent heard of us before, network of 200 food banks located across the United States and 60,000 food pantries, soup kitchens, meal programs across the u. S. And at normal times we also have 2 million volunteers, so we touch every county, every parish in the whole United States of america. We are well positioned to be able to help in times of crisis like this and we are seeing a significant spike in the maria where is the need coming from mostly across the country . Where is the spike, claire . Well, there are two things that are resulting and we are seeing 65 increase in in demand on our network and that primary coming from two two demographics and its spread out across the u. S. , so two areas. One would be kids, your audience may well be aware that 22 million kids rely upon School Lunches for consistent access to food. Now with all the schools being closed so many children, tens of millions of kids dont have that consistent access to nutritious food and they are trying to additionally, people showing up at food banks who have never ever imagined that they would need but they lost jobs. Maria claire, thank you so much, thank you for what youre doing, claire babineaufontenot. We will be right back. Thank you, maria you doing okay . Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Maria welcome back, the coronavirus pandemic making a run to the pharmacy difficult if not dangerous. New York Governor Andrew Cuomo calling on all pharmacies to deliver medications for free. Online pharmacy capsule has been delivering free of charge for new york and seeing sharp jump in demand. Joining us the founder of capsule, the founder and ceo eric and eric, great to have you this morning, thank you very much for joining us. Certainly capsule is proving to be necessary and needed in this crisis moment, tell us what your model is and how this works. Absolutely. Great to be here, im a huge fan of the show so thanks for having me. Capsule delivers for free and delivers same day, 7 days a week all from your phone in 3 easy clicks and also the only pharmacy to scale volumes rapidly right now and conserve as many people as possible all across new york and because of those things what we are seeing right now tremendous from consumers, doctors, hospitals, partner with them and be able to get medications safely. Everybody wants to work with us because of what we built and we keep consumers safe. Maria congratulations, you built something special. Thank you. One of the things that we are looking at doing is accelerating how we can help more people. As we look at the virus aggressively spreading outside of new york, thats something on top of mind for us. The team that we built is at the front line right now and heros that are day in and day out making sure people are staying safe and can keep their family safe and letting capsule send medications to them. Maria eric, do you need to build scale . Would you need to get acquired or acquire to create more scales for even bigger than new york . We have the ability to scale the business and over the last 5 years what we have seen is not only consumers falling in love with the experience of using the pharmacy on their phone, convenience of having delivered which is now a necessity but we have seen doctors and hospitals and parts of the healthcare and we are happy to scale on our own. Maria great idea. We will keep checking back. Eric, thank you, come back soon, founder of capsule. We will be right back. Today i want to speak with you about coronavirus and a few practical ways your family can stay healthy. First, hand washing is essential. Children should wash their hands after coming in from outside, before eating, after coughing, sneezing or blowing their little noses. Second, limit all crowds and explain that no one is shaking hands or hugging because that is how germs can spread. What changes need to be made now, i encourage parents to let children know this will not last forever. I urge you to stay connected to family and loved ones, stay safe and remember while many of us are apart, we are all in this together. Please be sure to follow cdc guidelines which can be found at coronavirus. Gov along with other information and resources. But when i started seeing things, i didnt know what was happening. So i kept it in. He started believing things that werent true. I knew something was wrong. But i didnt say a word. During the course of their disease around 50 of people with parkinsons may experience hallucinations or delusions. But now, doctors are prescribing nuplazid. The only fda approved medicine. Proven to significantly reduce hallucinations and delusions related to parkinsons. Dont take nuplazid if you are allergic to its ingredients. Nuplazid can increase the risk of death in elderly people with dementiarelated psychosis and is not for treating symptoms unrelated to parkinsons disease. Nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. Tell your doctor about any changes in medicines youre taking. The most common side effects are swelling of the arms and legs and confusion. We spoke up and it made all the difference. Ask your parkinsons specialist about nuplazid. Maria welcome back. Good wednesday morning, everybody. Thanks so much for joining us. Im maria bartiromo. It is wednesday, april 8th. Your top stories right now, 7 0. The white house is preparing plans to get parts of america working once again. President trump is taking aim at the World Health Organization for not being yo aggressive enoh in response to the virus, saying it was working in favor of china. Steve bannon weighs in straight ahead. Four states report their deadliest day since the start of the coronavirus but the number of new infections seems to be leveling off in some hot spots. Futures are searching for direction for a solid move this morning. Take a look. Dow industrials now up 111 points, s p up 13 and nasdaq up 50 points. We have seen a spurt of buying in the last 20 minutes after a wild day yesterday. Yesterday the dow erased all of an earlier rally. It was up more than 900 points but it ended the day down 26 points. The nasdaq and s p also edging lower at the close at 4 00 on wall street yesterday. Treasury secretary Steven Mnuchin seeking another 250 billion for Small Businesses to address the huge demand for assistance after telling me right here yesterday if the money ran out, the white house would go back to congress for more. And we want to check Global Markets this morning. European indices, red across the board, cac in paris down 66, dax in germany lower by 90 points. Still no unified response to the coronavirus pandemic from European Union leaders following 16 hours of discussions, talks are set to resume tomorrow. Prime minister Boris Johnson remains in intensive care as he battles the coronavirus. In asia overnight, japan closed higher following Prime Minister shinzo abe declaring a state of emergency and rolling out a nearly 1 trillion stimulus package. Other markets were lower as you can see there. Oil prices this morning are on the rise, investors looking ahead to tomorrows important meeting of opec and its partners, that will include russia and saudi arabia. The price of oil up 73 cents a barrel, 24, 36. Joining the conversation this morning, Dagen Mcdowell in new york, michael lee and Francis Newton stacy. Great show so far. Good to see you this morning. Great to see you. Good morning. Maria the latest on the coronavirus, there are more than 1. 4 million covid19 cases across the world. The global death toll has now topped 82,000. Lets take a look at the United States right now, because new york, new you jersey, louisiana and illinois, reporting their highest daily death tolls yesterday. It was the deadliest day, despite of icials say the outbreak appears to be slowing in certain covid19 hot spots. Andrew cuomo said the hospitalization rate is letting up even though some models are predicting today is the peak day for the greatest need for hospital beds, ventilators and other healthcare resources. More than 22,000 people have recovered so far from the virus in the United States. Another sign that things are slowly returning to normal in china if you can you believe this, the lockdown in wuhan, the original epicenter, now lifted. That is where the coronavirus began. Healthy residents are now able to leave the city for the first time in 76 days. More than 50,000 people in wuhan were infected, and more than 2,000 died. Officials are warning that the threat is far from over. Anybody leaving the city must undergo two rounds of testing for the virus and there is a lot of fear this morning in china that they are lifting these bans. Good article on this in the journal this morning. Chinas covid19 coverup, meanwhile, reports suggest that the death toll in the hardest hit chinese city of wuhan may be higher than beijings count. Joining me now is former white house chief strategist steve bannon. Thanks so much for joining us. Thanks, maria. Maria and i saw you on sunday on sunday morning futures, you pointed out that the World Health Organization put out a tweet on january 14th saying theres no human to human transmission of this disease. Thats why President Trump is taking aim at the World Health Organization, saying that were not going to give them the money perhaps that we normally do. What do you think about that . Absolutely. Its even worse than that. The Free Republic of china in taiwan notified the World Health Organization on january 31st of 2019. They can prove human to human transmission on Mainland China and the World Health Organization looked the other way and believed the Chinese Communist party. President trump is 100 right to go after the World Health Organization that has been a Front Organization for the Chinese Communist party for this endeavor. The Chinese Communist party and their cul culpableity in this is what has to be addressed. Maria how will that be addressed . We talked on sunday about the fact that they cornered the market for protective equipment in january, while they were downplaying the coronavirus. They actually acquired 2. 02 billion masks, 25 million pieces of protective clothing. They already make half of the capacity of all masks in the world. Why do they need to buy another 2 billion in january while they were playing down the coronavirus . Not just playing down, they were lying to people about the human to human transmission. They knew they had it. They vacuum up all the ppe protective equipment in europe, the United States and brazil. So later on they could use it as a strategic advantage to give back to countries, to bleed it out like they did with governor cuomo. Its unacceptable. This will be proven and this shows you its premeditated murder of those doctors and nurses from italy, to south africa, to the United States that died in service to their fellow citizens and their country, the blood is on the hands of the Chinese Communist party. Maria yeah, heres what the president said last night to sean hannity about the World Health Organization. Want to get your take. Watch. Every step that they made, everything that they said was wrong. And always in favor of china. Keep it open, dont close the borders. There were other things too. Where it came from, the extent of it, how serious it was. They never viewed it as that serious. Maria so steve, they were obviously working for china but it really is concerning that this is a un agency, steve, that the u. S. Funds the majority of the money given to the World Health Organization and its not the only un agency that china wants to control. They tried to compete to run the intellectual property agency. What a joke. Theyve been stealing intellectual property for decades and then the other day they actually got themselves on the agency for human rights. Another joke. Human rights and china . Youve got a million uyghurs right now locked up in camps. Not just uyghurs, look what happened to the people in wuhan because they lied to everybody about the human to human transmission. In geneva theyre trying to control or do control all of the un operations. Thats what President Trump is correct to expose this and go after it and make sure its taken care of. We cant take our eye off the ball. One of the most powerful things President Trump did was stop flights from china to come into the United States in late january. At that time, the Chinese Communist party had limited they had locked down internally Hubei Province but you could fly from china to everywhere in the world including italy and spain. The Chinese Communist party knew about human to human transmission in december. All of this could have been stopped. The city of wuhan and the decent hard working chinese citizens did not have to be destroyed. Hugh way province did not Hubei Province did not have to be destroyed. Italy, spain, south africa, the United States, all of this is at the doorsteps of the Chinese Communist party. They are the Chinese People are the biggest victims. This is a murderous group of gangsters and theyve got to be held accountable by the world. Maria which is why i believe this upcoming election in november will be largely about china as well as the president s leadership for the coronavirus but people want to know that youve got a somebody in charge who is going to keep china accountable. Weve been talking about this now for years, devin nunes doing an investigation into china over the last three years that ive been focused on on sunday morning futures where china has been putting military bases around the world, theyve been stealing intellectual property, theyve been tracking their citizens and theyre trying to track the world. Look, thats very important and i think we both know who has been spoton on this and that is Peter Navarro in the white house. I want to get your take on this memo, two memos that peter sent. I agree that Peter Navarro has been spoton. I have him on all my shows all the time because of that. Its a competing vision within the white house, isnt it, steve . No, i think President Trump lets go back. Peter navarro and pottinger, it was the china hands that knew about the scale of this. You asked the question in davos, you started following this in davos in midjanuary as we did. People that know china understand the scale of this and peter kno navarros memo the actions President Trump took, he stopped travel from china when china wasnt stopping it from the world. He also quarantined people. He stood up, this task force in the white house, he also changed the requirements in nursing homes, knowing that would be an affected area. He told the cdc youve got the testing, stand it up and lets get the mass testing. The china hands in the white house, pottinger and navarro had it right. The memos are prov prophetic abt what would happen. The president s instings was to take instincts was to take charge. I say eve every day is november 3rd now. The confrontation with china is coming and the American People, the people throughout the world and the Chinese People want to hold accountable the Chinese Communist party. What did they know . What did they know it . And what actions did they take in december, middecember of 2019. If they had done what a legitimate government would have done which is get on top of this and not let it become a biological chernobyl, all of the suffering, all of the economic destruction, destruction of pension funds, all the unemployment, all the death would have been avoided. Maria yeah, well, the other thing that Peter Navarro has been working on is getting the supply chain back to america. And this is another major issue as you know, steve. Were getting the majority of our active ingredients for our Prescription Drugs in china, only to hear them threaten us two months ago to say, hey, if you keep playing around with tariffs, then maybe we wont send those Prescription Drug active ingredients to the United States, just when we need them in the middle of a crisis. Navarro has been trying to get companies to get those supply chains back to america. So the question becomes what the heck is going on with congress . I recognize this is three administrations, steve, but how long has nancy pelosi been in charge, how long has Mitch Mcconnell been in charge. How come we have so many critical items produced in china and here we are in a pandemic and we need these products, what the heck. Are we just waking up to this now . Well, listen, people that have followed the china situation for years including President Trump have seen this is a huge problem. We need actions today. You need all the apis need to be brought back here, the generic drugs need to be brought back here. The lobbyists in washington, d. C. Are fighting Peter Navarro, buy american, theyre fighting it every day. Dont think the lobbyists are clean. They are all over, still trying to refuse to bring medical supplies back here, the active pharmaceutical ingredients back here. This is going to be a huge fight. Remember the wall street and city of london that finance the Chinese Communist party are not going to roll over in this. In november, this is going to be a huge fight. The American People are going to have to decide do we want a nation that is selfsustaining or do we want to be a so suplict to the Chinese Communist party. Maria the skeptics of the president continue to politicize this. Nancy pelosi is about to launch another investigation into President Trump to zero in on how he has handled the coronavirus. She is still lawn everring investigations, steve launching investigations steve. She missed san francisco, thats her hometown, the homelessness is disgusting there. Thats a different conversation for another day but she certainly missed china while they were looking for ghosts around the russia collusion narrative. They should have been focused on the real threat. Look, shes had a long track record of supporting Tiananmen Square and the Freedom Fighters there. We need to bring the country together on this. Its pretty straightforward that the Chinese Communist party terrorized their own citizens and now theyre a threat to all man kind. The Chinese Communist party, we need to bring the nation together to address this. We have to hold the Chinese Communist party and their leaders accountable for what happened in december of 2019 in wuhan. They have to be held accountable. The whole country has to come together. We dont need investigations, we dont need another witch hunt, we dont need another impeachment investigation. We need to bring the country together to focus on what the problem is. The Chinese Communist party what they did to their own people and what they did to the world, we need to focus on the signals of the Chinese Communist party. Maria real quick, steve, how do you reopen the economy . You do it in a managed way. Were not going to have a vaccine for a while. I think what has to happen is dr. Fauci and birx have to put out their own model on where were going on this for the end of april and we have to have a managed process. Therapeutic dusting, antibody testing, and open it up in a managed, sophisticated way. The british call it a close run thing, thats what we need to do. We have to get focused on the metrics now. Maria steve, its great to talk with you this morning. Thank you, sir. Steve bannon. Well see you on war room. A gives us confidence. We can spend a bit now, knowing were prepared for the future. Surprise we renovated the guest room, so you can live with us. Im good at my condo. Well planned, well invested, well protected. Voya. Be confident to and through retirement. You may not be thinking about blood donation, but blood is needed to save the lives of people who are sick with a range of illnesses. Its easy and safe to give. If you are in good health, please donate. We need heroes now. Visit red cross blood dot org to schedule an appointment. Maria welcome back. More Companies Reeling from coronavirus, it is now affecting American Workers of course. Tesla announcing yesterday it will cut salaries and furlough workers to manage costs during this pandemic. The pay cuts will last through the end of june according to tesla and then in retail more furloughs of. T. J. Maxx and march chalscar marshalls fu furloughing store employees. Jots jobs are getting cut across the bolder, Dagen Mcdowell, which is why were getting help, relief packages from the government. Dagen indeed. Theres another article in the wall street journal that talks about that companies are actually citing the expanded government Unemployment Benefits in cutting workers and furloughing them because they quite frankly, big and small, dont feel as guilty because you get an extra 600 per week in Unemployment Benefits for four months. In new york, that comes out to 1,100 per week in Unemployment Benefits. New yorks a very expensive place to live but they feel like macys has said this, equinox, steel case, saying that the federal governments beefed up unemployment gives them a little bit of it eases some of their feelings about laying off these individuals. By the way, furlough just means that a lot of times you just get, say, medical benefits for a certain time but if youre furloughed you can apply for Unemployment Benefits. Its just a place holder for your job to be there when you come back. But you can and people do get Unemployment Benefits. The only thing that disqualifies you if youre on paid leave from your job. Maria yeah, the problem with that 600, that additional 600, depending on where youre talking about in the country, it may actually mean that youre making more money to stay home than youre actually making in your job. And thats something that senator Lindsey Graham and others have raised because if you look at South Carolina, the minimum wage, wages are different than they are in new york, so for a person in South Carolina youre actually making much more money to stay at home as opposed to go to work and thats something that they are certainly worried about. Dagen but by the way, you cant quit your job and collect unemployment. You have to be laid off. So thats the decision of the business. Thats not up to the individual. Maria lets slip in a short break here. Weve got futures pointing to a gain at the start of trading, volatility rocks wall street once again but we are once again at the highs of the morning. Dow industrials up 200 points, nasdaq up 82, s p up 23. Well be right back. Boston light, americas oldest lighthouse, has stood strong through every dark hour and bright dawn our country has endured. It has seen the break in the clouds before anyone else. 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Serious side effects may include pancreatitis. Taking trulicity with sulfonylurea or insulin raises low blood sugar risk. Side effects include nausea, diarrhea, vomiting, belly pain, and decreased appetite, which lead to dehydration and may worsen kidney problems. I have it within me to lower my a1c. Ask your doctor about trulicity. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Maria welcome back. Lets take a look at markets here. We are looking at a solid rally at the start of trading this morning. The dow industrials are up 195 points, the nasdaq up 80 points, this on top of markets really having a volatile day yesterday, erasing all of a 900 point rally on the dow and then some, closing in the red by 26 points on the dow, nasdaq down 25, s p was also negative. Joining me right now is Investment Officer nancy tangler. How would you allocate capital in the face of all of this . Thanks so much for having me, maria. Well, we listen, diversification works. I think this was a great reminder. We had put a hedge on our clients portfolios on february 12th so that kept us cleareyed in the face of the selloff and what weve been doing is looking for companies where we believe the dividend is going to grow in the future, not now, and is safe and so weve been adding to positions in what i call old tech, Companies Like intel, cisco, microsoft, that are paying a dividend, that we believe is going to remain in place. And we added some to Consumer Discretionary names, in some cases stocks that dont pay dividends like chipotle, we added more to starbucks and we initiated position in t. J. Maxx and then weve also been adding to healthcare and little bit in industrials. Maria mike lee, jump in. Yeah. Nancy, are there any other companies youre looking at that have really clean Balance Sheets that you think are going to make it through this crisis relatively u unscathed. Last recession, shire buybacks were share buybacks were obliterated. Companies have said theyre going to cut the buybacks, cut cap ex but are dedicated to the dividends. A company like mcdonalds, triple a rated Balance Sheet Companies Like Johnson Johnson and microsoft, those are names that we had added to in the midst of the selloff and we continue to hold, theyre very large positions in our portfolios. Thats what you really want to look at, not just the Balance Sheet but the Credit Outlook and then also Free Cash Flow and Free Cash Flow yield because thats how the Companies Pay the dividends, so its important. Do you think weve seen a bottom so far in storks or do you think we have more pain to come . Yeah, we had a client call with our clients on march 25th and we said, look, you know, there could be more downside from here because no one knows, right. But the worst of it we believed was in at that point and then we were right in the midst of a rally and weve rallied some from there. Until this volatility settles down, the vix went from over 80, now were in the mid40, 50 range, we need more normal levels of volatility. Markets tend to begin rallying four months before the end of the recession. Were in a recession, the market selloff was not caused by a recession, caused by the virus but were in one now and we think youll start to see the market looking through this and with four months until the end of the recession, markets usually historically rallied about 25 . Its not time to be selling. Maria francis jump in here, do you agree with that, this is not the time to be selling, that maybe we have seen the bottom, francis . Well, i dont know if weve seen the bottom. I mean the average bear market with a recession is 42 . We got down to negligence nigh 35 . My question for nancy, what are the red flags that youre looking for that you would know that this got worse than you had anticipated and what quick adjustments would you make to your portfolio in that case . Yeah, well, so francis by the way, i dont necessarily disagree with you. The only thing thats different about this recession i think we could see another im sorry, selloff. We could see another 10 . But the rapidity of the decline sets this one apart. What we did was, we made a lot of money on the puts for our clients. We renewed the puts. So were not unaware of the risk and weve been selling companies where we believe theres dividend risk or that we didnt like the quality of the Balance Sheet in this environment. So we exited boeing. We had reduced our exposure to energy prior to this. But we brought ourselves down to a market weight in energy. I just dont think thats a battle i want to fight with my clients money and weve overweighted the sectors that we think will be in better shape coming out of this. So taking on a little more risk in the portfolio that way but doing it in an intelligent manner by owning companies that pay above market dividends which is pretty hefty right now. Maria great to goat your insights as always. Thanks so much for weighing in this morning. Good to see you. Stay safe. You too, maria, thank you. Maria coming up, target ago treatment, the very latest developments in a race for the vaccine as the coronavirus continues to spread, all right here, after this break. Maria welcome back. Good wednesday morning, everybody. Thanks so much for joining us. Im maria bartiromo. It is wednesday, april 8th. Your top stories right now, 7 32 on the east coast, solid rally on wall street ahead of the opening of trading, weve seen a spike in buying, dow industrials up 143 points, nasdaq up 60 and s p up 15 andahalf. It is off of the highs but certainly off of the lows as well, this after a wild day yesterday, the dow erasing all of a 900 point rally to end the day negative. Nasdaq lower by 26, s p lower by 4 points. Global markets look like this. We did have a pretty good reversal of fortune in the u. S. But not so in europe. The fq100 is still negative, down 72, cac in paris down 64, and the dax index in germany lower by 85. In asia overnight, japan closed higher following Prime Minister shinzo abe declaring a state of emergency, rolling out a nearly 1 trillion stimulus package. Markets in china, south korea and hong kong were all lower as can you see there. Meanwhile, this. The active Navy Secretary resigning over the firing of the former uss Theodore Roosevelt commander, Cheryl Casone with those details now. Cheryl thomas modally apologized for calling captain Brett Crozier naive and stupid, saying he owns those words. President trump called the resignation unselfish. James mcphearson will take over the role. More problems for boeing 737 max. The company has found two new Software Flaws which will require changes to the planes flight computer. One problem could lead to a potential loss of control while the other problem could cause the auto pilot to disengage during final approach. Boeings been working to win federal approval for the max to get back into Service Later this year. The stock is up almost 3 in the premarket, dow component boeing. Amazon is suspending a new Delivery Service for Third Party Sellers in june. The wall street journal says the Company Needs people and capacity to handle the surge in orders from its own customers. Many americans are turned to amazon as most of the u. S. Remains on lockdown amid the covid19 pandemic. Amazon shipping which is only available in a few u. S. Cities does compete with fed ex and ups. Theres amazon in the premarket, up a quarter percent. Well, one of americas greatest song writers has lost his battle with covid19. Make me an angel. Make me a cheryl john pride died in nashville, angel from montgomery singer had been hospitalized since march 26t 26th. He is survived by his wife and two sons. He was 73 years old. Well, finally, as promised, it was an incredible sight last night. The super pink moon made its debut. It was the largest and brightest super moon of the entire year. Social media users shared all kinds of really great photos online and maria, as you promised on the show yesterday to our viewers, you were out there, you took a few pictures of your own. By the way, and i know you stayed up late to do this, you get to do it again tonight if you want to, maria. And great pictures. Maria i dont love my pictures because the clouds were in the way. I will do more tonight. Erica who works with me took that one. Thats a gorgeous one right there. She got a good one from where she is, north. The clouds were in my way. I will try again tonight. Cheryl i think theyre still pretty. And looks like a beautiful night. Maria it was. Thank you so much. We want to get back to treating coronavirus, many people looking for solutions, some turning to the antimalaria drug for answers. I spoke with the ceo of the company that manufactured it this morning about partnering with regeneron to test the drugs effectiveness. Watch this. We are currently enrolling patients in mount sinai, new york, in northwell on long island, across europe, to get the evidence to show that the treatments really are the right proven interventions. Well wait to see what the evidence is. Its just around the corner. Maria some are still worried about the potential side effects including heart conditions when taken with other medications. This is the hydroxychloroquine taking with a zpack. Joining us now is the Family Medicine dr. Mikhail varshavski, dr. Mike, great to weigh in here and get your insights. What do you think, hydroxychloroquine with the zpack to treat coronavirus . I want to be as optimistic as possible as im sure many of my medicine colleagues also but we have to tread carefully, not take medications like this lightly. Any time we have a potential medical treatment we need to weigh the pros and cons of the medication or the treatment that were giving to our patients. In fact, across the United States right now we have thousands of patients on ventilators, right. Theyre getting assistance with breathing by these machines. Now, theres a common condition that can occur known as vent associated lung injury. Thats if you use the vent incorrectly, meaning you use the incorrect settings for the incorrect illness that the patient has, the last thing we want to do is start introducing treatments to patients and have them getting more sick than the condition itself. So while we want to remain optimistic, we dont want to jump the gun too soon and start saying that this is the gamechanger drug. We need to complete these trials. And the good part, maria, the majority of these trials especially the big ones here in new york are going to be finished within the next 40 weeks and well start getting good quality evidence to know will hydroxychloroquine prevent you from getting covid19, does it help reduce the chance of getting it or does it help you battle it if you have a severe case. Until then we shouldnt make statements about the efficacy. We dont know. Were guessing at this point. Another thing i would like to say, maria, i want the press to stop asking the president his personal opinion on the medication. We know hes eager. We know hes excited. We know hes optimistic. These are all good traits to have. But fauci, everyone at the cdc, the fda, theyve been very clear about what we in the medical Community Think about hydroxychloroquine. Its largely unproven at this point. Were conducting the trials. There are specific harms that could be dangerous to patients. So were not going to prescribe it on the off chance that it may work unless theres a very serious case and which we in which case w we issued an eua, n emergency use authorization. Lets move off the point of hydroxychloroquine until we get our information and move towards asking really good questions that really matter. Maria and i know you saw the democratic congresswoman who was very sick, she took the hydroxychloroquine and she is thanking the president for being out there and talking about that combination. Now, the white house is responding to the alarming statistics that coronavirus is disproportionately affecting African American communities. I want to get your take on this as well. In michigan, onethird of the coronavirus cases are African Americans according to the washington post. Several other states share similar numbers. Dr. Mike, what do you think about this . Theres an unfortunate truth here in our country, where your zip code sometimes matters and many times matters more than your cholesterol or beep numbers and thats Blood Pressure numbers. Thats difficult for me to see as a physician. Do we know the exact reason . Have we pinpointed why thats happening . Not yet. Its likely multifactorial, the reason for the numbers being so high. The African American community has higher rates of underlying conditions like hypertension and prediabetes, also difficultys in accessing care in some of these areas and also we have to be honest about the fact that the African American community has been largely involved in being part of the essential workforce to keep america going, so they have been putting themselves more at risk in order to keep america moving, on track and to still being functioning during a time of a pandemic. Maria all right, mike. Thanks very much for your insights here. We will talk with you soon. Dr. Mike, good to see you. Mikhail varshavski there. They say age is just a number, right . Should it influence your investments . Well tell what you that means when we come back. I am totally blind. And non24 can throw my days and nights out of sync, keeping me from the things i love to do. Talk to your doctor, and call 8442142424. Apps except work. Rywhere. 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 maria welcome back. Coronavirus hitting Many Americans in the wallet, volatile market swings leading to uncertainties. Several viewers are asking for advice over social media, wondering if now is the right time to invest in the market. Joining us right now is the autr of everyday millionaires, chris hogan. Chris, its great to see you. Weve been talking a lot about the markets. A couple of our guests have said weve seen a bottom already. What do you think, is there an opportunity there . Maria, you and i know the stock market is like riding a roller coaster, the whip lash is continuing as we go up and we go down, amid optimism well seen some increase and then reality will come back. I think its still imperative for americans to understand the importance of growing money. Weve seen the government reach out and try to boost the economy with the stimulus package and the red tape and the bipartisan issues they had to bounce back and forth to even come to an agreement. I think this should wake americans up to realize weve got to take care of our own financial future. The best way to do that is by continuing to invest. Maria so continuing to invest is also a question you think about when you consider your age. Lets go through it. The younger you are, do you think youve got more years so you should be putting more money in it . What about people near retirement right now . What do they need to be mindful of . I think people near retirement right now are the ones that are most alarmed. I really want to encourage them to really take a deep breath and not make kneejerk reactions. If you get caught too much up into the daily headlines youre going to get frustrated and irritated. So keep looking at your investment opportunities, control your lifestyle and if you have any remaining debt i want you to attack that because you need to get that out of your life and you may, maria, have to adjust your retirement timeline. You might have been looking to retire in a year or two. You may have to extend that by another year based on our situation right now fighting this virus. Maria francis, jump in. Yeah. So i just have a question. You know, what if we have a protracted recession . Where would you have people investing and where would you have people being very cautious . Well, i think, you know, a recession is defined at two quarters of economic downturn. Were nowhere near that right now. But i would advise people to continue to look at growth stock mutual funds as a way to invest because diversification is absolutely essential. I would be leery of single stocks because of the nature of the volatility. Maria mike . Yeah, hi, chris. This is michael lee. Quick question. How do you convince clients and what would you be saying to people that are having trouble staying the course now . We know asset allocation, goalsetting are the utmost importance in these circumstances. However, its a lot easier said than didnt sdone. So whats said than done. Whats your message to people thinking about abandoning their plan. When people get nervous, fears and emotions are real. You cant let that dominate you. Trying to time the market and do these things based on speculation is dangerous. I think its really important to reach out to your investment professional and have a realistic conversation, talk about the fears, talk about your concerns but look at your portfolio and figure out what needs to be tweaked or adjusted based on your risk tolerance right now and having that ongoing dialogue is going to be very important. Im encouraging people, reach out, have a conversation, get on skype, facetime with your investment professional, look at them and talk with them and be open and honest. Maria chris, if youre just, what, lets say your five to 10 years away from retirement, do you want to balance this by investing, trying to find opportunities . Because you want to get that money soon if youre only retiring in a few years but if youve got that 10year period that makes it a different case. Youre absolutely right, maria, 10 years out or more youve got time to let the market be able to recover. I tell people to ride things out, dial in your risk toll veins, look at your allocation and understand what changes need to be made. If youre five years out, youre going to have to look at this and really start to dial in but im telling people be smart about your spending, this is not a time to try to make yourself feel better by going out and buying something thats unnecessary. We have to be aware. And dollar cost averaging really comes into play here. Im explaining to people as you continue to invest right now while the market is down, you are getting things on sale. So give yourself an opportunity for the rebound and feel that compound growth happen as the market recovers. Maria all right. Love it. Chris, thanks very much. Great to get your advice as always, chris hogan joining us there. Quick break and then america together, the inspiring ways our country is uniting, coming together, amid the coronavirus pandemic. Thats next. Awesome internet. Its more than just fast. It keeps all your devices running smoothly. With builtin security that protects your kids. No matter what theyre up to. It protects your info. And gives you 24 7 peace of mind. That if its connected, its protected. Even that that petcamera thingy. [ whines ] can your internet do that . Xfinity xfi can because its. Simple, easy, awesome. [ barking ] maria welcome back. Americans banding together to find positive news in troubling times. Cheryl casone has more now. Cheryl. Cheryl thats right, maria. We continue to find stories of inspiration throughout america and we start with california. Governor newsom announcing the state will loan 500 ventilators to the nations stockpile, a video posted by his office shows workers preparing the shipment and a handwritten note on one of the boxes that says, quote, and you nyc needs is love from california. New york of course has four times the number of cases that california has right now and theres that note. Speaking of new york, maria, the 7 00 p. M. Tradition continues and it gets louder every night. [sirens] a fox photographer captured this Health Worker tribute last night. Members of the fdny sounding alarms and horns while clapping for the medical staff there. And now to atlanta where falcons owner and home depot could you r arthur blank created a 1 million Emergency Relief Fund for employees and others personnel that are usually working away at mercedesbenz stadium. Workers can access the fund, they get assistance with hardships theyre experiencing due to the pandemic if they need it. Then there is this. The entire original cast of the hit 90s series the nanny reunited for fans on zoom. Hello, im fran fine. Yes. Come in, weve been expecting you. Oh, you have . Cheryl the whole cast starring fran dresher did a whole table read of their pilot episode of their table read. One man who misses his gym decided to build his own out of trees. He built it completely out of timber. You see him pumping logs in what he calls his lumber jack gym. He even has a wooden rowing machine which you can see right there. More example were finding of a country and nation that are strong and together during this pandemic and finding ways to, well, work out in these troubled times. Back to you. Maria youre right. The American People have really stepped up here, whether its all of those stories or just making sure that we do the social distancing, follow the guidelines, adapt to staying at home, big shoutout to all the American People because we will get through this. Cheryl, thank you. Cheryl you bet. Maria Cheryl Casone. The assistant health and Human Services secretary weighs in, his take on when the outbreak is expected in the United States to peak. Its next hour, right here, mornings with maria. Stay with us. Boston light, americas oldest lighthouse, has stood strong through every dark hour and bright dawn our country has endured. It has seen the break in the clouds before anyone else. 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. I often get asked what should i do helping you weather storms like this one, if i think i might have corona virus . People who are sick should stay home. You dont go to an emergency room. You dont go to a clinic. You get on the phone and you ask for advice and instructions from your physician. We dont want you to go into the e. R. Or the Doctors Office without talking to them first, because you might spread corona virus to someone else. Please visit coronavirus. Gov for more information. Maria welcome back. Good wednesday morning. Thanks so much for joining us. Im maria bartiromo. Wednesday, april 8 your top stories w78e 8 00 a. M. On the east coast the white house preparing plans to get parts of america working again, President Trump is taking i am a at World Health Organization, for not being aggressive enough, in its response to the coronavirus. Saying that instead it was working in favor of china, last hour former white house chief strategist bannon founder of the war room says china has to be hel responsible knowing about human to human transmission in december. Deadliest do a since beginning of coronavirus number infections seems leveling off markets pointing to gains start of trading take a look expecting rally start of trading dow industrials right now up 180 points, s p up 21, nasdaq up 75. This on top of a wild day yesterday the dow raysing gains, early in day up 900 ended down 26 nasdaq, s p 500 lower at the close Stephen Mnuchin seeking additional 250 billion dollars Small Businesses, to address the huge demand for assistance, he told me right here yesterday if money did run out there was a need for more the white house would be going back to congress, to ask for more. Among many places closed due to pandemic, is the miami zoo, the animals up and about a live look at the zoo courtesy of earth cam mornings with maria live right now. Want. Global markets look like this across the board in europe as you will see, the ft 100 down 60 points london cac quarante down 57 dax down 65 no unified response to coronavirus pandemic from european leaders following 16 hours discussion talks to resume tomorrow in uk here is what we know Prime Minister Boris Johnson remains in the icu in intensive care, as he battles the coronavirus as soon as we have more information, of course, will bring it to you in asia overnight japan closed higher following Prime Minister shinzo abe declaring aism in japan rolled out nearly 1 trilliondollar stimulus package for Japan Economy other markets lower in asia as you can see, oil prices this morning, on the rise, investors are looking ahead to tomorrows important meeting opec, and partners, that includes russia and saudi arabia. Of the involved in this meeting happening tomorrow President Trump expecting agreement on production cuts between 10 and 15 . All those stories this morning joining the conversation Dagen Mcdowell, michael lee Francis Newton stacey great to see you. Morning, good morning. We are zeroing in on covid19 Global Impact this morning, all morning, the International Death toll topped 82,000, and in United States, youve got new york, new jersey louisiana illinois, reporting highest daily death tolls yesterday it was the deadliest day despite saying outbreak appears slowing in some coronavirused 19 spot spots i throughed dplirmz of hope joining me member of White House Coronavirus Task Force Four star admiral, great you to on the Program Thanks for joining us. Thanks for having me. So i saw you, this week, on it be task force, at the task force, speaking out, about what is happening, give us your sense of where we are today, admiral of course the president has really become in terms of addressing this crisis, has been using words like horrific the worst the twoweek period can you sket the stage in terms of where we are this wednesday morning with coronavirus. This indeed will be a very grim week for many parts of the country. Where we are seeing the peak death rates, from coronavirus. Now what i want to explain i want people to understand is the people who are unfortunately in the icu, are facing really lifethreatening struggles were being infected two or three weeks ago we have to understand although peak of the illness is no i we see light at end of the tunnel social distancing the physical is working we are seeing a fall in the rates of new infections being diagnosed hospitalizations levelings off this is reflecting the all the positive effects, so although this will be a very serious week or two, in most parts of the country, we do see the light at the end of the tunnel. That is very important to keep our foot on gas continue physical distansing back to relatively normal america very soon. Your colleague dr. Deborah birx said try to stay away from Grocery Stores avoid pharmacies because she dont you want us around other people or is there something we need to understand there is something in the air in terms of Walking Around in a in a o Grocery Store. No, there is really nothing in the air it is all about physical distansing i love going to the Grocery Store every single day my wife and i do that great activity now you should not. Only the person who really needs to go to Grocery Store go to Grocery Store, make that once a week or once every four or five days it is just, exactly what weve been saying all long, avoid unnecessary social interactions when in Grocery Store may touch surfaces hundreds others touched may be near another at counter this is a normal precaution i dont think there is anything new she was saying, just minimize to the degree, but please, if you need medication, you have to go to pharmacy go if you need groceries you need to do that just do it carefully. Maria as we try to look toward opening of the economy, obviously, we need to understand, who had it will, who hasnt had it, about President Trump spoke out yesterday on testing during the Coronavirus Briefing i got to get your take on testing here is what the president said. 1,870,000 tests today. And now we are performing at a level that nobody has ever seen before. Cvs testing sites georgia rhode island using abbott labs rapidly 5 minute test means a lot of very fast tests. No nation in the world developed a more diverse robust Testing Capacity than the United States. I understand that now weve got the testing underway but there are when others tell me we still cannot get past go on testing, tell us about the pace of the testing also, will we get to a place where we have to mother who had it who has been inoculated somebody mention a data crisis all data maybe something that you put on your phone, where you say yeah, you know ive got the inokaylation passport i have been tested i am good to go i can go back to work how are you going to deal with all that. Really, really great question, all the tests to date have been testing do you have the virus, are you actively infected with virus can you shed to other people we have almost done two million tests by now we know an underestimate that continues to grow as more and more of the industrial might of the country cvss walmart big labs have this at a very large scale we are getting, the rapidly point of care test agency we move into reopening this country there is another kind of test called antibody test, this is relatively old technology, doesnt tell you if you have the virus now, it tells you did you have it in the past. Meaning you are likely immune a test we believe available literally in 10s of mlz first month on market very, very soon, so this will be able to tell you have you had it, are you likely immune to it are you likely very safe to go back to work, and not risk exposing other people you are going to see tests mix over the next month still actively surveilling for people may have active virus also testing, literally tens of millions of people as we get back to work to understand if they had it are they immune the more people who have had it again i dont want anyone to get sick anyone to die but more people had that it may have been asymptomatic engineers herd immunity more likely people can spread next year, we dont know that 1 5, , 10 . There are so many people we believe that may have mile cases are completely asymptomatic the antibody tests will tell us that. Maria if you are asymptomatic, but you have it you can you can at a can be transmitted to somebody else like your elderly parents . And you may not notice; right . In any case really correct, and that is why birx has been so adamant passionate about implosi. N implosinphysical distance being yes, you can be asymptomatic spread the virus that is a probably less, because you dont have as much virus you are not coughing sneezing being symptomatic but yes, you can still spread the virus why we dont want you to visit elderly people, because you might feel fine could spread to it them they could become were several ill or have a fatal case. Thanks for joining us great conversation, we will see you soon, sir thanks for all that you are doing. Thank you. We appreciate it a big hour ahead still ahead my exclusive interview with the Paycheck Protection Program we are going to see how he is seeing it in terms of getting that money, into employees hands i talk with ceo shake shack, about what the future of the Restaurant Industry looks like, post pandemic is he coming up with plans right now, to create a different Dining Experience . Given what we have just experienced dont miss that. Life isnt a straight line. And sometimes, you can find yourself heading in a new direction. But when youre with fidelity, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. A partner who makes sure every step is clear, there are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. 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Com maria welcome back, several lawmakers he coming under scrutiny reports they bought and sold stocks as coronavirus pandemic escalated, just before markets cratered joining me Senate Joint Economic Committee Member and Senate Health education labor Committee Member georgia senatkelly loveler. I want to get to prove i know you a lot of years i know that you know the rules, your husband owns the New York Stock Exchange youve got your rules that you followed, for years, and yet on march 10 you sold all this stock, march 10, 11 on march 11 President Trump announced restricting travel to and from europe you sold stock after you got a briefing on pandemic. Of course, was top secret doesnt look good senator you want is to explain. Absolutely thanks for asking this is exactly what this left wing blog wants you to believe published the story same blog attacking president and his Family Administration for the handling of coronavirus i want to tell you in all your viewers i have not profited never to proved from my motion i am here to serve all georgians i donate paycheck to charities doing hard work serving since i went to senate after nearly dictate career in private sector in Financial Services conducted myself with highest levels of integrity Third Party Managers manage all investments i have no communication with them this is cherry picking for dates, times, around events, that are completely unrelated to my Investment Managers decisions or any meetings or communications i have had. Maria so you didnt know any of the specific names they were plying or selling somebody said the other day day i was saying she didnt know what was being sold they said look maria not just what she sold actually will what she bought look at what you baht amazon, Citrix Systems a Networking Software company that obviously, was a going to do well during a shutdown. So what do you say about things you actually bought. Maria as i said, i dont buy or sell any of my stocks, my Portfolio Managers are looking at the economy looking at earnings looking at any number of factors i dont know what factors they take into account doing continuous buys and sells many purchases end up being result of option strategies implemented long ago i dont portend to understand the strategies when implemented, i report transparently through process in senate he ethics led to attacks on my portfolio, and i am here to tell you that all of those are transactions that i had no involvement in had nothing to do with any meetings i am in. Maria all right. Lets move on because i know there is an Investigation Underway we will follow it, but senator youve got fresh eyes in senate you come from the business, world, like i said, you have been in business a long time not just on exchanges, and bitcoin but, also, you are one of the owners atlanta dream so you have real opinions in terms of getting back to work, whether it be from business, or from sports. The president commented yesterday reopening the economy listen to this i want to get your reaction. There are some places that are hit very hard other places have not been hit very forward franckly we are looking another two ask enterprise the concept we open up sections also the concept where you open up everything i think we have a chance to really open big republican open catch where we were we have tremendous stimulus. How do you think the economy should we reopened senator. Look, irtotally agree the way the president is addressing this, we are looking at the health of americans, but also looking at health of the economy. And i know people are hurting, and i have been working hard to fight for georgians whether Small Businesses farmers others impact everyone has been impacted by this, and so i think his approach to listening to the medical experts scenes looking at how we reduce 2 impact i did my part in the senate to heshape cares act or being working hard to deliver that relief in form of Economic Impact checks Small Business loans i think we have to take a hard look how curve is getting flattened i think everyone is doing their part to do that through social distancing but we need o get back to work as soon as medical experts deem that is possible. Maria in terms of the cares act with a do you think, the will take to actually make people whole businesses some will not come back because they are shut down right now, do you think we will see a fourth leg of relief are we going to see a phase four stimulus package . I do, i think, i was speaking with leader mcconnell last night we are working hard to look at twice and an funding under the paycheck protections plan gives Small Businesses more relief. Expanding that potentially up to 600 billion dollars very, very soon. Legislation is needed i think we will take a hard look at that, make sure that it is targeted specifically at helping these businesses, stay on their feet, and make sure their doors stay open because keeping employers connected with their employees, those employees able to have benefits Health Benefits in particular they rely on is just critical. Maria what about long term senator how do you think this changes our lives long term . Think about your position on atlanta dream what is going on at wnba right now all sports being shut down look at the floor of the New York Stock Exchange, your husband is ceo of ice owner of the New York Stock Exchange no trading on the floor, is that going to come back . Do you think we do go back, to the same way we lived beforehand or there will be sort of fundamental changes the way we approach things . I think you are right maria, there will be some changes. I think you americans are eager to get back to their lives as they knew them. I think businesses will reopen, sports we are all missing sports right now one of the hardest things to have to go without one thing brings our country together, that unites us in a way little else can i think things like New York Stock Exchange looking at ways to keep everyone safe and then get back to business as normal, just like every other businesses, restaurants we miss our restaurants and bars, and our churches, and i think, everyone is seeking to return to that way of life. Maria for sure, the state of georgia faced criticism because it reopened beaches over the weekend, many people not practicing social distancing on those beaches, meanwhile, in neighboring states florida public beaches closed as well as piers did you move too quickly in georgia. What kansas did was move to bring consistency across patchwork rules requirements laid out by cities and counties across our state everyone is working very hard to comply with social distancing but Law Enforcement will address it, if people are not practicing that, and they are empowered to do that. Maria all right, senator great to have you this morning come back soon thanks very much. Thank you, maria. More mornings with maria right after this. These expect and way more. Internthats xfinity xfi. U get powerful wifi coverage that leaves no room behind with xfi pods. And now xfi advanced security is free with the xfi gateway, giving you an added layer of network protection, so every device thats connected is protected. Thats a 72 a year value. No one else offers this. Faster speed, coverage, and free advanced security at an unbeatable value with xfinity xfi. Can your internet do that . Maria welcome back, as coronavirus steps its reach across the globe so are cybercriminal ftc servicing nearly 8,000 reports of fraud will related to coronavirus, and the numbers are growing. Joining me right now is cyberguy you court. Thanks for joining in j. P. Morgan bank a conference cal talking about this what do we do to protect ourselves. Good morning, it is a really truly growing problem, 9116 spear about fishing attacks up 600 tracked by barracuda. Covid19 scams start only with a text email social media often through someone clicking a link then there is social media paying off, for the ground campaign, some schemes that are going on including this one louisville, kentucky offers testing in a tent in some parking lot that may not be legitimate. These are people trying to take your dna do not allow them to, every time we see you around here we gonna take you out. You cant test for coronavirus you are not even qualified to get out of my you hood a Community Activist in kentucky makes it mission to go around to a company that says they are offering covid19 testing, you will see tent pop up in a Church Parking lot maybe on side of a gas station, they put up a big sign, the fact is though there is no credible licensing behind it the Company Maybe a legitimate company, really offering dna test Everything Else regarding their he credentialing is very suspicious, so dont shell out 240 dollars that happens nor if somebody comes to your door knocking the offering home covid19 test those are not out on marketplace right now. Other ones you are seeing the top three scams online, is a text that is going on, this one, from looks like, from the health and Human Resources service it says there is a mandatory online covid test that you have to take, clicking the link you are infect by email you have run into a Family Member or somebody else in your circle a colleague, a friend, who has tested positive for covid19 you have to click this link to download instructions how to get emergency test that is as scam the last thing they need a trick sba realistic looking phony email going around, for Small Business offering Disaster Assistance grant followup click that, and youve just given your Remote Access to your devices to hackers it is horrible how do you stop this maria. Unbelievable. Dont click anything links that come to you period will related to covid19, instead, what you want to do is never, never, just go on your own, on google however, you get there dont click that link never wire send cash to is anybody a strange source dont reply or forward warnings even though you know obvious instead report it, ftc has ways to do that keep that Software Updated on your phones Home Computers laptops, so that indeed you are protected, to the best for schemes as they go on more at cyberguy. Com as well as 10 more just growing schemes while i do love you would love to hear you i notice my earpiece ifb went out i can only admire you from a distance without hearing you. Maria thank you. The bottom line everybody be careful, because they are coming up with lots of ways to get at your money including the 1200 dollars you may be getting from the stimulus package, we will slip in a break coming up my interview next up back being in a moment. Steps along the way. So we can spend a bit today, knowing were prepared for tomorrow. Wow dad, do you think you overdid it maybe . I dont think so. What do you think, peanut . Nope honey, do you think we overdid it . Overdid what . See . We dont think so, son. Technically, grandparents cant overdo it. Its impossible. Well planned, well invested, well protected. Voya. Be confident to and through retirement. But when i started seeing things, i didnt know what was happening. So i kept it in. He started believing things that werent true. I knew something was wrong. But i didnt say a word. During the course of their disease around 50 of people with parkinsons may experience hallucinations or delusions. But now, doctors are prescribing nuplazid. The only fda approved medicine. Proven to significantly reduce hallucinations and delusions related to parkinsons. Dont take nuplazid if you are allergic to its ingredients. Nuplazid can increase the risk of death in elderly people with dementiarelated psychosis and is not for treating symptoms unrelated to parkinsons disease. Nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. Tell your doctor about any changes in medicines youre taking. The most common side effects are swelling of the arms and legs and confusion. We spoke up and it made all the difference. Ask your parkinsons specialist about nuplazid. Welcome back. Good wednesday morning. Thanks so much for joining us. Im maria bartiromo. Wednesday, april 8 top stories 8 32 a. M. A solid rally on wall street ahead of opening of trading one hour away doss dow industrials up 260 points the high of the morning. Noble markets off lows given rally in u. S. Nasdaq up 101, s p up, up 31 check european indices red all morning long no unified response to coronavirus pandemic from European Union ladders talks will resume tomorrow ft 100 off lows down 40 points cac quarante also down 41 dax lower by 51, in asia japan closed higher following shinzo abe declaring a state of emergency rolling out nearly 1 trilliondollar stimulus package markets china south korea hong lower, wisconsin residents braving long lines risking ask exposure to coronavirus to vote in the primary today now to wait for results, Cheryl Casone with details, cheryl. Cheryl that is right, maria. We are not going to know results of wisconsins primary until next monday. Voters wearing protective about about masks lined up across that state the national departured handed out supplies, wisconsin only state in the nation to hold in person primary in the middle of the coronavirus pandemic, covid19 forcing tesla tighten its belt reportedly furloughing nonessential workers starts monday pay cuts the end of Second Quarter in production of fourth of vehicles stock up almost 2 premarket tjx, majority workforce due to pandemic workers going to be paid through this saturday management took pay cuts up to 30 Company Closed all 3300 plus stores and online operations, on march 19, the Parent Company tj maxx marshals home gooemploy 286,000 worldwide. Comedians shared new rules for coronavirus pandemic. Gran grandma leave her alone call their own the phone. Hug, i dont want my grandma catching any super bugs. Keep our distance from elders dont touch grandma keep to it zoom play canasta from across the room headlines back to you. Maria all right upsetting we captain see grandparents, parents for easter we look at expanding health to Small Business Trump Administration announced plans to ask congress for 250 billion dollars for Paycheck Protection Program treasury secretary mnuchin told me yesterday no matter what american businesses need more money the white house will in fact ask for it. Our First Priority the president said lets make sure we get this money out, the president has made clear if we need more for Small Business we will do that the president instructed us make sure we do everything Small Businesses employees are u. S. Economy u. S. Companies, have liquidity they need and, as i said, when we teed to go back to congress, for more money we are prepared to do that. Maria in fact they have, joining us right now exclusively on fox business steeple chairmen ceo ron geschenke bank participating in Program Great to see you. Thanks for being here. Absolutely good morning. So do you have clarity term of how to allocate capital now as a participant in this program . If talking about ppp program, you know absolutely. The government is has done a great job providing that surplus there is a lot of interest as there should be so businesses less than 500 that are looking to get what is essential a grant, need to apply Financial Institution and you can get up to, you know, 2 1 2 times a month salary will help Small Businesses for sure. Our Edward Lawrence reportingub in of loans approved 330,000 dollars disperse to do banks 88 billion dollars, and there are 3500 institution participating, what kind of businesses have you been lending money out to . You know it is pretty much across the board, certainly i believe, that the businesses that are severely impacted by covid19 are ones were trying to focus on, so you are seeing a lot of restaurants leisure, you know entertainment type businesses, and look the government has done a good job there have been some complaints the sba last year total did 20 billion dollars we are asking, them to process disperse 330 billion think about it if you are doing, 10 reps on machine take up 15 times on Health Machine see how that feels i think, the sba is doing a great job. And you know restaurateurs we spoke with on program pushing back saying not enough, because the ppp benefit is trying to incentivize Hospitality Industry to put people back to work before its actually safe, customers to visit businesses asking for timeline to be adjusted so restaurants can take advantage of it after the stream social distancing is behind, you understand the point that he is making right he is going to get the money, let the i got out the door to employees home that is not doing anything in terms of the viewability of his business he may still who to go bankrupt. Well, look, i think that i think that leads to a the next question, i mean first of all, it does help, okay . The real question facing the economy i want to say right at getgo here that you know we are in a Health Pandemic i have parents that are 85. We need to deal with, the social distancing and everything we are doing is very important. However, we do need a plan to restart the economy, in restaurants leisure travel, we need to start not only talking about flattening the curve that is first and foremost but we need to Start Talking about, a plan to get people back to work. And i think that that is a that is discussion needs to be occurring i know it is, but needs to be occurring, you know, right now. Tell us how we do that i agree with you everybody does agree with you want to get back to business, we are talking about a really sharp contraction in the Second Quarter, about about could be up to 30 could be up to 30 unemployment as well how do you restart the economy from your standpoint. Well you know first, i think that it starts with testing just think about it maria. What is going to make people comfortable to gather again what is going to make people comfortable to go to a restaurant get together with friends, go to supporting event i believe, that testing tracking are going to be very important there needs a coordinated plan, at not only to get tests out there, but let people feel comfortable, that they have been tested maybe they have may be they have immunity i feel it is critical, to the restarting of the economy, that people feel comfortable getting together, again. And and i think that starts with testing. Yeah then data the data crisis that we could be facing as well, i just spoke with the admiral that we are going to have all data about who was inoculated got it, are immune we need that information in a quick way. So i suspect the private sector will be there to help in terms of what how that will play out, one source said to me it is going to be like inoculation passport you will have quick on phone to show i am good to go im going back to work. Yeah, i you know i wont think about all the constitutional issues with that. I agree we need something, like that, for sure. So you know if we get past we will definitely do i private sector will be instrumental getting that done. How severe do you think this is going to be we jammed about jamie dimon early saying we are headed into quote unquote a bad regulation that if it gets to be too stream board would consider suspending the dividend, you have got a lot of dire comments from jamie dimon, in the face of this, what do you see from your standpoint do you think it is going to be a recession second and Third Quarter . Do you think we will see a rebound in the Fourth Quarter how severe will characterization be if if i knew allance could i give a good stock market predicts i dont believe by numbers we are having a recession gdp going feedback down 15, 20, 30 Second Quarter unemployment going to reach 10 we are going to have a recession. However, if we are able to have a plan, to flatten the curve, and to to get the economy going again, safely, you are going to see, in my opinion, a very sharp rebound, it will take a while to get back to where we were, how fast will people get on airplanes, but, again, if we have a plan, to reenter, it we will have a quick rebound, absolutely. So i i dont see the dire go ahead finish your thought ron. I am listening. Treasury secretary mnuchin yesterday asked congressional leaders to swiftly commit to additional 250 billion dollars, on top of the 350 billion for the ppp, do you think that money is needed right now . Characterize additional 250 billion what that would do for this program. Well i do, i do think needed when you think u. S. Economy driven primarily by Small Business. An economy that will 0330 billion dollars kind of a drop in the bucket to help support businesses two months i think we will need more, look the government has down a really good job, with the stimulus, package the 1200 dollar the fed is go has done a wonderful job of pumping liquidity, here is the thing to think about maria, that i worry about if you want to ask me what i really worry about in Financial Services we dealt with liquidity issue it was quickly solved liquidity was not you know still have issues fed, but if that liquidity issue turns into a credit issue because, now people cant pay for an extended period of time you are going to see this rip through the economy in terms of credit. And that is why we need to get the economy back. The in the last thing i would say that goes to the i tell my parents look mom and dad, when we come back, are, covid is not going to be eradicated you are going to need to stay kwrnd you are older need to do that a lot of people are going to be getting back. Thank you, maria. For sure, that will change, that will change a lot for how we operate thank you so much. Maria welcome back in last hour former white house steve strategy steve bannon joining me whether china have be held accountable for coronavirus and this crisis. Chinese communist party knew about human to how many transmission in december, all of this kovb stopped this is a murderous group of gang strz theyve got to be held accountable by world. Unfortunately Chinese People suffered as a result of this they have been suffering not first time Chinese Communist party did something begins the people, they have been tracking the people giving them social score as regular practice that is how they operate. Dagen i said this before communism we either kill you accidentally or intentionally this is a virus spread around the world because of their inaction, because the World Health Organization was working in have concert with the communists lying to the world about what was really going on you know genome was mapped end of december it was not released and Chinese Government destroyed samples did not publish findings taiwan warned the World Health Organization in late december, that there was evidence, that this virus was being transmitted from humantohuman when did they reveal that . They didnt then two weeks later, the World Health Organization shade preliminary investigations conducted by china, found no clear evidence of human humantohuman transmission lying all of them people are dying because of it maria yes cerp whistleblower that doctor said we need to wear protective gear were being exposed to coronavirus, well they took him out of his job, arrested him now unfortunately he is dead. We will be right back with ceo of shake shack after this. Or too late. Or too late. Or make me feel like im not really there. Talk to your doctor, and call 8442342424. Bewere bringing the theater home to you with xfinity movie premiere. Such news. I know what this is. This is a real thing. Our Brand New Service that lets you watch movies at home, while theyre still in the theater. Oh, mister elton. Ahh he has figured out a way to be invisible. They picked the wrong woman. Just say xfinity movie premiere into your voice remote to bring the theater to you. Maria welcome back. Keeping the Food Industry afloat amid coronavirus. Shake shack among big name restaurants introducing ways to keep business going during a virtual economic shutdown. Joining me is the ceo of shake shack, randy garutti. Thank you so much for being here. Thank you. Appreciate all youre doing to cover this story. Its always good to see you. Maria i am really impressed with what shake shack has done in terms of adapting to this. Whether it be doing the curbside, changing the menu up, delivery, you also incorporated an athome pack that includes all the ingredients you need to make a delicious shake shack burger at home. Tell us how shake shack has adapted to this crisis. Look, its been a tough time. Obviously we are deeply impacted, like everyone is, and in our own way. We have come off of our biggest growth year yet in 2019, grew more than 30 . We had ambitious goals, open more shacks around the world than ever this year. Nobody could have planned for whats happening here. But listen, businesses need to pivot. We need to figure these things out and we have one goal right now, taking care of our team and making sure we can provide as many jobs as possible. In order to do that, we have to pivot. Every restaurants dining room is closed, nearly all restaurants are still open. We have never owned a drivethrough ever. Shake shack was born in a park, a Community Gathering place, and we decided lets open drivethroug drivethroughs. We figured out how to take care of our team, greet people as they go, curbside pickup, our own app, and making sure that in this time where we are all a little bit anxious, little bit fearful, that when you want that comfort, we can get it to you. Maria so randy, how much of this, whether its the drivethrough or the pickup service, how much of this is going to be with you past the pandemic . Do you see big changes in how we dine out . Are you now making plans in terms of putting tables with more space among between them . You already had to lay off 20 of your new york corporate staff, i know that, and some executive salaries have been cut, but do you see other changes happening that will be with us longterm like a different way to dine . Yes and no. Maria, you are uniquely qualified, having grown up in a restaurant with your parents business, right, you say what did that place mean, what did shake shack mean to people. There is a fundamental human need for people to come together with other people. We cant do that right now, but we are going to do that again. It will be different. It will evolve. But you can bet when people are allowed to come back together again, we are going to be craving that and we will do it safely and we will do it together and people are going to want to go to those places where they have the best memories, where they have the best comfort. So i believe we will have to have more than ever the combination of that experience with convenience. People will come out of this knowing that we can do our interviews from home, knowing that we can buy everything to our door. I want to know im picking it up really fast, i will preorder on the app, i will have delivery. We work with goldbelly and traded the opportunity to bring our antibioticfree to your house so you can order burgers at home. Every business will find a way to add that convenience but we arent getting rid of the experience. You can bet people will want to come together again and those are the kind of places shake shack has built and will get back to building as soon as we can. Maria so in other words, what youre saying is you will come some things like the ability to have the recipe, do your own shack burgers at home, you will have in some cases drivethrough but you are still going to assume that we will gather, we will come together. You can keep the dining rooms as they are. I think there will be an evolution. Its hard to know what to expect but i expect we will come back in some limited form as we open dining rooms. But this is why its our time to strengthen our Balance Sheet, which we have done, and double down on the investments in the ecosystem that weve built so that all that convenience and ease is there for you wherever you want your shack, however, whenever, and making sure we come out of it and support. Maria im glad you mentioned that. Shake shack drew down on the money available in your credit agreement. Are you going to look to take any money in terms of Small Business from the ppp program . We are. You know, we are qualified to do so. We have applied. It will be a small but important loan for us and will help us do exactly what that program is designed to do. Look, its imperfect. Everybodys got their own story here. But if it can help us to continue to pay as many employees as possible, continue to do those things that the loan program is meant to do, i think its going to be good for us. More importantly, we drew down our first ever debt. We have never had debt in this company. We never imagined that. We have been able to cash flow [ inaudible ] more than 30 but its time we strengthen the Balance Sheet. We will be looking to continue to do that as we go, because we are going to wake up from this in a forever changed retail landscape for certain, definitely in restaurants, and i think those companies that can show that they can get back to growth, that can be building the things that people want, shake shack was born in the Great Recession of 200809. Maria thank you. I know, randy, you are going to be my special guest, you will be my special guest this weekend so we continue the conversation then. Randy, thanks very much for being here. Randy garutti from shake shack. That does it for us. We cut into varney company. Want to get to ashley webster, in for stuart today. Take it away. So sorry about that. Ashley no worries at all. I feel like i want a shake shack now. Good morning, maria. Good morning, everybody. Stuart, i can tell you this, will be back tomorrow. We look forward to that. As for