We want to wish them the best, we like to see flattening of a curve in italy, madrid, new york theres the earnings world the earnings world doesnt bend. The earnings world responds. There are a lot of companies doing poorly, sometimes their stocks have reflected that sometimes their stocks havent i warn people that if youre going to do buy or sell stocks based on what the president says or what Governor Cuomo says, youre not being thoughtful it takes a thoughtful person to figure out whether you want a lot of exposure here or not. Does that mean if we did see more signs today some people theorize maybe theres a weekend bias to the counts if we got some affirmation over the next couple of days, what would it take for you to change that view . To say the market is looking through the Health Numbers i think we need to see testing, testing, testing. I would like to see the beginning abbott labs shipped its tests on thursday. I would like to see empirical evidence that people have antibodies so they can go back and eat and go back and drink and go back to work. I think its the question is how many people when it comes to the stock market, how many people can participate in the economy, how many cant . How big is the Small Business loan how quickly are those going out . Those are the things that determine whether boards should be green or red, not whether we had a flattening of the curve in madrid last night. Jim, i hear the same, which is, listen, great, lets hope its as quick as possible in terms of the flattening of the curve in countries around the world and certainly here and in our home city, of course, which has taken it the hardest in the u. S. , but it doesnt mean to your point that people will go suddenly resume normal life in any way. And everybody, of course, is trying im sure every conversation you guys have is s when do you think well get back to and list whatever it is. When will my kids go back to school will there be school in the fall when will you fly again . Go to a concert again or sporting event its unclear, i think, guys, that that is going to take place simply because the curve is bending. To jims point, one that a lot of people made, when we have testing that is ubiquitous and fast, when we have antivirals that are available, then you can imagine a world in which people will feel much more comfortable reentering the workplace and reentering their social lives in a much more robust way so right. Carl, i have to tell you, when i hear about the Small Business loans, im cheered when i think do i want to go to a restaurant, are you out of your mind . One thing that happened this week, my daughter uber eated a sandwich from the chatham sandwich shop. She figured out how to do that i thought wow, were back. You finish the sandwich and you say, wait, i hear i have to wear a mask were not back can we waituntil theres definitive evidence that people will go out of their houses and go to work and what will happen when we do i think a lot of us are looking at how china away from wuhan is doing so well and feeling like, wow, they got it down, or did they have it down ahead of time . We cheer when we see a plane that marc benioff helped bring with masks to this country, and we boo when we say why isnt anybody else helping us . I think weve got to get away from the notion when the plane lands or when we wear masks and deaths are cut down by 100, thats the time to buy delta the confluence and the conflation of stocks to ventilators is a huge mistake. It is not why you buy a stock because we got enough ventilators. Thats just thats sophomoric its a key point. Well talk about sbuks s tarbu minute, jpm cuts it to neutral Consumption Habits largely broken in the United States and may take time to rebuild thats the kind of thing youre talking about. I read that note and said wow. Theres a number 16,000 that are 16,000 out of 31,000 that change i think people are eager to go back to what they were doing, they would love to, but they also feel like its foolish to go now i think the notion of foolish has to prevail unless were tested, tested, tested, what happens is we think that we might have the virus, we might be giving the virus to someone because we had a triple vente cappuccino with skim wet we dont want to go there. What we want is to say you know what, this is for real when we all feel like we can go back to work because we have the antibodies not because the president says we can or a president ial candidate says we can. Everyone is just trying to make it politics. Or, jim, when we have the ability to know that we can get tested immediately if we feel like we have any symptoms whatsoever, that the infection rate is extremely low at whatever point that will be. And that there are antivirals readily available and that was good news from gilead we got over the weekend at least in terms of how theyre ramping up, but antivirals will be available that will make whatever we do have much less in terms of symptoms and in terms of actual complications of any kind. That combination could be enough to bring people back by the way, jim, for all of that were relying to a certain extent on our government, not necessarily our state government, which seems to be fending for themselves right now but on our federal government. Thats a key question as well. I call my doctor because i listen to the president. I say lets get this hydroxy he says people with lupus need it, you cant get it no, i want it. What the hell . What am i doing . Im arguing with my doctor that might make it so people with lupus, livi get off and i say ts is ridiculous. Can we have a country . Do we have one of the most foremost virologists, dr. Fauci saying one thing and another guy six feet from him saying another . The president admits he cant write a prescription dr. Fauci helped crush aids. Im thinking, all right, i got to get this or im an idiot. Then i find out im taking a drug from someone who is sick. I finish and i say the hell with it, ill watch netflix anything good some remarkable reporting, jim, over the weekend about fauci, about novembavarro, abous big fight in the situation room. Navarro this morning saying hes qualified to comment on this because hes the social scientist, that is sort of where we are peters is a jack of all trades i like peter, known him for a long time. Is it every man for himself, every woman for herself . To some degree were in peter want to do whats right, Chuck Schumer wants to do whats right theres ways to accomplish it where you can execute things without making an enemy of every person its not clear to me what navarros real goal is, whether it is to get everybody in fights with them. He seems to enjoy doing that, doesnt he likes to mix it up. He does he did it with 3m, with gm, and forget fauci, that guy is taking them on wherever they come look, im not in the business of defending anyone other than people who watch the show. Whom i will defend because i think theyre trying to save their nest egg or life savings and trying to figure out what happened to their 401 k , they dont like confusion i got the mask i had some masks i said maybe i have too many maybe i should give away my masks. Look, were americans. We dont have a clue of what to do this is not like where lincoln is giving us a heads up about where to go. You go back, you read lincoln and churchill and you say, geez, people have a pretty serious view, whatever theyre the people we listen to, right . George washington. Yeah. Our founding fathers, some great president s, the 16th president , they faced didnt things they faced a civil war, president lincoln, he did not he had a cabinet, he had an unruly cabinet but they all were ending up speaking through one, president lincoln. If i was President Trump i would say i read lincoln not going to happen why not because you know its not were 3 1 2 years in really never too late to learn, david. Jim, its that kind of historical scope that defines dimons shareholder letter today. He said earnings will be down meaningfully this year wont request regulatory relief by the pandemic is only one example of the bad planning and management that hurt our country. We need to demand more of ourselves and our leaders. Then goes into some of the adverse scenarios they have run. Gdp down 35, yearend jobless up 14 and even with that they say liquidity will not be a problem. Yeah. Look, i like the last part, liquidity wont be a problem i see germany going for unlimited loans. Its great to hear jamnyijamie voice. I know hes been sick. We wish him luck how bad is that stock . How bad is the how bad are the bank stocks . Mike mayo cut the numbers today on wells fargo a lot of people are saying are dividends next we hear from people dividends are not next we look at the stock, suddenly selling for higher multiple than we thought, which is typical of what happens in a downturn, we say thats very philosophical, i enjoy that sell the stock and i think, again, thats the difference between the real world, which is theres the philosophers of which there are many different philosophies versus whether or not i should sell a stock with 14 times earnings where the dividend might go i like to see buying i saw Charlie Scharf buy some wells fargo. Then he cant make the loans, but hes the largest lender. Government, will you get your damn act together . Any one of us, david and carl, if we all this weekend felt we were doing something wrong, we would hash it out. Its okay. Jay powell should come on our show and say maybe its tim to waive the restriction on wells, then charlie comes on. I like charlie very much but you know what . Its like i feel like its the back of the cab and on the waterfront yeah. Whether its wells, 3m, all were in a huge fighting mode right now. 3m. As we search for answers. Well take a quick break a lot to get to. We have not talked about a lot of the diagnostic news oil will be a huge story all week dont go awhe. Nyer squawk on the street will be backpromotio forced camaraderie. And you should be mad at tech that makes things worse. But youre not mad, because you have e trade, whos tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. Dont get mad. Get e trades simplified technical analysis. Welcome back to squawk on the street. As carl mentioned, Oil Continues to be a focus for us huge updays to end last week for that commodity on the promise perhaps of significant production cuts from the saudis, russians, maybe even including the u. S. But very much unclear where things stand i would also reference, guys, an interview i did with jeremy weir, the largest exporter of u. S. Crude and one of the largest traders of the commodity around the world, hes looking for far lower prices and a point that he made that you have made and others as well is theyre running out of places to put all of this oil leasing tankers and whatnot, buying very low in the hopes that it will rebound at some point. As we wait to get clarity here in terms of whether there will be significant production cuts, none of which will be enough to catch up to the demand destruction thats taken place worldwide. Right i gauged the tankers by looking at not recommending, n. A. T. , you can see where that s thats the biggest Tanker Company in the end, whats going on . Whats going on is that if you dont have a lot of people driving, you dont have the demand if you keep pumping at 13 million barrels, you do run out of space what do you do you discount, discount, discount it doesnt bring in buyers so maybe what happens is the saudis win they kind of figured out the russians figured it out. They knew how vulnerable we were i would have liked to have seen the commitment that the president talked about last friday, about the big cuts and thursday, big cuts, you come in on monday, would have loved to see, yes, it turns out our pals in russia and saudi arabia have gone with us russia is not our pal. Theyre our enemy. The saudis, they are trying to keep the price up because they want to make a lot of money. These bedfellows are certainly not helping the permian and what matters for us in terms of jobs is the permian it is a disappointing scenario if you look at the stocks of the socalled mid stream producers, midstream pipelines, you see the yield is 13, 14, 15, those yields will go that whole infrastructure that a lot of people like because these were these fabulous mlps, so to speak, its going to blow up. Its going to blow up in a way thats so dispiriting for those who need income. We kind of ignore it, but they created a huge number of companies. Theyll probably go bankrupt all right indeed to davids point about demand. I dont know how you see this, all state will return 600 million in premiums to customers because youre driving less. Most people will get 15 back on their monthly for the months of april and may. Thats a remarkable policy switch, just a reflection that everybody is staying home. That is i dont know that ive seen that before, carl. Perhaps its taken place at some point. The miles driven is dramatically lower. And air travel as well, the statistics of which are also shocking and phil lebeau shares them with us every day a lot less jet fuel is being used as well you have both of those thats worldwide, putting tremendous pressure on the commodity. Jim, you know, when you look at Something Like oil youre mentioning so many didnt areas, i continue to wonder whether we will see things unexpected as well not necessarily good, perhaps harmful, but things were not keeping an eye on. Are there things not connected to the Energy Complex that are concerning for you natural gas, very hard to actually pump. Maybe you have to flair all over the place. I know this administration is indifferent to flaring it does matter all state is smart if i were there could be a ground swell among the senator warrens of the world to have it so Business Interruption should be paid by the insurers. That could be something worth watching yeah. We will talk to Howard Schultz of starbucks in a bit here well get to bunch of other things we have calls on zoom and others squawk on the street is back in a moment on this monday yes. Its the first word of any new discovery. But when allergies attack, the excitement fades. Allegra helps you say yes with the fastest nondrowsy allergy relief and turning a half hearted yes, into an all in yes. Allegra. Live your life, not your allergies. Seeing the break in the clouds before anyone else. Together, well weather this storm. You want to know what industry is most in disarray and has the most jobs at risk . The Restaurant Business and Hospitality Business lets bring in Howard Schultz, who knows more about this area than most. Always good to see you thanks for having me on appreciate the opportunity to talk about the plate fund. Lets do that theres a gap between when people may get money from their employers, may not given the fact that restaurants are ceasing operations, and its important for people to kick in. This group is very disinfranchised. Thank you as you know all too well, the spread of the coronavirus created unprecedented economic carnage and fear among restaurant workers across the country. As a result of that, in greater seattle, theres 100,000 people who are unemployed what were trying to do is create the most innovative way to bridge the gap between the stimulus package and get cash in the hands of restaurant workers as soon as possible. The plate fund launched today. We will create an opportunity to get 500 of cash to restaurant workers, the most needy within 48 hours its not meant, obviously, to create enough sustenance, but these people are suffering from food insecurity, home instabl instabili instability. Its not only the ability to try to flatten the curve of the Health Crisis, but we must flatten the curve of economic despair. Im so glad you are doing that we had steven singh on friday night from allin seattle. Whats pretty clear is you guys are ahead of everybody else. Im wondering if thats because you were the original epicenter of the pandemic. I think thats true i think theres a few things here i think it started very early here friday was the third week in which restaurant workers have not gotten a paycheck. And as a result, just recognizing the unbelievable crisis economically and talking to restaurant workers, talking to restaurant owners, and members of greater seattle business community, we ban together to try to do everything we can to create the most Innovative Program possible to get money in the hands of people who need it. I think so many people have been on your show people are doing great things. Its not a time for politics its a time to band together, to get hope to people who need it most and most importantly to demonstrate shared humanity across every single spectrum of our society, and this is a time really where we must come together and recognize that well get through this, but we also have to dig deep to help those people who cant help themselves howard, are the people big enough in other words, is this a problem that bridging a gap between we hope the money will go to these people or not because as someone who owns two restaurants, i can tell you every restaurateur is trying to make up their mind, do we stay open do we not stay open . Do we go to the bank maybe they know us, maybe they dont. Do we get an sba number . Maybe we dont do we fight for the money. The restaurant workers just want to work. I just feel like theres the possibility that the bridge wont be it will be a bridge to nowhere because the restaurants wont reopen i think youre bringing up a great point. I think most restaurants unfortunately operate month to month, quarter to quarter, these are Small Business people who have sacrificed so much entrepreneurially to build their business now theyre facing an economic crisis where candidly many of them may not be able to open however, the restaurant workers are a community in every restaurant, a sense of family. And what ive learned in the last couple of weeks as we were putting the plate fund together is that theres an unbelievable level of concern and empathy and compassion not only for the restaurant owners, for their own business but most importantly the demonstration of what theyre trying to do for their own people we have restaurants in seattle who are suffering, may not be open but yet theyre opening their restaurant at night to feed their own people. This is the kindof humanity that we need in a country and what were trying to do. We have to recognize that stimulus is going to come, but it will be late. We have to find an innovative way to get cash. The plate