The meeting will come to order. First of all i think when the first actions of the committee is we are going to take over the roles and Means Committee to make this a rules committee but first let me say that i appreciate, wanted to say this from the beginning i appreciate the flexibility of our Ranking Member mr. Cole. Im incredibly proud of how we have worked together here in this congress. We have examined a lot of things in the committee and no matter how politically alike we are doing things in the constructive when and i look forward to working with you mr. Cole in a bipartisan effort that was announced today and we will examine how congress can better adapt to the emergencies of the coronavirus pandemic pandemic. I know we both care deeply about this institution in one way or another congress is going to have to adapt to whatever the future may bring. The cdc said this fall could be worse than what we are going to right now. And we need to be prepared and that may mean working r
Locations. Its an historic morning as the fed injects 2. 3 million in loans into the american economy. Powell has a live webcast in about an hour. We have the opec plus meeting to watch. Jobless claims, 6 million for a second week. But your point a moment ago is the fed is helping to take a credit crunch off the table and all we need at this point is a break on the science the fed is not going to be the reason why we go into a depression they want to stop that they want to make it a recession. Sometimes, i mean look, i was critical just a couple years ago when powell was talking about tightening when the economy was actually getting weaker. He is so far ahead of the curve that it will be studied. We will be studying this period, and we will say, unlike 1937, when the fed got tight and they threw us back into depression, we will say that jerome powell, after being a little unsure about how to handle things, decided to go out front and said we will make it so that if you want to make loa
Testing center returns at noon tomorrow eastern time to work on phase three of the coronavirus economic aid package. When the senate returns, watch live coverage on cspan2. Earlier today rubio and collins held a News Conference on their proposal for the economic stimulus provisions for Small Businesses to be included in the phase three coronavirus aid package. This is 20 minutes. Says senator collins and i in the group here have been working, as well as the outrage with our bipartisan partners that were even talking to now for couple weeks about it, think there is broad, general agreement that Small Businesses in this country will not be able to survive without external assistance. The idea behind the proposal we are finalizing the now, is the idea of how can we transfer money as quickly as possible to help Small Businesses meet payroll and operating obligations for a period of time, roughly equivalent to six weeks. The idea is, to basically use Small Community bankers, Banking Industr
All rolled into one and a quick 7 fall and a trading haul the dow down more than 2,000 points and then right around 1 00 p. M. Eastern time the stocks tried to stage a comeback on the back of the news that the fed will inject 1. 5 trillion back into the market and prevent a fullblown credit crash. The stocks kept falling and we ended the day on the lows and we have a huge show for you tonight. For the host of big names with guggenheims Scott Maynard and john hess. Well get to those in moments, but first, lets get more now on exactly what the fed did and tried to do today with their trillion and a half dollar injection. We are joined by phone by Steve Liesman. Im not on the phone here, brian. I am joined by the Federal Reserve. In the first instance, it extended its purchases to 60 billion across the range of maturity and the fed was buying on the short end and it was going to buy a whole way of maturity and the reason for that is because there was a lot of dislocation and well talk abo
The s p down 4 on the day. , 17 on amazing week the dow, 15 on the s p 500, 13 on the nasdaq, all major indices down about 30 from alltime highs. Scarlet sorry we interrupted. You were saying that it will depend on the number of infections and whether that curve bends or breaks . Vince one potential piece of good news, if we look at the country countries that were successful at containing the number of new cases, china and korea, the numbers have slowed to a trickle. In italy, the numbers are still wearable and the news out of italy is horrible. One of the things we do notice is that if you look at the Second Derivative of the number of new cases out of italy, the percentage increase is starting to decline. If we get to a point where the number of new cases in italy flattens and starts to decline, that could be an important Inflection Point for markets because it would be an indicator that some of the lockdowns and quarantines are working and it could create the sense that western econ