Transcripts For FBC Mornings With Maria Bartiromo 20240713

Quarter gdp. All coming up at 8 30 a. M. Eastern and investor reaction. Reaction from u. S. Labor secretary Eugene Scalia, hes here live at 8 30 a. M. Eastern. Ahead of the numbers, markets mixed. Markets surged yesterday but this morning dow futures up 75 but the s p and nasdaq futures negative. This on top of yesterday when the dow closed above 25,000 for the First Time Since march tenth with big rally yesterday at the close on wall street. As you see the dow industrials up 553 points at the close yesterday, nasdaq was up 72 and s p 500 yesterday up 44. President trump versus social media. White house reportedly set to take executive action to hold companies responsible for stiffing free speech and the Michael Flynn controversy deepens this morning. Attorney general william barr announcing brandnew investigation more unmasking, looking at what happened before and after the 2016 election. Plus major travel destinations returning, las vegas resorts ready to welcome guests once again, disney world theme parks to reopen gates in midjuly but might look like a whole new world inside. Plus sea world ready to make a splash in a few weeks. Interim ceo mark is with us this morning, 7 30 a. M. Eastern on the demand hes expecting and measures to keep guests safe. Mornings with maria is live right now. Global markets are higher, maxal proves across the board. Ftse 100 up 25, cac quarante up 20 and dax index up 21, European Union proposing a 2 trilliondollar response to the pandemic. Still needs the backing of all 27 Member States, we will be watching that. In asia overnight markets were mixed. Investors were balancing optimism over economys reopening and concerns over china clamping down on chinas freedom and what it would mean for its relations across the world. More than 100,000 americans have now died from covid19, recoveries in the United States topping 391,000 people as more states announce new steps to reopen. Beginning tomorrow washington, d. C. Will reopen Outdoor Dining as well as hair salons and barbershops also in dc. Residents in some california counties will be able to eat inside restaurants beginning tomorrow. And in maryland Outdoor Dining youth sports even outdoor pools can reopen tomorrow as well. The nations top Infectious Disease doctor claiming a second wave of coronavirus is avoidable, dr. Fauci says americans have to be vigilant. Meanwhile cdc is backtracking once again saying that a person, in fact, can be infected with covid19 by just touching a contaminated surface. President trump expected to sign an executive order aimed at social Media Companies later today as the war of words between the white house and twitter ramps up. The controversy growing after twitter tagged a factcheck to one of President Trumps tweets claiming mail in ballots were fraudulent. Big tech doing everything in their considerable power to censor. We will have reaction from facebook ceo Mark Zuckerberg. Is stock is down 1 under pressure in the premarket. Historic spacex launch scrubbed 17 minutes before liftoff due to bad weather, President Trump and Vice President to watch. The president will return to relaunch. Thank you to nassau nasa for hard work and leadership. U. S. China tensions escalating. Secretary of state mike pompeo certifying to congress that hong kong no longer enjoys a high degree from autonomy from china, threatening its standing of International Financial hub, the founder of atlas organization, the author of the book chinas vision of victory. Dr. Jonathan ward. Fox business Dagen Mcdowell campus reform Cabot Phillips and mike tepper. Jonathan, lets kick it off with you. I want to get your take on the significance of secretary pompeo coming out and noting that theres no longer the autonomy that we expected in hong kong relative to china. Also assess the situation of where we are today in hong kong. Absolutely. I mean, this was supposed to happen in 2047, 20 years from that date, hong kong would become fully part of the peoples republic of china and at this point they will enforce National Security measures that you see in much more troubled places, so, you know, it is the end of one country two systems. I think the country is recognizing that and that opens door for action as they start to move forward on their op registration on hong kong oppression on hong kong. At the end of the day, the regime is pressing every front from india to South China Sea, they are doing horrible things up there and, now, of course, into hong kong, unrestricted way, so we can no longer be funded regime through western capital. Global Financial Services is about bringing capital into china and working out to stop the capital flows. Maria in fact, i believe senator kennedys bill passed committee yesterday and that bill focuses on those Chinese Companies that are trading on u. S. Exchange, jonathan, im talking about the the adrs of Chinese Companies trading on nasdaq and New York Stock Exchange and he says if they do not follow the accounting standards of the United States, they should be yanked off of those exchange. That bill did Pass Committee yesterday. Right, china for a long time has considered accounting to be what they call a National Security issue, so they dont reveal that. They consider it state secret. We have to go further because at the end of the day, you and i have been talking about military fusion for a year now and you have all of the regimes owned by the state and doing the bid ohing testify state and at that point going around the world on belton road and building up the infrastructure of chinas power and we have to cut anything thats related to military fusion and repression inside china whether thats in hong kong, that means a lot of tech companies, certain banks and programs building up their military and stifling off civilian innovation. A long list of companies and Many Companies are being funded through things like mci and we will have to work on the entire list. Maria what about the issue of intellectual property theft to jonathan, the Trump Administration reportedly plan to go call the visas of thousands of chinese graduate students and researchers in the United States if they have ties to military schools. Thats according to New York Times. Senator tom cotton and mash Shea Blackburn have unveiled a new bill which would block chinese nationals from receiving visas to study science and engineering fields in the United States. The bill basically prohibits chinese nationals from receiving visas from the u. S. For graduate or postgraduate studies in stem fields. It would place restrictions on participants in Chinese Foreign recruitment programs, such as the thousands talent program. Talk to us about that. You definitely have to go after the Thousands Talents Program and this is something that the fbi has been aware for a while. The design to have foreigners serve china, thats sort of the agenda, the idea, so you have to crack down on that and we have to do with allies and partners around the world. Its not just the United States, its global. At the same time at have a careful of scrutiny of anybody who is linked in a certain way to the regime and coming into programs that could have dual use purposes. We have to look at all of that, one dimension of chinas intellectual property theft program. Companies will need to harden themselves against intrusions by particularly in sensitive areas and industries an thats only going to get worse as we try to cut aspects and economic ties to china. We can still do a lot of this through cyber. You to go after the whole picture and understand strategic goals. They are still working on made in china 2025. They still tend to dominate industries from ict, biotech, shipping and aerospace. Its clear what they are after and that will make target for us easier. Maria at the same time yeah, go ahead. Jonathan every ceo in America Needs to rethink china strategy. If growing to china is base growth you need to rethink strategy. The diplomatic relationship is, you know, going very badly. They are calling secretary pomp bow enemy of humanity. Maria well, its hard to differentiate its hard to differentiate what students are here to actually learn and and create value and stay here and which students are just tied to the Chinese Communist government and are stealing data and goes right back to Chinese Government and then you look at the map of the world. First youve got the hong kong situation where china is the Chinese Communist party is starting overreach there, you have overreach in the South China Sea. The Chinese Communist party militarizing the china South China Sea and you have india, the troops at the border, india and china, militaries from both countries in a bitter standoff right now with moving thousands of troops in area, dehli moving and President Trump says that the u. S. Is ready and willing to mediate, jonathan, your specialty is china and india, how do you read this . Jonathan china and india fought border war and changed relationship forever. They were trying to be friends coming out of Indian Independence and tense ever since, increasing pattern to the border crisis. They usually take shape in one sector on the border. This time its both the western sector and the central sector and the central sector has been traditional more stable and at this point all of the infrastructure building thats going on on both sides as they both increase capabilities for border defense, this is starting to lead to the tension that is you actually have ahead of the big border war in 1962. At this point china we have to remember that china we have to see what they can sustain. You the global pressure of coronavirus as pandemic and then you have china pushing on all the different fronts including being willing to sacrifice their relationships with the United States and with india. Generally speaking they are fighting a twofront strategic contest with the u. S. In the pacific and indian ocean and across him himalayan border. We should have indias back on this. Maria well, the president said that we are ready to mediate. Big show this morning, i will speak to jim on reshaping the industry, wait till you hear what he says how things will be different when we get out of this. Senator senator Martha Mcsally, also sea World Entertainment interim marc swanson with his insights and in the 8 00 a. M. Hour former National Economic Council Director and former Goldman Sachs president and coo gary is here with the expectation of the economic recovery, u. S. Labor secretary Eugene Scalia. And then star wars capital, state of travel industry and reopening of america. Quick break and we will be right back 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, markets are mixed this morning, futures indicating a mixed opening with the dow industrials up but the other indices lower, take a look, futures a gain of 87 points on the dow, Sports Fever Television Network futures are down 1 points and nasdaq futures lower by 50 points. U. S. Stock markets focusing on reopening certainly as well as hopes of a Coronavirus Vaccine and treatment this as key Economic Data is out, jobless claims, First Quarter gdp, second read, both due autoat 8 30 a. M. Eastern. Estimates calling additional 2. 1 million jobless claims last week. American airlines and boeing announcing additional layoffs in the midst of covid19 economic downturn. Joining us to talk about this cornerstone ma crows michael, always great to see you, thank you so much for being here. Micheal good morning. Maria your reaction to all 50 states having some opening at this point. What is it doing in terms of Economic Activity that you see and compare that with the backdrop for this market activity as well. Micheal we have seen early signs of recovery in housing data. Thats actually being quite strong, purchase index recovered back to levels that were before coronavirus and housing is the first to pick up and the others like pmi data and data that covers the northeast and the philadelphia and slowly around the country we are going from data at suppressionary levels to better levels and its help to go lift the markets in several weeks. Maria michael, you think we have hit the worst in terms of Economic Data . Micheal in a way is as good as it gets. We have tremendous amount of global stimulus, weve had good news on the virus in general. We are opening up and now we are actually seeing the data improve so for the time being we think its as good as it gets and the markets more or less fairly valued and the risks are more symmetric certainly when the market was a lot lower. Maria how do you invest in this environment, michael . Weve talked a lot about growth and you certainly have been following growth but a lot of the growth names, Technology Stocks have seen valuation outsized compared valuations to actual reality of growth. Micheal what was interesting from year to date, the beginning of the year, Growth Strategies including defense outperformed by a landslide and on the recovery, something thats unique and recovery in the market something about stimulus than initially better data Growth Stocks that continued to lead the way on the recovery and so right now theres a big debate on wall street about is it time to get back into value and other cheaper parts of the markets than the one issue we have with that right now is that the market has done a lot of the heavy lifting, a lot of the lowhanging fruits, gains are behind us and so from here to stocks outperform i think it would be a high bar. Maria okay, so dont dont expect the riskier names to outperform. Michael, good to get your insights as always. Thank you so much. Michael kantrowitz, we will be right back. Stay with us. [announcer] weve all seen it. The story where the chances are low, and the cost is high. The sacrifice is real. Its all around us. But this isnt a story about how tougher times beat us. This is our comeback story. The time when we rally and come from behind. The time when we defy the odds and get back to work while the whole world watches. Yeah, this is your comeback story. And when its time to come back, well be ready. Maria welcome back, facebook founder Mark Zuckerberg weighing in the controversy. Social media media mogul says that he facebook would handle things differently. I wonder if you thought that twitter may have made the wrong decision here. We have a different policy than twitter on. This i just believe strongly that facebook shouldnt be the arbiter of truth of everything that people say online. I think in general private companies probably shouldnt be or especially the Platform Companies shouldnt be in the position of doing that. Maria meanwhile President Trump is preparing his own response reportedly drafting an executive order which will curtail Legal Protections which currently shield the Technology Giants from liability for what gets posted on their platforms. Dagen mcdowell, could this move spell trouble for both companies . This is an issue that you been talking about for years in terms of liability shields that the technology, social Media Companies have in place currently. Dagen the shield has been in place since 1996. It is section 230 of the Communications Decency act and it prevents social media form Companies Like facebook, twitter and even youtube for bearing any liability for what their users post. You will be a publisher but you still want Legal Protection that is youre not a publisher, you cant have it both ways. I will point out that in this draft order that President Trump could introduce today, this is something that actually adam schiff had got behind about a year ago, this has been front and center in front of congress for a year or even longer. Thats why Mark Zuckerberg is peaking out and just a couple of things about twitter and then getting religion about the president s tweets, well, one of the men who works on the post policing team is a hard leftist who has compared Kellyanne Conway to propaganda administer of the nazi regime joseph, so lets point that out. The gentleman is on the front page of the New York Post today, if twitter is going to factcheck the president of the United States, try to factcheck china and their ministers of misinformation and disinformation because twitter only put in a factcheck on the spokesman for the communist party after they were hammered by the New York Post and this was a post related to saying that the United States started the coronavirus. If they are going to stand up and try and crack down on speech in this country, then those Liability Protections are going to go away for twitter and facebook potentially. Thats why zuckerberg is concerned. Maria i think most people see this as total political politics. I think what youre saying right now people understand and particularly what is on their face to actually not call out chinese and what theyre doing to the world. Will twitter survive . What does this mean for investments around social Media Companies . Yeah, they are playing with fire here and, you know, President Trump is being reasonable about his position. Theres no doubt that theres more censorship when it comes to conservative post and hes merely trying to level the Playing Field on how information is being spread via the internet. If you see a company like twitter censoring everything that has a conservative tilt to it, thats people arent going to want to utilize twitter. Daily average users will go down and when Something Like that is happening to a company like twitter where daily engagement means everything to them, the stock price is going to suffer. Certainly theres a big issue there with what they are doing. Maria and by the way, i think that the conservatives would like to see the market take care of this so it may very well that a competitor comes in and starts taking market share and thats what you want, you want free markets to take care of the problem rather than Big Government but we will likely see Big Government come up with new legislation. We will take a break, when we come back crackdown on china deepens. Beijing imposing national National Security laws over hong kong and its freedom. The Trump Administration is taking action. Opening the gates, the worlds biggest theme parks begin to go roll out carpets to visitors, thats next. Stay with us. With dollarbased trading you can spend what you want, even on just a slice of a share. And my side super soft . With dollarbased trading you can spend what you want, yes, with the sleep number 360 smart bed, on sale now, you can both adjust your comfort with your sleep number setting. Can it help me fall asleep faster . Yes, by gently warming your feet. But can it help keep me asleep . Absolutely, it intelligently senses your movements and automatically adjusts to keep you both comfortable. So, you can really promise better sleep . Not promise. Prove. Dont miss the final days of the Memorial Day Sale, save 1,000 on the sleep number 360 special Edition Smart bed, now only 1,799. Ends sunday. Just for healthcare workers fighting covid19. Learn more at massmutual. Com healthbridge maria good morning, welcome back. Im Maria Bartiromo and it is thursday may 28th, your top stories right now. 6 32 a. M. On the east coast. U. S. China tensions are rising once again. Beijing approving security law that strips freedoms from the people of hong kong. The white house is considering action and condemning this move meanwhile markets are mixed this morning. Take a look at futures indicating a gain for the Dow Jones Industrial average but weakness elsewhere. S p 500 slipped into positive territory with point move higher and nasdaq lower by 35 points. Markets surged yesterday, dow closing above 25,000 since march tenth, tripledigit move with dow, nasdaq and s p 500 now up better than 35 from lows which were hit on march 23rd, yesterday up 553 points at the close on wall street for the do i. Global markets this morning are mixed, mostly higher in europe, though, take a look at european indices, the European Union proposed 2 trilliondollar response to pandemic. Still needs the backing of all 27Member States, right now ftse 100 is up 41 points, cac quarante is up 37 and dax index higher by 53. Investors balancing optimism over the economys reopening and Economic Activity with concerns over china clamping down on hong kongs freedom and considering to deteriorating partnership between the u. S. And china. Meanwhile an pence multistate manhunt for College Student wanted for two murders. Cheryl casone with the details. Cheryl captured in maryland after 6 days on the run. The university of connecticut senior arrested near a gas station last night. Just hours after being spotted in a pennsylvania Convenient Store near the maryland border a gun believe to have been used. Accused of killing two people including one of his childhood friends. Well, protests over the death of george floyd turning violent overnight, one man killed in minneapolis as outraged americans are demanding justice for the killing of the unarmed black man. Thats scene in front of a target store. Protestors on social media video burning and looting businesses and in los angeles, look at this, hundreds of protestors stopped traffic on 101 freeway and then they shattered the windows of several Police Cruisers that were jumping on Police Patrol cars as well during all of this. Now, officers claim floyd was resisting arrest but new video appears to contradict that. Shows floyd cooperating and was escorted to the cruiser, he died after an officer showed moments later. President trump is calling on the fbi to investigate. Several Las Vegas Hotel casinos including mgm resorts, wynn resorts all plan to reopen on june 4th, disney looks to turn the magic back on on january 11th, starting with Magic Kingdom and Animal Kingdom parks after fourmonth park. Still need approval from governor ron desantis. A closer look what is next for sea world when maria speaks to interim ceo marc swanson, that interview 7 30 a. M. Eastern time. What is trending this morning on foxbusiness. Com billionaire icon with significant losses after bankruptcy losses. He sold 55 million shares. Apple beats netflix, Apple Original paramount will distribute in theaters. 350 million to produce. Popeyes offering 3 to 5piece dinner, chicken wars are still going on. Americans are still eating and loving that. Maria they sure are, cheryl, thank you. U. S. China tensions reaching a boiling point. The Trump Administration is planning to cancel visas for thousands of chinese graduate student who is have ties with universities that are associated with the Chinese Military. According to New York Times this morning beijing approved measures earlier today that could undermine hong kongs freedom and western ideals making it fully part of china. The state department making it clear yesterday that the territory is no longer autonomous from china even going so far to say that china is modeling hong kong after itself. Joining me right now state Department Spokesperson morgan ortagis, thank you so much for being here. Thanks for having me, maria. Maria this is pretty serious stuff, morgan. Lets talk about implications and hong kong and what the president is saying when hong kong is no longer autonomous, what are the implications of that statement, morgan . Thanks, maria, so we are required, the state department is required by law to certify to congress the autonomy in hong kong and essentially what that means is in 1997 the Chinese Communist party committed to hong kong and to the world that hong kong would remain autonomous and that they would be independent of the Chinese Communist party, so since last march when we last certified to congress we have seen a number of things that happened beginning with extradition law and then you saw protests, many protests to have extradition law where hong kongers can be subject, going back to mainlanded for any sort of prosecution and we saw violent crackdown of the protests and this has been boiling for over a year and the hallmark of the Foreign Policy of this administration is recognize reality arnold the world. Secretary pompeo cannot go to congress and certify that hong kong is still autonomous because as we saw overnight the National People of congress has passed National Security legislation which is essentially a Chinese Communist Party Takeover of hong kong. Maria you know, its interesting what has taken place here but the entrance of china in the wto was something done in good faith on the belief that maybe china would see democracy elsewhere and say, well, you know, what we like democracy, yeah, this would be good for our people and capitalism is okay even though we are a communist, but morgan that didnt happen, in fact, theyve gone hard line the complete opposite so they have disappointed those that were encouraging the wto inclusion, isnt that right . Morgan youre right, maria, the Third Administration ive worked with. Ive worked for democrat and republican president s and i can tell you that until this administration both parties got it wrong for almost 40 years and its not for lack of trying. I think it made sense to try to bring china into the wto at the time but what we have seen is what we had hoped to happen, when they did business with capitalist societies that they would open up, become more free but under general secretary xi that has not happened in china, in fact, we see that their being more belligerent around the world. You can no longer ignore the actions of the Chinese Communist party in hong kong. You cant look away and again the Trump Administration, we are basing Foreign Policy as we see the world for the reality that it is, not as we hoped that the world would be. Maria yeah, and, you know, we had jimmy lai on this week live from hong kong and he said the situation is getting real dangerous on the ground. Business leaders i think are little by little getting it in terms of the threat to National Security that china represents but the president of the u. S. China Business Council is urging all to deescalate, maybe taken the one country two systems model that has been in place since the territory was hand today china in 1997. Morgan, will the u. S. Target individuals to have u. S. Government so that the people of hong kong do not bear the brunt of any american action, whats the next move here and what i was really looking for when i said the significance of the autonomy statement by the secretary is what kind of liberties does hong kong have now that it may very well not be able to enjoy given the secretary of states, you know, pronouncement that theres no more autonomy. Morgan this is step one and we have clearly making the step that we cannot certify that it remains autonomous. I dont want to get ahead of the president. He has a lot of options on the table many of which you have mentioned this morning but in reference back to the person that you mentioned from the u. S. China Business Council, we agree that china should be respecting the two systems, the way that it was supposed to be set up in 1997 under the basic law. We can no longer certify this, so the media doesnt need to look at the discussion in my opinion about necessarily deescalating from the end of the United States. It is china, Chinese Communist party thats arbitrarily arrested people like jimmy lai, prodemocracy protestors that have instituted law that is have gone around the Judicial Independence and hong kongs body of lawmakers and what we are seeing is important for the viewers to know, the legislation passed overnight in the National Peoples congress in china essentially calls the freedomloving protestors terrorists. They are using National Security in order to justify violent crackdowns on democracy and so i think we will see what President Trump and, of course, the congress has many options, i dont want to get in front of any announcements, we will see what they have to say today. Maria real quick before you go, i know its difficult to differentiate who is working for the communist party and who is actually studying here in an honest way to to progress, but what about this bill from tom cotton that says you want to limit visas and what about the New York Times report today that the president will pull visas of anybody who has ties with the Chinese Military, student visas, morgan . Morgan yeah, we dont have any announcements from the state department on that. And what i will tell you we look closely in the past year and scrutinizing the visa process for entry into the United States. One of the things that we have done, for example, is that we looked at these quote, unquote journalists, quote, unquote Media Companies. These are really Chinese State propaganda outlets in the United States and we have taken action there to decrease their numbers significantly. We are not going to allow, you know a complete propaganda outlet to operate freely here. We believe in operating with china on the principle of sovereignty and mutual respect, but unfortunately we are not seeing that and we have to say theres a big difference between complete propaganda outlet like the wall street journal and newk times. Maria they threw out the journalists. We appreciate your insights on this very important topic, morgan ortagus, more mornings with maria after this that continued emphasis on people our advisors, associates, clients and communities gives us purpose, strength and a way forward. Today. And always. Now every bath fitter bathbath fis installed quickly, safely, and beautifully, with a lifetime warranty. Go from old to new. From worn to wow. The beautiful bath youve always wanted, done right, installed by one expert technician, all in one day. Weve been creating moments like these for 35 years, and were here to help you get started. Book your free virtual or inhome Design Consultation today. Maria welcome back, some coronavirus shutdowns are easing with malls and Shopping Centers welcoming back customers this week, but theres been a lot of pain for retail, not just stores that have suffered food options popular in malls, food courts, airports also feeling the pinch including those owned by focus brands, auntie annes pretzels and cinnabon. Talk to us about the situation today given the loss of foot traffic. Yeah, good morning, maria. I would say theres been quite a bit of pain over the last couple of months. Im pleased to report that there could be light at the end of the tunnel based on the Sales Numbers we have been seeing over the last couple of weeks. You know, the pain hasnt been equally distributed across all segments of our portfolio to your point malls have definitely been hit the hardest simply because theyve been closed, right, and then all of a sudden you can look at other segments of the business, for example, some of our sandwich brands like schlawtkis, again, a little bit all over the board but definitely malls have been hit the hardest. Maria so what do you do here at this point given the loss of business, i know that youre shifting to stand alone stores, mobile units and even food trucks, tell me about that and would you be able to regain the revenue position that you were at with this new shift . You know, all malls arent created equal but i dont know if you know that they tend to be categorized based on sales per square feet, right, but the good news is that most of the malls that we are in are what we call a or b malls, they are really, you know, thats where you will find most of the foot traffic. These malls are are largely beginning to open, foot traffic is not up obviously to prepandemic standards, but customers are returning, retailers are returning. Its going to be my guess is a few more weeks before we are seeing any kind of traffic in malls these days. Maria all right, we will leave it there. We know its been a tough period, jim, we hope that you come back. Jim holthouser. See you soon. Country music legend releasing brandnew hit and we have it right here coming up next. Maria welcome back, its time for morning buzz, first up if your kid is a picky eater like i was it may be partly your fault. New study Shows Parents who put measure pressure on their kids eating habits may cause them to exert more control over what they consume. Mark, what do you think, are your kids picky eaters . Yes, they are, this is absolute gold, so, you know, i guess it explains why my wife and i have been serious, Serious Problems with 8yearold son, the dude literally only eats chicken fingers and macaroni and cheese and once in a while we find ice cream wrapper underneath his bed. One of the recommendations here is to get the kids involved in preparing the food and i could tell you from experience recently ever since this crisis started ive been having my son join me for a short workout in the morning and then we go upstairs in the kitchen and we make our own smoothies together, so thats been working very well. Now we have to figure out how to master lunch and dinner, so maybe cutting veggies, grilling outside, we have to get that done. Maria i like that idea. That is good. Make them part of the solution. All right, how about this . Dolly parton save us, will she save us from boredom, she has a new song, watch. Maria the National Treasure herself releasing when life is good again inspired by Lessons Learned while staying home during the pandemic. Dagen, we love dolly parton. Dagen shes one of my favorite people on planet earth. Shes the queen of the United States. I got to meet her a few years ago and shes as lovely and gracious in person as you can imagine. Dolly has donated so much money over the years. She recently donated a Million Dollars to vanderbilt for covid19 research. What cant this woman do . She wrote i will always love you and jolene on the same day in the 70s. Two of the greatest songs of all time. Maria that is great. Thats good. Good point. Yeah, shes been on the show. I love her too. All right, lets take a break. When we come back i will speak with ceo entertainment ceo marc swanson as park plans to reopen to the public, next hour right here mornings with maria. Stay with us. Depression to exuberance. D name many, many cycles like that over the years. My generation, having come through so many wars and so many things. Persistence. Its the heartbeat of this country. Stick with it. I want to show you something really important. Are you guys ready for some weirdness . Let tubi bring you thousands of movies and shows. 100 percent free. So, when real life is a little too real. Wake up will you accept this rose . Deal or no deal . I like to push the envelope. Stream your favorite reality shows. We are kind of a big deal here . Some Companies Still have hr stuck between employees and their data. Entering data. Changing data. More and more sensitive, personal data. And it doesnt just drag hr down. It drags the entire business down with inefficiency, errors and waste. Its ridiculous. So ridiculous. With paycom, employees enter and manage their own data in a single, easy to use software. Visit paycom. Com, and schedule your demo today. Maria welcome back. Good thursday morning, everybody. Thanks so much for joining us. Happy day to you. Im Maria Bartiromo. It is thursday, may 28. Your top stories, 7 00 a. M. On the east coast. U. S. China tensions are rising once again. Beijing approved a security law that strips freedoms from the people of hong kong. This after the u. S. State department declared hong kong no longer autonomous from china. A bill calling for sanctions against china over Human Rights Violations is headed to the president s desk his morning. Coronavirus deaths in america surpassed 100,000. Today, another look at the Economic Impact of the pandemic, jobless claims for the last he week will be out in an hour of andahalf, also the second read on First Quarter gdp is out, coming at 8 30 eastern. Reaction morning from u. S. Labor secretary eugen Eugene Scalia, l join me at 8 30 eastern. Markets are mixed. A mixed opening with the Dow Jones Industrial average higher and the s p fractionally higher but the nasdaq lower. The dow futures up 116 points right now, this on top of a big surge yesterday. Yesterday, the dow closed above 25,000. The dow was up 553 points, the nasdaq up 72, and the s p up 44 at 4 00 on wall street. President trump versus social media. The white house reportedly set to take executive action to hold companies responsible for stifle ostifling free speech. Major travel destinations are returning slowly but surely. Las vegas resorts set to welcome back guests. It may look like a new world inside disney world. Seaworld ready to make a splash in an couple weeks. The interim ceo, marc swanson, is here, joining me on the measures hes taking to keep guests safe. Mornings with maria is live right now. And Global Markets this morning are mostly higher, european indices higher across the board. This is the high of the morning for london, cac is up 45, dax index up 60 points. The European Union proposing a 2 trillion response to the pandemic. It still needs the backing of a 27 member state commission, all 27 Member States need to buy in there. In asia overnight markets were mixed. Investors are balancing optimism over economies reopening and concerns over china clamping down on hong kongs freedom and the worsening relations between the u. S. And china. Joining the conversation this morning is Dagen Mcdowell, Cabot Phillips and mark tepper. Great to see everybody this morning. Some of the top stories this morning, more than 100,000 americans have now died from covid19. Recoveries in the United States have topped 391,000 people as more states have announced new steps to reopen. Beginning tomorrow, washington, d. C. Will reopen Outdoor Dining as well as hair salons and barber shops in washington. Residents in some pennsylvania counties will also be able to eat inside restaurants beginning tomorrow. And in maryland, Outdoor Dining, youth sports, outdoor pools could reopen tomorrow as well. Six feet between people may not be enough to prevent the spread of covid19 indoors. Three experts now writeing in the journal of science, say small droplets of the deadly virus can still be carried in the air further than previously thought and can remain in the air for hours. That finding contradicting guidance from the World Health Organization which recommended six feet of social distance. Experts adding it highlights the importance of wearing a mask and widespread testing as well. Protests over the death of george floyd turning violent overnight. One man was killed in minneapolis as outraged americans demand justice for the killing of the unarmed black man. Protesters seen in social media videos burning and looting businesses, officers using tear gas and rubber bullets to break up the crowd. In los angeles hundreds of protesters stopped traffic on the freeway and shattered the windows of several Police Cruisers. Officers claim floyd was recivilling arrest. There is a new video that appears to contradict that, showing floyd cooperating as he was escorted to the cruiser. He died after an officer was shown moments after with his neon floyds neck. President trump is calling on the fbi to investigate floyds death right now. The Senate Judiciary Committee Meanwhile announcing former Deputy Attorney general Rod Rosenstein will testify next wednesday as part of the probe into the origins of the russia investigation into the trump campaign. Rosenstein is expected to talk about new revelations included in michael horowitzs report on the surveillance of President Trumps former campaign aide, carter page. The house adjourned without voting on fisa reforms. The doj says the proposed reforms will, quote, weaken National Security tools. The house is set to reconvene at 9 00 a. M. Eastern today to take it up again. A simple gesture by a ups driver on memorial day goes viral. Video captured the front door camera, shows the driver rolling up an American Flag that was snagged on a pole. The homeowner posted the video on facebook, saying several people reached out toker including a veteran who said the gesture brought him to tears. U. S. China tensions escalating, china approves the decision to force a controversial National Security law on hong kong, secretary of state mike pompeo certifying hong kong no longer enjoys a high degree of autonomy from china, a move that could result in the loss of hong kongs special trading status with the United States, threaten the standing as an International Financial hub. Joining me now is arizona senator, member of the Senate Armed Services and Banking Committee and the author of the book, dare to fly, simple lessons in never giving up, Martha Mcsally is here. Thank you so much for joining us. Good morning, maria. Maria youve been a real hawk on the bad behavior coming out of china. Talk to us about what were seeing this morning in hong kong. Well, we tried to encourage them not to do this but its no surprise. Theyre now tram Martin Luther kin trampling on hongkongs rt their 1984 agreement and moving against their freedoms and the special status that they have. The certification yesterday by secretary pompeo was in accordance with the hong kong human rights and democracy law that we passed last year. This is a very dangerous direction that china is going in, its not surprising. But if anybody had any concerns about communist china and how wreck less they are and how we feed to Work Together to stop them, this should wake them up, in addition to them unleashing the coronavirus, lying about it and now we have over 100,000 americans dead. Maria unbelievable. You had your legislation. There are 60 bills right now in congress, whether it be of moving the supply chains out of china or Holding Individuals Accountable with sanctions or pulling visas from students. How are we supposed to have a partnership, a business partnership, with the second largest economy in the world if we cant trust what they say . Well, its not a partnership unfortunately, maria. Im on most of those bills and leading on several of them. China has been on the rise. Theyve wanted to replace us. Theyre lying. Theyre cheating. Theyre stealing. And theyre trampling on the rights of people. So its time for the world to wake up, americans to unite, for us to stop china. We have to use all of our tools, diplomatic tools, all of our economic tools, the window is closing and this is going to be a key issue in our election coming up in november. Maria yeah, its also a key issue in your Arizona Senate race which is heating up. Lets talk about that. According to the latest poll from oh predictive insights youre 13 points behind mark kelly, the former astronaut an husband of gabby giffords. How are you fighting to close the gap . What can you tell us where his stance is on china relative to yours. The only poll that matters is on election day, maria. A key issue in the race is going to be who do you trust to hold china accountable. And we have very different records on this between me and mowe poeopponent. My on pone meant decided to owe poe mean. I have no problem e making a living. You have to ask yourself, is mark kelly ever going to stand up to the people to whom hes financially beholden . Of courses not. By the way, neither is joe biden. And this is going to be a key issue in this race. We have very different views of communist china. Im leading to hold them accountable. We need to bring our manufacturing home. We feed to clamp down on their human rights behavior. And the next time you see them throwing people into concentration camps and trampling on hong kong, have you to ask yourself, who can we trust to stand up against china. Is it my opponent who is financially invested with them or me who is standing up to them right now and is actually being threatened by the Chinese Communist because of my leadership on this issue. Maria yeah, your name was mentioned along with tom cotton, that they were going to get you back in china, the china communist party, for all that you have been saying about them. The problem is, many people dont understand that the Chinese Communist party pays for influence. Theres a reason that they invest in Certain Companies in the United States. They want that technology. They want to steal data. Theyre stealing intellectual property as we speak according to tom cotton. Exactly. And they also have threatened to meddle in our election in november. That should give anybody an indication of who should you be with, you want to be with someone standing up for america or somebody who is invested in china. This is absolutely critical and theyve been doing it in plain sight for a long time, maria, and we need to stop it. Yeah. Maria i want to ask you about google and suing google for spying. But let me get Cabot Phillips in here, real quick. We talk about Holding China accountable, state department, white house have both come out and potentially talked about revoking visas for Chinese International students that might have ties to the military. Of the 370,000 plus students that come from china each year, essentially theyre all beholden to the Chinese Military, because if called upon to enact espionage efforts for the Chinese Government, they have to do that. How can you differentiate who is connected to the Chinese Military and who is not when it comes to students from there. This is exactly the issue. Im deeply troubled by it. Theyve used programs in our military in order to get fast tracks to citizenship. Its time for us to wake up. Theyre stealing it outright but then were allowing them to come and be involved in our universities and im on legislation with rick scott. We need a full National Security review of this. They are our adversary. We would not have been doing this with the soviet union during the cold war. Its time to wake up. Maria yeah. Well, its interesting because you dont know. Its hard to differentiate. I want to move to another issue, that is the spying and the social media. The Arizona Attorney general claims that Technology Giants violating users privacy by collection location data. Theyre collecting location data even if they had turned off their digital tracking. So senator, what about google . How should arizona fight back to protect citizens information here and privacy . Well, this is a deeply troubling report but its also not surprising, these big tech giants that are, again, taking peoples personal information. Weve had multiple experiences of them violating that. All while theyre deleting and in this case youtube anything critical of the Chinese Communist party. We can Work Together with the state and federal level, as individuals privacy must be protected here in america. Maria yeah. I mean, people did not realize the power that some of these companies have given their reach. Look, youre out with a new membememoir, dare to fly, aboute struggles you faced to be the first woman to fly a u. S. Fighter jet. Whats the biggest takeaway, operateing in a mans world, senator . Well, maria, i bring everyone into the cockpit of an a10 wart hog. First flight solo, no simulator, off into a canyon in afghanistan for one of my most complex missions. You may not be able to relate to fly in a fighter but you can share in the fear. Everybody i think can relate to right now adversity, how do you overcome adversity, how do you find your own courage. Ive got nuggets from my own journey and i hope to be a wingman to the reader. You can go to daretofly. Us and share your stories with me. I could use encouragement every day too. Maria thank you so much. Thank you for getting up early for us. Senator Martha Mcsally joining us this morning. Well see you soon. Well be right back. Maria welcome back. Working from home, facebook ceo Mark Zuckerberg speaking out on the companys announcement that it will allow many employees to perm ineptly work from home after the covid19 pandemic. In an interview with fox news dana parino. A lot of the tools we have, whether its Video Conferencing or chat o are pretty transactional. If you want to host a meeting or send a note to someone you can do that. We dont have great tools yet that basically enable people to just hang out together and simulate hanging out around the water cooler or the white board and just brainstorm. I think that will all need to get built. Those are things were focused on doing at facebook. Both for internal tools fou forr own company. Maria Dagen Mcdowell, your reaction. Dagen i work from home when i was living in San Francisco briefly as a writer and it was the most miserable experience of my life because you dont have that social interaction that leads to creative thinking. I suspect long term once theres a vaccine for this virus that there is a larger percentage of people who are still going into the office, even in technology, even in silicon valley, than they assume will work from home or be in the office in the next year or so. I just think theres something truly magical that happens when you get a group of people together and, come on, like i miss were on the air together every day but i miss you being here. Its not its just not the same. Maria i miss you. Dagen its just not maria its not the same. Dagen youre feeding off of someones intangible vibe. I think theres great value in that. Maria we do that a lot with each other, thats for sure. What about the six foot rules . Now were hearing six feet is not enough in terms of not being exposed to deadly droplets. So this is new information that were getting today. We thought six feet distancing was enough. Now its not. Dagen right. And remember that the cdc said that the virus can be transmitted on surfaces. It reversed that and now its reversed that. And now its saying that it can be transmitted on surfaces. So if you want to build up greater distrust of government and edicts from National Health organizations, well, theyre doing a great job of it and people just dont know. And with that kind of uncertainty, many people will not feel safe going into a large workplace until theres clarity and right now its murky as new england clam chowder. Maria yeah. Mark tepper, what do you think about that . Going back to work now, knowing that youre unsure about the six feet, youre unsure about the surfaces. So i agree with dagen. I would much rather go into the Office Every Day than to be locked into my home office at home, not talking with anyone, not socializing, not having the human to human interaction. But in my opinion, work from home is not a transitory thing, its permanently. Were not going to completely scrap this transformation. It was happening slowly anyway. The lockdown gave Small Businesses, large businesses, the perfect excuse to test drive work from home on a risk free basis and the results have exceeded expectations. Maria yeah. So increasingly we may very well see this last longer than we think. Well see. Well keep watching that. When we come back, safety meets style, how face masks are changing the fashion landscape, bringing in big revenue for struggling retailers. Well check it out. Stay with us. Im the only one of me. Baby, thats the fun of me. Massmutual healthbridge is a free Life Insurance program just for healthcare workers fighting covid19. Learn more at massmutual. Com healthbridge learn more at massmutual. Com healthbridge 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. Maria welcome back. Well, masks, the top trend amid the coronavirus pandemic. Big brands, Small Businesses taking the opportunity to enter the new world of fashion, gerri willis is covering the story right now. Good morning. Good morning, maria. Thats right, face masks are the new fashion it item. You have to have one, right. And theyve gone from specialty item to big business. Prada, Louis Vuitton is selling them to medical workers. Thats giving companies the opportunity to pounce. Its not all about the bottom line, its about insta. For many top fashion brands, its more than an opportunity to generate goodwill as opposed to a huge new revenue stream. Small and medium size businesses are jumping at the opportunity. Trevor george predicting mask sales will rival apparel sales over the next 18 months. His company said to be the largest manufacturer of licensed apparel online. He sells millions of tshirts with comic book superheros, every single year, and hes selling twice as many masks as tshirts right now. Gina in la repurposing hermes scarves and retelling them on etsy. Her business is booming. Listen. Seven weeks ive been doing it. Im almost to 30,000. The face mask is something that is going to be almost a fashion trend in a way. Ive had one woman order 12 from me and another one order 10. Another top accessory designer is diving into the masks game. The duchess of cambridge has worn one of her head bands and now ivanka trump is wearing one of her masks. She says masks are here to stay. I think we are going to be wearing masks. I think its not something that is registering to us because its something new and something that has not been in our wardrobe. Going into a crowded elevator or going on an airplane, i feel like this is the accessory that youre going to want to have with you. And thats good news, particularly for luxury goods makers whose revenues are expected to decline by up to 39 this year. Masks cost anywhere from 50 to 500 wont make up for that but it will help. I want to show you my mask from petite palu, a childs clothing maker in the berkshires. She is making masks. She says this is allowing me to make my mortgage everymonth. Maria. Maria i love that. Youre seeing more faceable looks. Yours is fashionable with the colors. Are we going to see this on the runway . I think so. Youre seeing the big houses actually are giving away masks to people who really need them but this is going to become more and more commonplace, people in the flu season will be wearing them. Watch out for more masks. Maria. Maria are they all safe . Some masks are thicker than others. You just have like an hermes scarf like one of the people that you interviewed, is that going to be enough to cover your nose and mouth effectively . Well, so okay, look at this. This is a very soft fabric that i have here. This is not medical grade and none of them claim to be medical grade, frankly. Maria thats what im saying. You know, theyre not going to protect you completely. But its something. And you are protecting other people with this, i believe. Maria okay. Well, maybe wear one of these cotton masks that are more prevalent and then put your design r one on top so theres that idea too. Gerri, thank you. There you go. Looking good. Gerri willis, looking good. We will see you soon. Coming up, ill speak with seaWorld Entertainment interim ceo marc swanson this morning as the park details its plans to reopen to the public. Stay with us. Hello, hello. I dont no why you say ive always loved seeing whats next. And im still going for my best, even though i live with a higher risk of stroke due to afib not caused by a heart valve problem. So if theres a better treatment than warfarin, ill go for that. Eliquis. Eliquis is proven to reduce stroke risk better than warfarin. Plus has significantly less major bleeding than warfarin. Eliquis is fdaapproved and has both. Whats next . Sharing my roots. Dont stop taking eliquis unless your doctor tells you to, as stopping increases your risk of having a stroke. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. While taking eliquis, you may bruise more easily and it may take longer than usual for any bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Eliquis, the number one cardiologistprescribed blood thinner. Ask your doctor if eliquis is whats next for you. And wells fargo employees are assisting millions of customers never before across america through fee waivers and payment deferrals, helping people stay in their homes through mortgage Payment Relief efforts and donating 175 Million Dollars to help hundreds of local organizations provide food and other critical needs. When you need us, wells fargo is here to help. Now every bath fitter bathbath fis installed quickly, safely, and beautifully, with a lifetime warranty. Go from old to new. From worn to wow. The beautiful bath youve always wanted, done right, installed by one expert technician, all in one day. Weve been creating moments like these for 35 years, and were here to help you get started. Book your free virtual or inhome Design Consultation today. Maria welcome back. Good thursday morning, everybody. Thanks so much for joining us. Im Maria Bartiromo. It is thursday, may 28. Your top stories, 7 31 a. M. On the east coast. U. S. China tensions are rising, beijing has approved a security law that strips freedom from the people of hong kong. The white house is considering action an we are discussing it this morning. Futures this morning are mixed. We are expecting a gain for the dow industrials but the other averages are lower. Dow industrials right now up 154 points, this is the high of the futures right here. The s p has slipped into positive territory, up 6 points. The nasdaq is down 36. This after a big day yesterday, markets surged with the dow closing above the 25,000 mark for the First Time Since march 10. The dow, nasdaq and s p 500 are now up better than 35 from their lows which were reached march 23rd. Global markets this morning look like this, european indices are higher across the board. We have news out of europe on a new stimulus package, the european markets are higher and trading on that. Fq100 up 62, cac up 52, dax in germany up 65. In asia overnight markets were mixed. Investors balancing optimism over economies reopening and concerns over china clamping down on hong kongs freedom and its impact on its relations with the rest of the world. Meanwhile, an intense multistate manhunt for a College Student wanted for two murders, it is now over. Cheryl with the details. Cheryl peter manfreddonia was captured in maryland after six days on the run, he was arrested near a gas station last night. This happened hours after he was spotted in a pennsylvania Convenience Store near the maryland border. A gun believed to be used in one murder was found nearby. He was evading capture since last friday. Hes accused of killing two people, including his own childhood friend. Joe biden is planning to announce his choice for Vice President by august 1st. The Presumptive Democratic president ial nominee speaking during an online fund raising yesterday, said his campaign is in the process of deciding who made the cut, he is expected to pick a woman as the running mate. Senator elizabeth warren, senator Amy Klobuchar and Gretchen Whitmer are on the short list. The highest paid ceos of 2019, lisa su topping the list at 58. 5 million. Miami botox drivethrough, a doctor offers botox at 300 bucks. You have to schedule an appointment. Cant have any coronavirus symptoms either. And then theres this. Tom bradys customized cadillac is on sale for 300,000. Its the 2018 esv edition, reclining seats, a 32inch screen, a mobile internet router an and its owned by tom brady. I buried the lead. Im wondering what its going to go for. I think its going to be for more than 300k. Look at that thing, maria. Its crazy. Maria that is beautiful. Cheryl it looks like the interior of an airplane. I feel like im flying. Maria its really nice. So big. Thats funny. Cheryl, thank you. Cheryl you bet. Maria we want to look at reopening america this morning. SeaWorld Entertainment detailing new guidelines and plans to get the orlando park open once again, that will begin on june 11th. The rules were approved yesterday, in tandem with disney worlds opening starting in july. The plan needs to get the okay from governor ron de santis. Joining us right now, seaworld interim ceo marc swanson. Thank you for joining us. There are several steps and rules being put in place for all 12 seaworld parks. Can you walk us through them . Yeah. Great to be here. Thanks for having me, maria. We did have a great meeting yesterday in orlando with the mayor and the task force and they did endorse our plan to open on june 11th. That will go to governor de santis. I know hes a big fan of tourism. We had him in town last week with Vice President pence. I think they were really supportive of getting the Tourism Industry here in florida back open again and it was great to see them. So weve received wonderful support here in florida at all levels and then the federal level has been great as well and well continue to move forward in the other states as we move through the different phases of eventually getting reopened. Maria you know, you know that governor de santis wants you to open. He just wants to make sure to do it safely. When i spoke with him a couple weeks ago, he described the impact of things like seaworld as well as disney being closed in terms of such an important industry of tourism. How significant is this damage for seaworld parks longer term . Because throughout this, obviously the company has had less of an ability to invest in new rides, new attractions, pentup demand for the theme parks certainly will be there but are you seeing longterm damage . Well, the companys had a couple really good years, 2008 and 2019 we had strong growth overall and the start to this year was really strong as well through the first few months of february and, you know, obviously the pandemic we had to shut down all our parks in midmarch but im confident as we get to the other side of this were going to be able to get back on executing the strategies that have made us grow the last couple years, you know, marketing and communications, new rides and attractions, ticketing strategy, all those things i think can come back on the other side of this and i think well continue to be the leader in the Regional Park space of growing our business and continuing to provide great times for a lot of people. Maria when would you see normalized activity . I mean, we know that once you open is not necessarily the green light for guests to feel comfortable again and start acting the way they were acting, there are analysts out there at jp morgan who think normalized activity in the parks wont happen until late in 2021. Is that what you expect . Well, we look at surveys and our surveys tell us people are anxious to get out and i think youve seen that across the country and people want to come and have a good time at theme parks. We can do it in a safe manner. Weve been operating our parks for decades. Were excited to welcome people. We know theres demand and we know theres people who want to come out and have a good time with their family and friends. Look, its not going to be sold out right from the beginning. We know that. But i do think over time people are going to get more comfortable. One thing about our parks that i think is important to know is the majority, the vast majority of our attendance when you look across the Company Comes from people who can drive to our parks. I think thats going to help us when we get reopened. People will be able to drive, come to our parks and have a good time. Maria yeah, i think thats a really important point that you make because theres a difference in terms of where you are in terms of the ease with reopening. I mean, if you look at orlando or even san antonio, people feel that its easier to have a reopening with no incidents there versus other places where perhaps theyre a little more stringent or have had more cases, for example, san diego, governments have detailed different reopening phases there. Can you characterize the different states and which ones will be poised to open soonest. Certainly weve presented the plans in florida for orlando and then well be well also be presenting plans for our parks down in tampa. I think some of you may not know, we actually have the Busch Gardens parks as well. Those are great parks. Ones in tampa. Ones in virginia. And in texas we have a couple parks as well. And i think water parks there are going to be opening here this weekend and well see about getting our waterpark open and then seaworld hopefully sometime after will continue to have good conversation was the authorities there. Really, in all the other states, california, pennsylvania, virginia, the other states were in, we just continue to have really good dialogue, really good conversations and when its safe to do so, we look forward to getting open. Maria what about the social distancing issues, marc . This morning we hear from the cdc that six feet between people may not be enough, that deadly droplets can stay in the air and you need a larger space between people than six feet. How do you deal with that at an Amusement Park . Well, physical distancing at our parks, our parks are largely outdoor experiences. So i think we can create that space and youre going to see markings and signage and things like that, that will remind people to keep that distance. Well have other measures as well. Well have increased sanitation, masks, temperature screening, all those things that are important to make people feel safe and feel good about our ability to be able to do that. When you think about how big our parks are, walking around, seeing a show and presentation, we can stagger the seatings and people can come in and have a good time. Maria how will you get out of this . Are you going to be raising prices once we get out of this . Weve had a lot of work the last couple years on pricing strategies. I think people well continue to work on that. Theres a lot of different ways we offer value to people. I think our parks offer tremendous value with season pass and multiday tickets. Well continue to employ strategies that provide a great value for our guests and allow them to come and have a good time and hopefully come more than once. Maria marc, it certainly is a moment in time where i know that its been challenged but we wish you the best. Marc, good to see you this morning. Thank you, sir. Thank you so much. Good to talk to you. Maria marc swanson joining us from seaworld this morning. Coming up, getting back to work, ill talk to the ceo of one Charity Organization going the extra mile in helping women reenter the workforce. You want to hear this. Dont miss America Works together hosted by Stuart Varney today, starts at 11 00 a. M. Eastern. Stu will answer your questions on managing finances for your Small Business amid the covid19 pandemic. Do join us. People can submit questions. Your question may very well be featured later today. Join us. Back in a moment. Maria welcome back. More layoffs amid the covid19 economic downturn. American Airlines Says it will cut 30 of management and administrative staff, about 5,000 jobs at american airlines. Boeing announcing it is eliminating more than 12,000 jobs in the United States. The stock is surging after the company says it is resuming the 737 max production up five and a quarter percent. That was a major problem, mark, even before the covid19 pandemic. So boeing has its work cut out for it. Boeing definitely does. The 737 max has been a problem for quite some time and now you add into the mix the fact that there are less people flying right now. Youve got a bunch of aircraft sitting around, not being used. They dont need repairs. Not a lot of airlines right now are looking to purchase new aircraft because theyre in the process of laying people off. You know, most flights right now are less than 50 full. If youre able to make a drive from one place to the next, i think more people are going to be more likely to do that and with higher unemployment, will consumers pay for discretionary items like flights . I think these are all head winds for that industry. Maria well, also the fact that the flights are going to be changed. You know, data from the most recent week of operations shows that the majority of u. S. Airlines flights are less than 50 full. Some travelers are seeing high priced flights and more layovers, cabot. Are you going to take a flight, putting the security concerns aside, just from the fact that youve got a big issue, not enough people are on flights, there will be more layovers and theyll be more expensive. Cabot yeah, i think thats another part people arent looking at. Its not like people will get the same product as they were before all of this. In addition to health concerns, you have to keep in mind i might have a three hour layover. Thats not as convenient as not driving or not having the trip. You bring up the Discretionary Spending element. Some industries may be able to bounce back, restaurants i think will get up and running, theme parks do the same. But when it comes to airlines, if theres anywhere that people are deathly afraid of getting sick, even before all of this, people were aware of how dirty airplanes were and the potential to be stuck in the stale air, thats going to be magnified after this. I dont think that fear element of this is going to go away as quickly in the Airline Industry as it would for others. I think its going to be some time before this ramps up. I think this might just be the first set in a whole round of future layoffs here. Maria dagen. Dagen having been seated next to a gentleman who had an open raging visible staph infection all over his body that i had to force delta to remove him from a flight, this was years ago, the airlines are in this vicious cycle where the most they cut flights, the more crowded the aircraft that are in the air become and that means that individuals are not going to get on a plane thats, one, expensive, and two, packed to the brim. So its going to their cutback in capacity is going to discourage people from flying potentially. The airlines have a long way to go to prove to the American People and the flier that they are safe when they board an aircraft. Maria well take a break. When we come back, getting back to work, ill speak to the ceo of one Charity Organization going the extra mile and helping women reenter the workforce right after this. Stay with us. Can my side be firm . And my side super soft . Yes, with the sleep number 360 smart bed, on sale now, you can both adjust your comfort with your sleep number setting. Can it help me fall asleep faster . Yes, by gently warming your feet. But can it help keep me asleep . Absolutely, it intelligently senses your movements and automatically adjusts to keep you both comfortable. So, you can really promise better sleep . Not promise. Prove. Dont miss the final days of the Memorial Day Sale, save 1,000 on the sleep number 360 special Edition Smart bed, now only 1,799. Ends sunday. Staying connected your way youre just a tap away from personalized support on xfinity. Com. Get faster internet speeds with a click. Order xfi pods to your home in a snap. Or change your Xfinity Services with just a touch. All in one place. Youre only seconds away from all of that on xfinity. Com. Faster than a call. Easy as a tap. Now thats simple, easy, awesome. Maria welcome back. Women hit hardest by job losses during this pandemic. Data shows that the Unemployment Rate among women rose to 16. 2 in the month of april. Nearly 3 Percentage Points higher than men. Dress for success has been helping women get hired for more than two decades, providing business attire and tools they need to land the big job. Now therapy voting to offer women virtual coaching and workshops to help maintain Financial Stability in this uncertain time. Joining me right now is dress for success ceo, joy gordon. Joy, great to have you this morning. Thanks so much for being here. Tell me about this program. How many of your clients have lost their jobs during this time and how is this new pivot resonating . Well, what weve heard is that in dress for success is in over 150 cities, 25 countries around the world and what wife heard is that over 53 of our women are facing food insecurities and more than 77 are working to figure out what their future looks like. The impact on our organization is extraordinary right now. Maria tell me about the Virtual Services youre offering right now. Well, what we did pretty quickly was to realize that closing our doors was not an option to the women we serve. We needed to pivot our programs to operate in a virtual environment. Wasnt just about providing virtual coaches and career seminars and web New Hampshire d virtual classes. We needed to bring a community of women together who were facing the same challenges and provide her with the tools she needed to success and and thats to succeed. And thats what weve been doing. We shifted and pivoted almost instantly and we did that around the world. Maria dagen, jump in. Dagen joy, what do you need from people right now . Im sitting here listening, im just going to go to my office and im going to box up all the clothes that i hope other women can use that i can send to you. But for viewers, what do you need right now and what do the women who you help need . Well, thanks for asking that question. And yes, we often need the clothing from women like you who dress smart and have the outfits to be able to provide for dress for success and so we need that. But we first have to figure out how we can accept that clothing and whether or not its safe to accept clothing. We ask you to hold onyou onto yr boxes of clothing right now. We want to ramp up services and virtual programs. We need volunteers, hr professionals, women like yourself and even men whether w. H. O. Care about the women and the lives that are out there. We have a Record Number of women and men in unemployment right now. We want to make sure were upskilling these would medicine so when the job market comes back, that theyre ready for the jobs that are out there for them. And so we need coaches. We need classes. We just need support from all. Maria yeah. Its great. Its great advice. Everybody needs that, by the way. Women and men. But were happy that youre there sort of representing all women. Joy, great to see you. We will be watching the developments. Thanks so much. Smart pivot there. Joy gordon joining us there, dress for success. Still ahead, ill speak with gary cohn on his expectations for the economic recovery, getting the economy back on track. Thats next hour, mornings with maria. Stay with us. 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. The story where the chances are low, and the cost is high. The sacrifice is real. Its all around us. But this isnt a story about how tougher times beat us. This is our comeback story. The time when we rally and come from behind. The time when we defy the odds and get back to work while the whole world watches. Yeah, this is your comeback story. And when its time to come back, well be ready. Maria welcome back. Good thursday morning. Thanks for joining us. Im Maria Bartiromo. It is thursday, may 28 top stories right now just before 8 00 a. M. On the east coast. U. S. China tensions rising again beijing approved security law stripping freedom from the people of hong kong. This after the state department declared hong kong no longer is autonomous from china a bill called for sanctions against china over Human Rights Violations this morning headed to President Trumps desk there are 60 bills right now in congress to keep china accountable grim milestone coronavirus deaths in america surpassed 100,000 in half hours time another look at economic back of this pandemic when we get job claims last week second reading first investigatory gdp relieve 8 30 a. M. Eastern we will have numbers coming up, reaction from u. S. Labor secretary Eugene Scalia with me live positive minutes time dont miss that, ahead of numbers futures mixed this morning we are expecting a gain start of trading for the dow industrials, the dow right now up 145 points s p up 4 1 2 the nasdaq lower it is down right now 55 points. In premarket markets surged yesterday, of course, dow closing above 25,000 for the First Time Since march 10 gain 553 points yesterday nasdaq up 72, s p was up 44. President trump, versus social media, the white house reportedly set to take executive action, to hold companies responsible for stifling free speech, plus major travel destinations returning las vegas resorts ready to welcome back guests disney world theme parked to reopen in midjuly might look a whole lot different inside seaworld red to make splash interim ceo telling me last hour pentup demand is confident parks will see a return to growth mornings with maria is live right now. Maria Global Markets this morning mixed european indices higher across the board ft 100 up 65 cac quarante up 45, dax in germany higher 57, in asia overnight markets mixed investors balancing the optimism over economys reopening with concerns, that china is clamping down on hong kongs freedoms will impact the he relations with United States joining the conversation this morning Dagen Mcdowell, Cabot Phillips mark tepper a lot going on this morning. Absolutely. Maria top stories watching this morning, more than 100,000 americans have now died from covid19 recoveries in United States, topping 391,000 people as more states announce new steps to reopen. Beginning tomorrow, washington, d. C. Will reopen Outdoor Dining hair salons barbershops residents in some pennsylvania coins ability to eat inside restaurants, in maryland outdoor pools could reopen tomorrow as well, we will watch all of that, china government has approved the controversial National Security law, as tensions with the United States rise protesters, are returning to hong kong streets last night to show opposition to this legislation, it led to hundreds of arrests overnight critics say law will weaken autonomy under mini Civil Liberties u. S. Says it no longer considers hong kong independent of china, President Trump threatened to impose sanctions on chinese officials businesses we are waiting for u. S. Response to what has taken place in Hong Kong Department of justice taking a major step to fight unmasking after o revelations from handling of the general Michael Flynn case attorney general william barr asking john bash u. S. Attorney in texas review unmasking before and after 2016 election deeper die of off shoot of durhams investigation looking into or jipz ofrun probe. Space launch scrubbed 17 minutes before lift off due to bad weather we were looking forwarded President Trump Vice President mike pence made trip to Kennedy Space center yesterday to watch what would have been First Manned Mission to space from u. S. Soil, in nearly a decade. The president says he will return for the relaunch this weekend, tweeting this, thank you to nasa, spacex for hard work leadership, look forward to being back with you on saturday. Writes the president. International space station could become the set for tom cruise blockbuster space agency chief says nasa has been in talks with movie star will do everything it can to make sure it is a successful mission. Well reopening economy topic a, states across the country beginning to reopen amid coronavirus pandemic Global Markets edging higher hopes of Coronavirus Vaccine treatment fuel Economic Sentiment concerns over how to safely reopen preventative a further spike in covid19 cases joining me right now former National Economic Council Director chief economic adviser to President Trump formerly Gary Cohn Gary good to see you this morning. Maria great to be with you thanks. Maria thank you so much for joining us, what is your take, you have been obviously, studying leading, work on the economy, for a long time. Do you think it is too soon to open how do feel about the reopening . Well, i dont think it is too soon but i think we have to do it in a quite measured way, and we have to evolve and see what happens. Like, the that we are going through now seems rationale, going at it with her speed ethics ability to watch and test in each state see what is happening with virus data so far quite encouraging quite interesting you are seeing many States Reopen actually having less cases, we are seeing some States Reopen having a few more cases, we are seeing some States Reopen having unchanged cases, but we need to have that experiment go on we cant have a big banning would put overall economy at risk issue washington needs to do more to help businesses reopen we need to make sure we take care of legal about liability issue more and more businesses would open if they felt did not have threat of legal actress liability sacks someone getting sick coming to work i feel federal government needs to help states get more clarity, on about liabilities i dont think there should be liabilities in this once we do that we can get more people in the system, maria, you know this well. You know, as you get people into the economy, you bring more and more people in the economy because those people entering economy will need services, goods that other people create. When you leave your home you dont need a lot of services once you start entering the economy you start stopping at gas stations, go to coffee shops go out to lunch, you bring other people back into the economy that is what we need to do. A great point you write in oped in Washington Post this week, titled in the oped the most challenging test is yet to come, you outline best ways to main economic recovery write we need to incentivize state return to office based working experiencing or need to develop opportunities, to adapt to new normal, just as Great Depression spurred programs to develop nationwide infrastructure, we too should put americans back to work building next Generation Infrastructure from highspeed rail to tellings network gary talk to us about that, of course, first we have to have slow opening, and make sure it is safe, but then you want to see investments in some of the things that will mobilize the economy in the future. Well, what i am most concerned about i think most americans are most concerned about, there are probably 10 million plus people in america that were in the travel Leisure Entertainment business. And the travel Leisure Entertainment business was based on upon you identified restaurants, identify bars arenas if we go to a system cannot put as many people in those areas as we used to have we are not going to need as many employees, we should just face that fact right now. We may have upwards of two Million People cannot return to original work. This to me is interesting opportunity, amazing opportunity somewhat like 1935 after the Great Depression, when we created a wpa we could create wpa of our own in 2020 where we more thannize the economy think of a couple things we have all been shown to have highspeed internet broadband you cant send kids home to learn if they continue have connectivity so this to me seems like a nonstarter, in addition to that, think of, you know, getting people around the country. We could take twothirds of planes out of the sky if we had a highspeed rail so by having that highspeed rail network you get rid of all those congested airports get rid of congested planes flying 400 miles or less put more cars on train social distance people then only use planes for the long haul transportation so the it is a winwin we have to do it. Maria we will see if two sides can get together, democrats, about republicans to come up with a plan to get infrastructure in place that you are talking about, i want to get to hong kong but quick let me ask you about the longterm damage here, gary, because you were the president and coo of Goldman Sachs ran firm a long time know business well, certainly Financial Services as well what is longterm damage in terms of businesses being shut down two months. Longterm damage it is very difficult to even slowdown a business for two months let alone shut it down when you shut down a business you terminate the people you have no idea, if you are going to open and even if you open, if you are employees are going to come back do they have twa. To the business very, very Risky Business owners say look we dont know if we we dont know if we can reopen we dont know what were going to look like in future they are not just they are telling you they are pure emotional being dont know if neck reopen it is a dangerous proposition we did for greater good of the country. Right we have seen a whole slew of bankruptcies since there are many businesses that wont make it out of it, also, let me ask you about hong kong, tensions escalating china approved that decision. To force a controversial National Security law on hong kong. Secretary pompeo certifying to congress yesterday that hong kong is no longer enjoying a high degree of autonomy from china could result in loss of Hong Kong Special trading status with the United States, as a business man what could he gos that mean to you . What does that mean to you in terms of deterioration in hong kong it is different place you probably took Companies Public in hong did not you i did i spent a lot of time there hong kong has always been a unique place in asia has been a place most companies around the world have wander to be domiciled or have headquarters because it was perfect location, to have entree into Mainland China so you could have your workers, your headquarters in a normally regulated environment but reach into Mainland China if Mainland China is going to first takeaway Political Freedoms of people next going to take away the the legal freedoms, and going to start regulating hong kong just like it is Mainland China, i would think that vast majority of businesses that are domiciled in hong kong would not want would need to move out of hong kong probably move back to japan, or mostly to singapore, much more friendlier Regulatory Environment where they can operate still have a reach into china to the extent chinese authorities will allow them to sell and transact in china. Maria gary you did a lot of business all over the world when running Goldman Sachs, bottom line would you take Company Public in hong kong today . I think a high risk strategy, look, if i had a company that was supposed to go public in china today i would advise them to wait or look for alternative place you dont want to list in environment where you dont know what the rulers going to be, would i say you wouldnt want to be in place you dont want rules in longterm future dont even know what rules are going to be short term future. And what about delifting Chinese Companies here i know China Business was big for all the Financial Services companies, but these guys dont even follow the rules, of accounting standards in the United States gary should not they be following the rules of every other company does if you want to be listed in new york. We have our gap economies in new york yes should have any Company Listed in United States follow our prescribed standards, most big Chinese Companies audited by big Accounting Firms that following our accounting standards one thing i want to warn people against, remember china it is 20 population, we do not want to cut them ourselves off from having the ability to transact with chinese it is a population that is getting wealthier, wealthier becoming bigger and bigger we want to have ability to sell products into china. United states being is not the right answer. Maria i mean we know this is not about chinese people, this is not about the people of hong kong. This is about Chinese Communist party. That is what u. S. Is fighting back at we will keep watching a big story like you you know i always thought of hong kong as international hub, and a place that would you know, on par with new york and london, not the case anymore today cant say that today. Gary good to see you. Thank you. I agree. Thanks, maria. Please come back soon great to see you gary cohn well be right back. Stay with us. Maria welcome back more on u. S. China tensions reaching a boiling point, the Trump Administration, reportedly planning to cancel visas from thousands of chinese graduate students have ties to universities associated with Chinese Military according to New York Times beijing proving measures that under mini hong kong freedoms western i deals, form state department creates sean what is u. S. Going to do we know power grab that china is making right now, not just in hong kong but, also, in india South China Sea list goes on what should be the proper response from the United States . Well the proper response should be something pretty tough that punishes ideally Chinese Communist party that governs china not so much people hong kong itself, we should be on their side i think we are on their side. At the end of the day, what this is is china once again breaking an International Agreement, 1984 joint declaration with britain agreed to guarantee high degree of autonomy at least 50 years broken that pledge just as almost every International Agreement i think best thing to do frankly to junk the phase one trade agreement, between the u. S. And china, china is already violating it crying poor saying oh we cant buy agricultural things we promised a couple months ago to buy yet intensifying Defense Budget over 6 Just Announced that, those sorts of things make china pay economic price most productive it is unclear what administration will do i was on call yesterday with secretary of state pompeo presented options to the president but he has not decided yet. The options, are many, because there are 60 bills in congress right now, everything from, keeping the supply chain out of china moving them out of china to Holding Individuals Accountable with sanctions, there, as well as pulling visas, the tensions are also rising on india china border militarily in bitter standoff china reportedly moving thousands of troops in area in response delhi mobilizing the scene of confrontation President Trump said u. S. Ready, willing to immediate eighth your take on the border with india. That typically happens every time about this time of year consistently it is much more aggressive on chinas part a disputed area to better defended that area dwibd tries to build roads part in past india backed down sort of encouraged chinese misconduct, step back what i think this is a big part of it, china a huge economic trouble right now they would face and may still face the significant domestic pressure does something very smart evil to say we are not going to play defense we are going on offense everywhere we are going to be aggressive towards taiwan going to take away peoples rights in hong kong going to push indians attack United States cyberspace they havent stopped doing that, this is sort of mechanism of survival to change the dynamics go on offense i think will backfire seems like what it is doing getting the entire world on our side you are seeing a requiem for American Power in the pacific but we will see. You mentioned, all of this power grabs, South China Sea another one, and the intellectual property theft is another one to mention, great to talk with you this morning thanks so much. Thanks, maria. More mornings with maria right after this. Its time for the Memorial Day Sale on the sleep number 360 smart bed. Can it help keep me asleep . Absolutely, it senses your movements and automatically adjusts to keep you both comfortable. Its the final days to save 1,000 on the sleep number 360 special Edition Smart bed, now only 1,799. Ends sunday. Countdown for jobless claims we are expecting 2. 1 million claims in latest week with continuing claims rising to 25. 75 million, we get that number in about five minutes time dagen what are you going to be looking at. Dagen scher volume of claims seeing over nine weeks into this report over nine weeks, 38. 6 million americans had filed for unemployment benefits. And the biggest concern among anybody is are these jobs going to come back or not. Because what you are seeing, is not just layoffs, that look temporary turning into something permanent but also very severe pay cuts for those who are working anecdotally i know people had half pay cut forever, and then not that much opportunity you have to suck it up a hit to budget and economy conservative behavior and slow growth, begets slow growth this is critical thing about how fast we come back. Maria Cabot Phillips probably the worst job market graduates are graduating into, in a long time. What is your take . 55 College Graduates in recent poll admitted they feel like applying for jobs that they are over a qualified for we have seen data from past recessions show graduating into a profession actually lower earnings for you and job for 10 to 15 years, i talked to dozens of College Students throughout this campus reform explained how they feel like having to jump on first job that comes their way as opposed to leverage when it comes to that College Graduates say i want first job security taking jobs that over requested for lower earnings decade 1 2 forward not just about moment dont have jobs it is people under employed do have jobs that may be they pay a little bit too much in College Degree to justify what they are getting at the end of it. Maria absolutely, really a tough time lets take a break when we come back initial jobless claims april durable goods second read on First Quarter gdp, all coming up impacting markets, stay with us. I. Maria welcome back, i am Maria Bartiromo. Thursday, may 28 before 8 30 am east coast waiting on breaking news impact, the Economic Impact of the coronavirus initial job claims due any moment economists expecting another 2. 1 Million People filed for benefits last week also durable goods orders second read First Quarter gdp those numbers hitting tape asap when they do likely impact the market dow industrials ahead of numbers dow industrials mixed, about dow up 158, nasdaq down 81, s p up 4 1 2, jobless claims, and gdp will be important to get a sense of how significant this economic slowdown is, and recession is we have breaking news cheryl with numbers. Cheryl lets start with initial claims actually coming in right in line with the estimates, 2. 12 million, this is a week ending may 23 for initial jobless claims above unfortunately, that is two million mark for initial claims continuing claims coming in much better that about expected actually, could be a sign parts of country starting to reopen a good thing as you can see, 21. 05, 21. 05 continuing claims estimate 25. 75 million, initial claims again up over two billion each week, since midmarch that is not changed, way better off than peak 6. 9 million you march 28 if you add in number above 40 million claims dagen mentioned that that total number over 10week period over 40 million now to durable goods for the month of april, the monthovermonth number we expected a decline 19 would have been steepest ever for that particular economic read came in 17. 2 still, if you take out transportation number this comes in a lot better, obviously, boeing story if you will down 7. 4 excluding transport supposed to be down 14 what weve got so far waiting on, looking at few things as far as gdp and here it comes up up down 5 , down 5 so this is revision q1 gdp down 5 , about about initial read 4. 8 a little bit lower First Quarter gdp that is the second read, as you can see, futures up right now, about 139 points, 143 points maria seeing a little bit of a jump in the futures, nasdaq not getting much help again, initial claims weekly in line over the past 10 weeks maria, back to you. Maria all right, markets pretty much where were they gdp number contraction, of 5 Dagen Mcdowell, pretty sure at this point seeing this number, that we are now in recession. First quarter contraction 5 , Second Quarter expecting much more significant contraction, two contractions, quarterly contractions is recession, question when is when do we get you have the this recession. Dagen still a country lives family upended by shutdown the fight a virus, but there is a positive sign in all of this cheryl mentioned this the continuing claims. Kind of sign how many people are on still unemployment. And 21 Million People a little bit more than that, that is a significantly lower expectations was closer to 26 million. So if you see people starting to go back to work, that is just moust importance i know Everyone Wants that to happen, safely, of course, but weve got to get back on the job, to rescue peoples lives rescue this economy. Maria well, we certainly are looking at a tough slog here joining me with reaction is secretary of labor Eugene Scalia secretary great to have you back here today your reaction to where we are, today, based on these numbers. Well, 2. 1 million more going into unemployment it is a large number, and we do have to acknowledge this is a challenging time for workers across the country, and but we are reopening, that continuing claims number is heartening lower than expected, a 3. 9 million drop now, there is some anomalies in numbers couple statesting for drop by and large take those out any way you look at it continuing claims have dropped what we want we expect as we rehe open as dagen says reopen safely. Maria lets talk about that reopening, how significant do you think it is going to be in terms of impacting growth broadly secretarying secretary . It is going to be a while before we get out of this do you believe more 2021 affair in terms of normalizing or is it 2022 . I think we can make a lot of headway this year. Maria. I think we can start now we are seeing it i had the opportunity to be down in florida, georgia, with the Vice President last week, those are states that opened up earlier, than many, and part of the good news is that we are not seeing as of now the spikes in return of the virus in states that have reopened, so we will learn a lot in weeks ahead but as you and i discussed before, we put so many people on unemployment back in march, april there is an opportunity now to return millions upon millions in the next few weeks, as we do reopen. Of. Maria meanwhile, it looks like any changes to Pay Check Protection Program are going to sort of drag on. Because we know that House Democrats have revised legislation, to overhaul the ppp for loan program in advance of house passage house expected to approve it house, senate not going to accept that bill take on changes we may see from ppp . Do you want to see amount of time that people have to spend loan to french you want to sight longer than 8 weeks . Maria as you are noting there have been a number of people Restaurant Industry said 8 weeks isnt quite enough to to get people back to work. And be in position to you have that loan forgiven they want it sustained bit something we are looking at. But on the whole that has been i that i remarkably Successful Program we estimate 50 million american workers, have been able to stay on payroll, as a result of the program. And again for me the headline that is we are now in the month of may heading into june, reopening we will learn a lot more in, next few weeks, about what additional measures if any what additions measures might be suited to target a reopening economy the cares act, was closing, as we reopen, i think, different approaches will be in order. Maria yeah, and one of those approaches has people talking about the Small Business administration program. Because, they think that businesspeople wall Street Investors believe this program is at real risk. Because of the faulty drafting of implementing legislation for the Paycheck Program, to us cowan and company said the program ultimately needed to help recovery from covid19 crisis needs to be disentang freld Paycheck Program will it be disentang neiled we will take a look at it we had opportunity to watch programs in operation for a period of weeks now, cares act, was really an extraordinary piece of legislation, enacted so quickly by president and congress i as i served purposes quite well by and large when a closing economy but there have been some challenges weve seen in practical, it does make sense, to take stock of those, and examine when requirements need to be made Going Forward let me emphasize maria, let me just emphasize, how important now is to focus on helping businesses, reopen, and invest. What we want is entrepreneurs investing in reopening economy. The administration trying to make it easier for businesses to invest, and and create growth last month what he saw a record 20. 5 million jobs lost Unemployment Rate reaching 14. 7 we are expecting that the Unemployment Rate is actually much higher than that. Given these numbers today, would you equate Unemployment Rate at 16 or 17 today . Well, when we put our report out, earlier this month maria, we indicated that one way of looking at data was that number could be closer to 19 or 20, we will see that report a week from tomorrow. But it wouldnt surprise me if the number reported then were up around that figure, recognizing again, that will reflect where we were as of midmay. As reopening was just getting underway the situation just been so fluid as you know. Maria 20 Unemployment Rate, that hurts. What is the possibility of payroll tax holiday to ease the economic strain . You said a moment ago the cares act was a relief package we need new solutions Going Forward is that one of them, does the administration go back to its playbook 20617 when they 2017 when they released tax legislation cuts deregulation is that same playbook or is there Something Different . Well, i think this administrations playbook worked extraordinarily well you and i have talked about this before about what projections were before President Trump was elected for the economy what actually happened. When you just had this extraordinary economy until a couple months ago virus hit that was as you are saying the product of tax cuts deregulation, president signed an order last week, reinforcing importance reducing up needed burdens on business as we reopen economy get it going again president made it work once we can make it work again part of the reason i am more optimistic than some about what we can achieve even this year, in getting things going again. Maria do you think we could get Unemployment Rate below 10 by the end of the year . Maria, i think that is that is achievable. Obviously, there are a number of things that will depend on we know that many people are in a position to start going back to work. We are accustomed you took about job losses a lot of those jobs are still there if we get back to work promptly safely we have chance coming out of this more quickly, than down turns we have had in past self imposed meant to be temporary do i think getting that unemployment number around 10 this year is win realm of what is ebb achievable. Second scalia good to see you as always thank you tier. Thank you, maria. We will see you soon, coming up americans eager to get back to work i will speak with the state of the retroactively industry as nation begins to reopen hotels hit hard during all of this. Back in a moment. Can my side be firm . And my side super soft . Yes, with the sleep number 360 smart bed, on sale now, you can both adjust your comfort with your sleep number setting. Can it help me fall asleep faster . Yes, by gently warming your feet. But can it help keep me asleep . Absolutely, it intelligently senses your movements and automatically adjusts to keep you both comfortable. So, you can really promise better sleep . Not promise. Prove. Dont miss the final days of the Memorial Day Sale, save 1,000 on the sleep number 360 special Edition Smart bed, now only 1,799. Ends sunday. Maria welcome back. Reopening the economy, more businesses welcoming customers this week as americans are slowly getting back to work, some states are now requiring visitors residents returning from other states to selfquarantine before they come in, joining knee right now the chairman ceo of Starwood Capital group Barry Sternlicht great to see you thank so much for joining me, tell me how you see things what is increased travel mean to businesses across the u. S. How would you characterize reopening across the country barry. Good morning, maria. I think you know, i was fairly bullish on recovery i thought we would have a cure faster than people thought i think markets are convinced that is going to happen one way or the other ten activevenes human trials critical to travel industry it is the question of a slope from here to there when we have a vaccine people feel comfortable get back on planes International Travel allowed again until then we are not going to have we are having very uneasing recovery in travel market what you are seeing amazingly, everybody locked up in wherever they were wants going on vacation dont have to be in offices can work from anguila or colorado, in mountains aspen, so this is going to be a really strange summer because we are opening offices but not mandating people come to the office only about 25 of workers are saying they are coming back in at least right now we make it voluntary. Going to be a fascinating recovery, our hotel in south florida is actually opening monday. They gave us like five days notice we have three guests but my expectations are that will build rapidly markets where short funds, summer, resort or markets like can drive to Domestic Travel fastest recover big boxes hotels vegas fascinating to see they are opening june 4 new york city dependent on International Travel or los angeles decided to keep closed forever almost no cases, going to be much slower i think the big boxes are going to be certainly challenged one of the unique situations with those big hotels like new york, chicago or new orleans not new orleans in big blue cities, you have to deal with union issues the unions have to come to the table to make opening those big hotels, even remotely profitable, you probable need 35, 40 occupation to break even on operating basis in a big hotel that is before you touch paying debt service, all of the borrow we still have to do not out of the woods i am many optimistic by everything i am seeing, i have been, taking weekend trips from here, out of south florida, and was in georgia two weekends ago they dont seem to know there is covid going on, and the west coast to florida naples, northern side jacksonville we have hot ethical beaches busy people out i actually, think that is important, and here in miami theyve last night was the First Official opening of restaurants in, miami, i went out, and a lot of people out. The faster. Maria wow. We get back to normal i think if you live in new england new york, connecticut, new jersey maybe massachusetts you are having a very different experience it will be reflected in the economy, and results are how we bounce back, but i am so far, you know in markets are showing you that people expect to us get back to normal faster. It is kind of one of the big events yesterday for me when google announced their employees can come back to work july 1st, if you remember they said they never have to come back to work so i dont think a lot of the people say we are going to permanently changing behavior i dont actually think that is the case for better or worse Americans Still optimistic have shortterm memories i think will long for days when they went to bars. In japan we have office in tokyo our fellow who runs the office said bars are packed people are not social distancing japan one of the most effective countries at at staving off the virus. I want to ask you about how things look different when we do get back to it i know your companies have been trying to understand what customers will want. And there is a big cost to that i want to ask you about that first let me get your take on ipo the offering expanding to raise 7 6 hundred Million Dollars to go public tell me sponsor this have whether or not, you see this as indications of a growing industry. So thanks, maria. About week and a half ago we raised total 690 Million Dollars in this special purpose acquisition company, a company can help a company go public not focused on reper se it is not going to compete with activities of my Parent Company star Capital Group will you tell looking for Growth Companies maybe a company stuck cant get public wants to go public in a sizeable way lps v. C. s venture capitalists want to cash out, and management, employees i make two phone calls a day, three phone calls a day looking for Interesting Companies to acquire, or acquire parts of, and i think and i guess Good Opportunity it is Good Opportunity to do that in this environment i guess you are my special guest on wall street this weekend i want your take on cost of changes when we get out of this i want to ask how you are investing about acquisitions tomorrow night 9 00 pm eastern on wall street barry thanks for being here morning. Thank you so much good to see you, sir. Well be right back. Or make me feel like im not really there. Talk to your doctor, and call 8442342424. Maria welcome back. Reopening america, this Summer Travel season underway theme parks across the country announcing plans to safely reopen amichigan coronavirus pandemic, Grady Trimble live at Six Flags Great America illinois with more grady good morning to you. Reporter good morning, maria. When theme parks reopen going to look a little bit different than they did before all of this, here at six flags some changes you will see similar to what other theme park announced first and foremost a safety video before even arriving at the park, then they will have to reserve space only so six flags can limit capacity at workp once they arrive temperature will be checked with thermal cameras and when allowed into the park they and all employees will be required to wear masks. Six flags announcing park in oklahoma will open on june 5th hasnt set a date for other parks across the country when we asked about that, six flags tells us as businesses begin to reopen around the country we are working closely with state and local officials, to dwherm we may be able to do so. Some cases like here in illinois, six flags reopening is contingent on states approval as of right now theme parked arent included until later phases of reopening which allow large gatherings. Six flags says they can open safely. We can do it safe margin operating parks for decades excited to welcome people we know demand know there are people want to come honor a good time with friends and family not sold out from the binge we know that i do think over time people or go getting more comfortable. Reporter theme park stock climbing as reopening optimism continues we will see if that pentup demand there is as ceo suggested this morning maria. All right grady, thank you we will be watching for sure Grady Trimble, more mornings with maria right after this. Maria thanks to everybody on the panel this morning. A big shoutout to our newest member of the team, warmest congratulations to our stage manager nat and his wife on their new addition, bella sarah who was born yesterday. Welcome to the world, bella. Right to you, Stuart Varney. Varney company starts now. Stuart welcome, bella. Welcome. I will say good morning to you. Good morning, everyone. Okay. All right. More bad numbers on the economy, but the market doesnt look to the past. It looks to the future