Romain, stocks rising and volatility dropping, so why now . Romaine the good thing, if you are looking for a Silver Lining here is we did not have huge price swings. We had up and down days with swings of 4 or more, something that has never happened since the great depression, so a day like today where we only lived half of a percentage point is considered to be a relief for investors. We saw volatility measures like the vix and volatility measures on other risk assets come down a little bit. They are still elevated on a historical basis, but by not having these swings it gives investors a chance to parse what the value of things really are, entryybe try to find an point. We saw sustained buying in the names that we used to see in the oldgrowth days. Some encouraging signs. Not a monster day. Not close to erasing the losses we have had, but a little bit encouraging today. Emily in the meantime, we are getting breaking news out of the fed, the fed saying they have seen an increase at the discount window this week. We sawtek stocks bounceback, particularly uber. Interviewing the ceo of Uber Technologies later in the show. Took about what is driving that. Romaine huber said, we have cash on hand. That is what investors want to hear. It is not just about whether these companies have the consumer demand, but whether they have the cash on hand to whether this out. Uber basically said it has 4 billion, maybe 6 billion in cash to go along. They are adding up what they have, what they can draw down. They say this is enough to kind of get them over the hump, presumably at some point demand will pick back up and the company will be made whole. We saw them have their best day since the became a public company, shares are trading about 22, less than half of what it did ipo for. But everyone we talked to said they did not care about earnings reports, when the Companies Start reporting earnings, they want to hear about the Balance Sheet and how long can it last. More on thatl get from the ceo, in an exclusive interview coming up later this hour. No i want tow get insight from chris campbell, a chief strategist. Also the former assistant treasury secretary for Financial Institutions. Thanks for joining us. What is your take on the market moves, big swings, a a lot of uncertainty. Uncertainty. Of less activity today, but where is it going . Chris for those of us, investors, we are seeing things in real time. You see cybersecurity demands from restructuring financing, to corporate government challenges that come with a crisis. You know companies are looking for liquidity, cash, which as i know from my time in washington, i and really encouraged to see washington rising above partisanship. They are working together, Mitch Mcconnell and nancy pelosi, some way to find cash for individuals that that will come in the form of payments this month and next month. Helping Small Businesses so they do not have to lose workers. 70 of Small Businesses employ almost the entirety of our workforce. And the larger impacted andstries like tourism travel, that congress will put Steve Mnuchin in charge of getting out the capital as quickly as possible, so we will continue to have a vibrant economy. Romaine talk about that, because during the financial crisis a lot of relief went to the companies, a topdown approach that definitely worked to some extent, although there has been criticism of it. This time around, there are calls that this needs to be bottom up. That we knew see all of the Small Businesses here in new york that are closed, there is a sense of money needs to go there directly first in order to provide some sort of force in this economy. Do you think the proposals out of washington will accomplish that . Chris absolutely. This is a different crisis from 2008. Wrong, some or suggested the banks did the wrong thing. Nobody did the wrong thing here. This is something that has befallen the world and all of our markets. Be thosehurt will working on the lower end of the economy, the hourly workers. We absolutely have to, and i imagine that congress will insist, those folks be made whole as best as possible. People are struggling to put food on the table. They are being forced to work at home, or not work and stay home, so they will face challenges. And there are very large industries, like the hotels, airplane manufacturers, we cannot allow them to suffer because of something they did not do wrong. Romaine we have heard washington leaders talk about relief for those industries as well. We know that this will come at a significant cost. At lee so far it appears washington is prepared to spend that money, which obviously means a lot more borrowing by the treasury. We got the news earlier today that we could be looking at ultra long bonds of 50 years or more coming down the pipe. How much of a restructuring of the rates market and treasury market you think that would have, assuming the Treasury Department does go through with that . Chris i will be candid with you, something we talked about so was at treasury, we desperate times call for desperate measures. The department of treasury has at the end of the day, we must do all we can. Washington must act responsibly. Cash infusion for those folks who need it at this time. So if it is restructuring hard debts, i think that will happen over time and we can absorb it. But the reality now is many folks people do not understand this, but policymakers who have been around for a while, we are in a place where we may not feel it now, but we are in a decent economy. We will emerge as a different economy on the other set of the crisis. So we must act responsibly, but also act decisively and quickly n the bluntto lesse of what is to come. Emily talk about that. The Associated Press is reporting that lawmakers have been working on contingency plan, Mitch Mcconnells reportedly includes payments of 1200 per person. At what point, we have been talking about recession, but at one point do we need to Start Talking about depression . Chris it is far too early to say that. And theks, as you know, word. Are using the r we will go through a difficult time, no question about it. If we act responsibly and decisively, like the fed has done, now fiscal policy, and congress and the president working together, we may be able to find a way of blunting this so we do not need to see that word. Depression is a scary for folks. There are almost no people around today, no businesses around today, that operated in a recessionary time, certainly not a depressionary time. They do not know how difficult it is. So we must act responsibly to make sure we do not have to go there. The indication we are getting from washington, and as i talk with my former colleagues in the senate, that is their goal on a bipartisan basis. To actis urgent immediately and decisively. Romaine ok. Part of those actions we heard from donald trump earlier was the idea of whether the u. S. Would actually take stakes in any of the industries or companies and that did receive a bailout. Do you think that that idea would be enough to actually be implemented in the same way that we did with General Motors in 2008 . Chris i think it is responsible for the government, like we did with autos, and some in tarp to take an equity stake so the government can be made whole in that process. The American People are suffering now and they are scared. When we are past this, we need to make sure we are being made whole as a country, so if we do have to go through Something Like this again we can do so in a way that is responsible. And not putting the taxpayer at significant risk. Emily chris campbell, thank you so much for sharing your perspective thank you so much for sharing your perspective. So much for sharing your perspective. Coming up, what is happening in San Francisco. We will talk about the tech economy. That is next. This is bloomberg. Tesla has been in a disagreement with officials about whether it must suspend production at its main plant in fremont, where we have been told to shelterinplace. We just got news that they will be suspending production at that plant. I want to bring in our correspondent who has been following this. Ed, what is the latest . Ed that they will suspend production at the fremont factory, as of close of business on monday, march 23. It has been back and forth all week. Tesla has communicated with its employees and continued to operate, because it said it was part of the nationally important infrastructure. Conflictingd messages from all levels of government. Earlier in the week, the county tweeted that tesla had to comply with the shelterinplace order issued by the county, which basically cast tesla as not an essential business. If you look at the order, they spell out in some detail the businesses that are essential, and auto manufacturing did not come under that. But tesla has continued to operate throughout the week, and continue to communicate with employees. But what it said in the filing in the last halfhour, is it has been unable to continue manufacturing. That it has cause disruption for employees, as well as suppliers. But rather than choose to shatter the factory today, it will wait until close of shutter the factory today, it will wait until close of the day on monday. Emily we will see how it will impact tesla over the next few weeks. In the meantime, elon musk has offered to start making ventilators, as folks everywhere are in short supply of essential medical supplies like that. Talk to us about that. Ed both of his companies, tesla into space and spacex, have some expertise in these kinds of systems. Filter,e a super air 100 times more effective than the air filter you would find in a normal car. It is good at removing viruses. And they also claim that you would survive a military raid bio attack if you are inside a tesla, the filter is that good. Working on then lifesupport system for the vessel that will carry staff to the International Space station. Work onidated their those lifesupport systems, which include air filtration and air pumping. Ventilators are not the same. So the big question is, if you take his tweet seriously, is whether those competencies are transferable to making ventilators. The overall problem is there are not enough ventilators around the world to mechanically pump air into peoples lungs who have respiratory illness. Emily we will be watching to see if elon musk can and does follow through on that. Ed, thank you for the update. Commit, we have the former twitter ceo, dick costolo, and we will talk to him about what the coronavirus outbreak means for silicon valley. That is next. This is bloomberg. Emily continuing our look at the fallout from the coronavirus outbreak i am joined now by the former ceo of twitter, dick costolo, also a managing partner at 01 advisors. Thanks for joining us. Markets are melting down, there is no end in sight. What is your view on this and what it means for the tech economy . Dick i do not think anybody knows yet. My personal take on this is in and int, in 2001 20082009, those were opportunities. You never know when it is going to end. In a couple years, we will look back and wish we were buying more. L alongwly but surely, al last week, and probably will continue to do that. Emily you and your former colleague, adam from twitter, you recently launched 01 advisors. What is the status of that . Are you trying to raise money . Are you able to raise money in an environment like this . Dick we did get the funds raised. We are continuing to put money to work and continuing to invest. Andim advising operators ceos in this environment, too. You do not know how long it will last. We take it very seriously. And we look hard operating expenses. You should make contingency plans. Then look for opportunities to be helpful to your partners and customers. It is easy to be inwardly focused in these times and smart and thoughtful operators and companies also think about their partners and customers and look for ways to be helpful. When we come out of this, those customers and partners will remember those companies and that helped them when the going got tough. So i think that is something we are encouraging ceos to do. Emily whenever you come on the show, we always have you put your twitter hat on, twitter and facebook and google, all struggling with misinformation, medical misinformation in the midst of this outbreak, so what can they do better . Do you think this could be a turning point in how they might take a harder line on this stuff . Dick i think they have done that. Twitter this morning announced a much more aggressive term against turn against misinformation. That misinformation about Scientific Evidence and more. And they have not been very aggressive in taking down people encouraging selfharm. Tweets that were encouraging people to go into large crowds. And that this was also a hoax. So i think it could be a turning point, and it welcome one for many folks. Emily twitter has been under pressure from activist investors, they struck a deal with elliott and silver lake, but there are questions about jack dorseys job. And we ask year after year, as he remains at the ceo of twitter and square, do you think he is the right person to still be running twitter, even though he is a founder of the company . And you know how hard that job is. Dick yeah, it is a hard job. One of the great things about twitter is everybody on the planet has just three suggestions for what you should do immediately to change and improve the platform, it is just all those suggestions are different than everybody elses. Jack has done a great job of leading the team there, evidenced by the fact he is beloved by the managing teams. Folks running in engineering and running the product, those on the product side and matt on the go to market side, they are great executives at twitter. And he is beloved by that team. And those people are beloved by their teams. I do not have complaints about what is going on over there. Emily in the meantime, you are making a big i am getting texted by all the executives that i did not mention. I guarantee you i will have in this text messages. Emily you cant wait y you can tweet to them. You have been making donations to restaurants here. Restaurants in the bay area have been asked not to serve people. You are donating 2000 every night so a restaurant can make meals for 40 different families, those families in need. Tell us how it is going. Dick it is not just our family. Whenhelterinplace order, it was going to go into effect, i had the thought that it was going to be rough for families, especially those under income pressure, to be able to get everything together that they needed within 24 hours to shelterinplace. At almost the same time, i gotten email from the chef and owner there that they were going to put together a takeout plan. It struck me that it was something that could help both sides of the equation, to tell david our family will donate 2000 a night toward takeout meals that can be given away for free to those families who didnt have time to prepare, who were in dire straits because of income pressure. And then we announced it on twitter and in short order, part of the beauty of twitter, others stepped up and matched that. 120 meals ae night available for free and anybody else could order for themselves and pay for them, or order and donate meals. It took off right away. I think that 50 meals were ordered in the first 10 minutes we were open, two nights ago. Last night, we blew through the 150 meals in the first hour and fortunately because other people cap contributing, there has been more and more. We even have a website now up and running for people to donate an order. It has been a success and we are trying to replicate it around the country. Emily you can go to their website to sign up for meals. You can also purchase meals, you do not need them for free. Many folks have matched the donation. And this is a very hot restaurant. So i suggest people go. The former twitter ceo, dick costolo, thanks for joining us today. Emily welcome back to bloomberg technology. Breaking news. Nowu. K. s brexit chief is self isolating with virus symptoms, symptoms of the coronavirus. We will continue to follow the story. Officials are discussing how to handle the situation and his condition. In the meantime, uber shares rallied today, spiking more than 38 after the company said it would have billions in cash at the end of the year, even in the bleakest of scenarios. And i went to bring in the ceo now in an exclusive interview. Thank you for joining us. You are shelterinplace, joining us from your home, so i appreciate you taking the time. 9 11 andxpedia through the financial crisis. I am curious, how do you compare what we are going through now, is it more or less terrifying . Dara you know, i think that people are always guilty of recency bias. I am subject to the same thing. I think this one is scarier. I think september 11 was incredibly tragic, horrible, horrible event. But it was an event and we instantly, or as close to possible as instantly, got back to rebuilding. It brought everyone together in many right ways. I think the financial panic was financial in nature that found its way into everyday life, and obviously in a negative way, so to thedeeply worrying as Financial Institutions and how they would hold up. To some extent what we are seeing now, it is actually the opposite. It is main street, coronavirus has affected everybodys lives almostr the world, instantly. And it is moving so fast. The worry is, will it creep into the Financial System versus the Financial System creeping into the main street system. So this is a scary time, regardless of who you are. I thing my instinct is that we are finally taking the right steps to move in a good direction, and certainly asia, china, hong kong have set a great example for us to follow. This one is pretty tough. Emily so, you said earlier today that you had 10 billion in unrestricted cash and you would have 4 billion at the end of the year, worst case scenario. Hong kong is down 45 from its peak, they are still down about 30 when it comes to rides. So what gives you confidence and that you have enough confidence to ride this out, not knowing how long it will last . Dara the scenario that we outlined assumed that the world would be down 80 for the rest of the year. I think what we are seeing with hong kong is there has been a big hit, but once the Health Authorities