Says the economy will take off quote, like a rocket ship when it reopens. The questions, though, are when will that be and what will it look like. The market is asking those very same questions as it searches for direction this morning. More green on the screen but again, markets want to know how much economic damage has been done. Meanwhile, moodys says economic output fell a staggering 29 in the first week of april. That is compared to march. That is the first full week of true social distancing rules in place across the country, and that was the result. Down 29 . The other big story of the day, the w. H. O. Is under fire from President Trump. The president saying he may freeze funding to the organization over its response to the pandemic. This is happening as we get more clarity on what may be in a fourth stimulus package. President trump wants 250 billion more for Small Business. Senator schumer wants a 25,000 bonus for front line heroes Like Health Care workers. And we also have s
The likes of which they have not seen since 1933, in the midst of a downturn for the month, the likes of which we have not seen since 2008 here we find ourselves this morning looking at a market that will open lower. Your thoughts . You go up 19. 9 in the s p, you can have two thoughts. One is that was the greatest bull market ever the other is, boy, is this market dysfunctional were not moving the way we should theres very little volume yesterday the machines took the dow up 500 points in the last 20 minutes. Im keying on oil. I think oil is something that the algorithms are keying in i wish there wasnt algorithmic trading, but its here to stay the quants are in charge you know, lets bring back the smith corona typewriter. The quants are in charge, they took it up and now theyll cashier the market and cash it in lets come back to oil for a second it does get lost sometimes in all of the volatility were seeing and our focus on the economic crisis, on the Health Crisis, on the equity ma
Something we havent seen for the dow and s p in more than a ho month and a half to wilfred frost who has breaking news. Hi, morgan. Yes, james gorman the chairman and ceo of Morgan Stanley sent a note out to colleagues that were seen by myself and the content confirmed by a spokesperson at Morgan Stanley, in it he said, quote, 90 of our employees are working from home. As a result the normal bonds created by every day interactions with colleagues have been impacted and im hoping my perspective on the firm and crisis will be helpful and you have all seen the Federal Reserve actions are extraordinary but given the circumstances necessary markets cannot function without liquidity and they have taken real steps to address this critical issue he went on to say, slowly, governments across the world are putting aside their politics to arrive at blockbuster support and stimulus packages. Way too many people have lost their jobs overnight and it is central for government to act as aggressive as
Good morning everybody. Welcome. I am president here at csis, and the reason we are kind of rushing is because we only have an hour. We have a wonderful opportunity to listen to these three secretaries. I will be very short. We always start with a safety announcement. I am responsible for your safety today. They have some guys backstage with guns that will take care of that. If we hear anything, followed by instructions, we will take the exits right behind us, go down to the street Near National geographic, and i will take everyone to see the great new show on the evolution of jane goodall. We have never had anything happen, but i want you to be ready. You all know who these people are, so i do not need to introduce them, but you know the but you do need to know the absolutely Critical Role that they play. They are running giant organizations and they have to manage today, tomorrow, and 20 years in the future. It is constantly in their calculus about how they posture and shape these re
Homeland security secretary chad wolf spoke about request. Budget members of the subcommittee on Homeland Security asked about drug interdiction efforts. President s border wall, and 2020 Election Security. A lot of the questioning dealt plan he administrations on fighting the coronavirus. Welcome. I call this subcommittee on the Homeland Security to order. The first hearing of the cycle get 2021 budget and were glad to be joined by acting secretary chad wolf. Named acting secretary of Homeland Security november 13, 2019. To taking on this very challenging task, he developed and oordinated strategies polici policies to advance the Homeland Security mission and protected his merican public through leadership role in the office of strategy, policy, and plans. Of the is a recipient u. S. Secretary of Homeland Securitys distinguished service edal for his initiatives to counter domestic and International Terrorism and safeguard american interests the duration department. He thank you for th