Nasdaq up 151 points and looking to open about 31 points higher it has been a wild ride for investors all week the dow and s p are down over 2 the last three trading sessions the s p on pace for its worst twoweek performance the nasdaq has been a big mover. A lot to chew on after a tough week true, andrew. Tough in that it had been up so much we sort of glossed over september 11 19 years when you say it, dont you say, oh, my god, september 11 for you, it is about half your life for me, about a third of my life it went really quickly 19 years i remember so well mark hanes and Everything Else that happened. Year after year, constantly on september 11, it is amazing how quickly time goes. Since last year, weve seen our share of tragedy as well up until this pandemic, well see how history looks at all of this i would argue that 9 11 was the most consequential thing that happened in the past 50 years, maybe 100 years with security and how we live. You can define the world in many ways by that morning i remember that morning all too well as i know you do too. Andrew, we are still seeing veteran suicides from wars that were spawned by what happened that dachlt it affects people every and every day, the after affects. As you say, everything we do at airports it really was consequent al. We wouldnt be surprised if 19 years from now, there are remnants of the pandemic that will happen as well. Anyway, these guys in washington in Washington News we can talk about it you dont get everything you want, so you dont do anything it is kind of weird. They do a lot of stuff down there. They know it is not going to happen both sides do things they did this, you did this anyway Senate Republicans advanced failed to advance that stimulus. They fell short of the 60 votes. It was unclear whether mcconnell had 52 rand paul was the one republican that voted against it. For a while mcconnell was cagey and not talking about. Then he got everybody except for rand paul. 5247. That included reinstating enhanced Unemployment Insurance 300 that is down from the previous 600 and also would authorize Small Business loans the dras calldemocrats called i inadequate if we end up with nothing because these guys want to go home to campaign should you have done this . Should have they made the attempt . I dont know. It drives them crazy. What is so unique about this. Right now there is a lot of people who conventional wisdom they need that it will by p perilous for the economy some have come on and said the economy is stronger and given the hurt that still exists out there. It is very interesting in terms of what that looks like right now. There are places we could target on the other hand, a weird position for republicans and President Trump to be in where they want to do more even add more prior to the election then again, they are making the case, the economy is already back. We dont need a v shape. It happens so often. They say one thangd then they are saying something completely counter what they said you got to get used to it. I should have taken political science. You think they taught you how to interpret. The science they taught you at mit was much more real science than the science of economics. This is an art that you cant understand lets talk about a couple of different stocks you were mentioning your peloton. I think it is to your right. The sorkin family also contributed because we bought ourselves a peloton tread, the treadmill. The company posting the First Quarterly profit revenue tripled. Peloton said subscriptions for remote classes reached 1. 1 million. Also increasing production to include wait times shares are up more than 200 alone this year, peloton ceo john foley will be with us at 7 45 eastern time also announcing this week, a new peloton bike and new peloton treadmill. So a lot more coming from that company. They want to become the apple of electronic fitness they may be on their way what prompted you to go with the peloton treadmill . Is it the software do they have people saying, come on, andrew, go it is a hill do they have people motivating you . Or is it soft like a wood way . It is like a wood way thetechnicals are pretty great the other element for us, my wife specifically, i try to keep up with her. I cant keep up with her half the time she was a big barrys boot camp goer in new york city which is on a treadmill and then weights. So this is the closest thing to rep kate i will tell you. The machine is expensive they are coming out with a cheaper machine because they are charging so much it cost us a lot of money, we are privileged to be able to buy one. It is also a big thing it is large. Unlike the bike that you could fit in a corner. It fits in a corner it is over there thats exactly where it is dont tell the guy your wife used to kick your ass in that other thing, you would do that running through the mud and under the cable. Back in the days when we did the tough mudder shes super woman. Im just along for the ride. I told you, i know who the boss is always you do. I know all right, coming up, dr. Fauci warning the u. S. Needs to hunker down for fall and winter well talk to dr. Scott gottlieb about that as we head to break, check out this mornings biggest dow winners and losers those stocks are up. You are watching squawk box on cnbc dr. Fauci is warning, in his words, that the u. S. Needs to hunker down for fall and winter. I think as we get to the fall and do more indoor things, we are likely going to see up ticks of covid19. President trump responding to Bob Woodwards new book accusing him of playing down the dangers of coronavirus as the British Government advised the british people in the face of world war ii, keep calm and carry on. Thats what i did. This whack job that wrote the book they wanted many he to come out and scream, people are dying no, no we did it just the right way we have to be calm we dont want to be crazed lunatics we have to lead. Joining us now dr. Scott gottlieb, former fda commissioner he serves on the board of a loom gn a loillumina and pfizer. The president on tape saying he haddown had downplayed it for a reason to avoid panic. It wasnt just the president. You look at Health Officials as well, they were issuing reassuring messages over the month of february. Thats the month i would focus on by march, there were more warnings coming out and a more sober analysis the question is if there was a more sober analysis in february, would we have done things differently and stopped the spread that was clearly happening. The reality over the month, and im had discussions with the white house. The white house staff being told by a lot of Health Leaders that the virus wasnt spreading here. They were confident there wasnt a spread in the United States. They were using Illness Surveillance Network they try to track people presenting wi presenting with flulike symptoms they werent seeing any up tick. They assumed there for, coronavirus couldnt be spreading in the u. S we now know that this was spreading. We know the influence of Illness Surveillance Network was very insensitive because coronavirus doesnt present like the flu in many cases i was having detailed discussions with them over that month and hearing back from them that they were pushing Health Officials and political folks and policy people who werent Health People being told it wasnt spreading in the United States i suspect some of the president s comments reflected he wasnt being told it was here in the u. S. Yet. You know, scott, there is a whole sub group of the population that still thinks the lockdowns were too much and we did too much in terms of hurting the economy, for example, in new york, instead of closing down the economy and not protecting the elderly people that you should have protected elderly people and kept things over there is a story that asks, the president resisted panic and presented more a authoritarian response some say he already did too much the reason we are having some what of a vshaped recovery is because we didnt overreact. Let me give you my perspective of that. We had to shut down new york city and probably did a little too late the Health Care System in new york, the biggest, largest system was on the brink of collapse it was a covid only system for a period of time we probably didnt have to have stay at home orders in louisiana, and other cities. Did we have to do it in dallas probably not in miami we dont know. The lack of awareness at the time will be remembered as the great failing. With he had to assume it was spreading more widely at that point than it was. Had we not shut down the south at that time, when it got to the south, maybe we would have had more support or mitigation but by that time, people were exhausted. This is part of the pandemic planning in 2006, it always assumed you would have a diagnostic test and know where it was spreading and you would just implement where it was spreading. In february and march, we had to assume it was spreading everywhere because we had no testing. That will be the key missing element here to have a more Effective Response that was a cdc problem . Wasnt just cdc they didnt have the diagnostic test available as they should have to roll out but we should have worked earlier in january with the large labs like labcorp and quest, we should have been working with the big labs. It takes them a month or two to get on line. Their capacity didnt come on line until april or late february, actually doctor, to follow up. I have two questions i will not disagree with you about february there was a lot of misinformation inside the white house by many of the professionals who may not havefully understofully understood the question i have is where the president s mind was and the administration on march 19 when he made the comment that he purposely was down playing the virus. That was a very different time purposely downplaying it in march had a huge impact with masking. There was a huge debate whether there was enough masks and what they should be telling the public about social distancing take new york out of it because a lot of these things were not known. But by march 19, a lot more was known. You had the rallies the president was pursuing so many other things the president was doing relative to the things you were saying on air was almost at complete odds. You are very careful with your words. Look, the statements out of the administration have been a mixed bag. No doubt march 19, i saw that comment in the book i dont know what time period the president was referring to march 19, they announced the 15days to slow the spread they had taken aggressive steps by that point. They had taken it seriously. I had a conversation around that time period. The white house mood had clearly changed in the white house an around the president thats why i focus more on what happened in february to me, that is the more critical time frame where we could have slowed the spread in march as we reached the stay at home order thats why we focus on what was being said in february in march, the white house was or was not saying things. Most of the general public was aware and leadership and governors were echoing more at that point they were becoming more sober to the looming threat i would take issue with that. That was perhaps true in the places like new york where they were getting hit in texas, florida, california that ultimately did get hit, it was as if nothing had happened in part, i would argue, at least some of the messaging out of washington you dont agree with that . No. I think thats fair. We were very late. Ied talked about it on the show the idea of recommending masks more widely. We were late to implement that some of the mixed messaging have downplayed the risk it came from the president too really hardened the view among some people that this was a diminished threat. People have review on this and it is not going to change. Their view is one of too much come place an si they are taking too much steps that will not reduce their risk. Doctor we just we just saw a trump tweet. Congratulations to Jp Morgan Chase for ordering everyone back to office on september 21. Will always be better than working from home. I want to get your opinion on this when i talk to businesses, they are trying to bring people back to the office, im talking new york there is a lot of reluctant to come back. People have become socialized to a different way of working now there is a fear associated with it particularly mass transit. Businesses are still struggling with how to implement a safe Work Environment how do they bring workers in in ways that are safe you can stagger work hours businesses are struggling with this all the set ups in the fall indicate that risk of spread will probably go up, not down. I hear europe is better and then i hear france has a lot of new cases. What is happening. They were earlier with it. Are we seeing troubling signs over there or is it positive it is troubling you are seeing cases go up particularly in france you mention spain as well. They change over their seasons earlier. It could be ahead of what is happening here they went back to school and businesses the risk is still up here. I still believe we have exposure in this country. In certain cities where you have dense outbreaks. We havent reached herd immunity where this is going to stop spreading. Real quick on jp morgan you have the tale of two stories. You have the google and facebooks saying we are not going back until june or july. Mark zuckerberg said we are not doing it because we dont have to we are making sure other people who need to get back to work can without raising the risk level ourselves. Thats the argument on one end then you have jp morgan saying we need to get back to work. We need to get back into our offices. Who is right i dont know what facebook is thinking around this question. It is true, if you can dedensify things like mass transit, youll create a safer environment i think the challenges becaus businesses will have to face besides protecting their work force is that a lot of people will be reluctant to go to the office in the winter when flu season picks up. Theyll need a lot of measures in place to ensure they can get themselves screened. Great doctor, thank you for this conversation we look forward to doing another with you very, very soon on the other side of this break, new details of why citi group ceo is retiring earlier than expected setting up the first woman to run a major bank. Check out shares of oracle an increased focus on cloud based products and services. The big question now, will they buy tiktok online, or in your office, were here to listen and provide solutions that help you run your business better. Because the decisions you make have far reaching implications. 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Thats the nature of humanity. It has encouraged other people to take the time for each other. Welcome back to squawk box. Citi has appointed its new ceo shell be the first woman ceo. But a report that the former ceo exited earlier than expected i want to talk to the author of that story to get the backstory. Banking reporter great to see you great reporting. Walk us through what happened here october 2019, winning the race she said, look, im getting calls from other places for other jobs you have to let me know if i have a reason to stay. Basically, she won that race at the time, people that they spoke to said mike corbit was going to continue being ceo for two to three years october 21 to at least 2022. Huge news that hes leaving in february that is without a doubt an acceleration of his plan you are arguing the regulatory problem the company is facing right now . Right senior insiders said, look, they have told citi their technology and infrastructure has been substandard. Banks, this is always a conversation they are working on it what happens in august, theyve delivered nearly a billion to Hedge Fund Lenders it strikes at the heart of what banks do, which is to hold money responsibly. At this point, the jig is up people i spoke to said this. For years, they were under the gun. They would try to hit targets for the expense ratio. It was his decision. One of the dings he gets the other is share prices, which is the worst of the six big banks. Just to put a fine point on it are you saying and im curious what citi is saying back to you, that effectively he was forced out in the course of this or that he did this voluntarily what im saying specifically is that he accelerated the time line he said this is clear, everybody agrees, shes going to be the next person but in two to three years. It is undeniable he accelerated that the people i talk to say the reason he did that is because he was under pressure from value act, an active hedge fund. For investors, their patience is not infinite when you look at worst in class share returns, these are reasons he said hell pack it up if there is going to be change, you might as well go to that change earlier than expected good reporting. Thank you for bringing us that story. Thank you coming up, stocks driving the market swings. Faang names whipping things around well be right back. As business moves forward, were all changing the way things get done. Like how we redefine collaboration. How we come up with new ways to serve our customers. And deliver our products. But no matter how things change, one thing never will. You can rely on the people and the network of at t. To help keep your business connected. To deliver your packages. And the peace of mind of knowing that important things like your