That seems to have worked because the dow which had been limit down has now bounced back and at the opening bell, we may be up 400 points. The dow will be up significantly at the opening bell. Same story with the s p and also with the nasdaq. Now, treasury secretary mnuchin, he says the Federal Reserve will have 4 trillion for loans to businesses. He says theres more where that came from and if congress doesnt get something going real fast, then they will go back to congress for more and he says the fed will provide any amount that is needed. Thats what the fed is doing right now. Thats the market. Thats the fed. Thats whats going on in congress. Now look at the price of oil. That has been a problem for American Energy producers and right now, weve got oil all the way down in the low 20s. Thats a continuing problem for texas, north dakota and for the Energy Producers and these energy stocks. How about the price of gas . That is absolutely tumbling. The National Average all the way down to 2. 12 a gallon. In oklahoma, the average price has plummeted, the National Average is 2. 13. In oklahoma, the average price is all the way down to 1. 71. There are 21 states where the average is under 2 a gallon. Thats a great benefit to consumers, but whos driving these days . Now, there have been some dire predictions about the impact of this shutdown. A fed governor predicts a 30 Unemployment Rate and a 50 plunge in gdp in the Second Quarter. Clearly, that is not going to help Market Sentiment later on today. Coming up, 11 30 eastern time this morning, labor secretary Eugene Scalia, i will ask him about that prediction of 30 unemployment in the Second Quarter. The key question for all of us seems to be how long the lockdown or this shutdown of the economy will last. Dr. Fauci suggested it would be a matter of days. Secretary mnuchin says it will be 10 to 12 weeks. New york Governor Cuomo said it would be months. By the way, new york city has become the epicenter of the virus attack. As of yesterday, there were 10,000 cases in the city. Let me show you overseas for a moment. China, south korea, taiwan appear to be coming out of it but europe is still in the middle of it. 2,000 deaths in italy and spain over the weekend and if germany, chancellor Angela Merkel is in quarantine, having come in contact with a doctor who tested positive. On our program today, we will be asking how you are coping with this lockdown. Its not an easy time, obviously. Tens of millions of us will not leave our homes today and we will be struggling with children, schooling, elderly loved ones. Its a very difficult time. We will ask you how youre coping. Yes, we look slightly different today. We are separating out. Susan li, lauren simonetti, Ashley Webster all join me from very different locations. We are keeping maximum distance between us. There you can see. Good morning, everybody. Lets get right to it. Yeah, yeah, slight delay there. Good morning, everybody. All right, lets start with your money. Market watcher Keith Fitz Gerald with us now. Keith, the feds taking action, congress will probably take action very soon. Is that enough to put a floor underneath the market . You know, you sure hope so, stuart. I think the fed had some very key words in its announcement, any amount necessary. That tells me they are very serious about this. Its a good sign and a good time and being a positive guy that i am, i would like to believe this is the light at the end of the tunnel, not another train. Stuart well, they are going to throw the kitchen sink at it. Thats bottom line here. Mnuchin says look, to congress, i think it was mnuchin, treasury secretary mnuchin who said look, there may be a phase four going forward, because if what theyve got going now isnt enough, they will chuck some more at it later. As for the fed, they say look, whatever it takes. Thats a great deal of money going to be injected into all sectors of the economy. Thats a big deal, keith. It is. Dont make a mistake, im not underplaying this at all. Its prudent, its expedient, its needed, its timely. If i could put any other positive words on it, i would. My fear is that we have a number of covidiots going out to look at cherry blossoms, we have people at the beach in seattle, people who dont understand the gravity of the situation. That gives me concern this rally has staying power. Stuart you know what happened in miami, they were advertising sandbar parties. The mayor of miami got to hear about it and promptly closed the marinas, closed it all down and said you aint going to do that anymore. I think gradually, you see it on the lefthand side of the screen, that was a Sandbar Party before they shut these things down. I think the country is generally pretty angry about these folks, keith. Oh, i would agree. Being in seattle, they are all around us. We look off our property, weve got people that are congregating, gathering in the parks, walking along the trails. Its one thing to go out by yourself but you are going to get this thing potentially, then go home and infect your parents, grandparents, infants, elderly. I have nightmares about how my parents are dealing with it. They are in their late 70s and are nearby and i cant get to them. Stuart yeah. This is a question im going to ask all of our guests. How are you coping with this . Keith, you start. Well, i tell you what, we spend a lot of time in asia and the consternation is they appear to be coming out of it, were not. The reason they are coming out of it is because when the government says sit still, they actually listen. Over here, we dont. We are coping by doing remote grocery operating. Im recovering a lot of yard work i have been ignoring. We are discovering being a family again. There are some good things here. My boys have both grown into young, intelligent men that are a pleasure to have around the house. We are doing the best we can, like millions of americans. Stuart hold on, keith. I will turn to Ashley Webster. Hes with us this morning. Fed, major action to support the economy. Go through it. Ashley whatever it takes, that harkens back to ecb president mario draghi who said exactly the same thing but the fed launching a slew of new programs, essentially asset purchases quote, in the amounts that are needed to support smooth market functioning, says the fed. It also includes a 300 billion Lending Program for main street businesses. Also what they call a back loan facility. These terms starting to sound familiar from the financial crisis. They will be also getting into commercial mortgagebacked securities, into the commercial sector of real estate for putting those also on their balance sheet. It really is whatever it takes moment. The fed in part saying while great uncertainty remains, its clear our economy will face severe disruptions and we have to do whatever we have to do to keep this functioning. Of course, this is on top of last week, 500 billion worth of treasuries, 200 billion worth of mortgagebacked securities. The fed literally opening the spigots wide open, saying whatever it takes. Stuart then weve got this 2 trillion package come down the pike from congress, which i presume they will do at some point, and if thats not enough, they will do a lot more later. Lets turn to the supply of medical equipment. I had to start with these face masks. Susan, come in, please. Honeywell making these masks now . Susan well, President Trump enacted the defense production act, it looks like corporations like honeywell and 3m are helping to produce these n95 high end masks that a lot of Health Care Workers need right now. They will create 500 jobs in rhode island as they build and start to manufacture these new masks. 3m says they are also turning on the presses, trying to get as many masks as possible and also hanes making undergarments, making masks as well. Lot of corporates getting into this action. Stuart apple sending masks to Health Care Workers . Susan thats right. Tim cook says apple in discussion with the administration, as you heard President Trump in that press briefing on saturday, saying we will donate two Million Masks. They are very good at sourcing, obviously, around the world since they have such a complex, large and global footprint when it comes to their supply chains. They said we found two Million Masks, we will donate it for the good of this country. Stuart i think its worth pointing out, thanks, susan, its worth pointing out that although weve got a bounce here for apple, the stock is still only at 234 per share. Not that long ago, it was about 100 north of there. That was four weeks ago, Something Like that. All right. Lauren simonetti, come in, please. More states have issued a stayathome order . Lauren at least eight states saying selfisolate, stay at home. The latest is ohio and louisiana. Louisiana goes into effect today. They have 837 cases of coronavirus there, 20 deaths. Ohio, that goes into effect tomorrow, 351 infections, three deaths. All businesses in all of these eight states are closed unless they are deemed essential. Will we see more states throughout the country issue the same orders in coming days . Stuart you think we will, lauren . Lauren yeah. I think its going to be nationwide. I think its going to be nationwide. It foaeels like thats where wee headed. If you want to stop the virus you need to keep people in place. Anywhere you turn, you see doctors, politicians, Health Care Workers, stay at home so we can continue to work to make sure that people are safe. Its a life or death situation. Stuart lauren, before we move on, you have two Young Children. You are at home with them. How is it going . Lauren its hard. Its hard. My little guy doesnt get it. Hes 2. But my daughter understands whats going on. Every time she wants to do something, you tell her as nicely as you can that she cant or its closed or she cant see that friend. Meanwhile, you are trying to entertain them. Its tough, because my husband is working from home. I do work at home although i come into the office every day. Its very challenging for parents out there. We go outside every day and increasingly more people are outside now. We do see our neighbors more. But you can tell when you are approaching people that people are respecting in many cases that sixfeet distance and you go to say hi and some people just retreat and take their children with them because they are nervous. Stuart yes. I see the same thing. I think im rather fortunate in that all my children are now grown and separated out. We are all separated in various parts of the country but its a little easier for me than it would be for someone with Young Children or looking after directly elderly relatives. So thats me. Thats lauren. We will go round the block in the future, see how everybody is coping with this thing which we are all in together. Now, a key question, as we said, how long does this lockdown last . Secretary treasury secretary mnuchin says these lockdowns could last 10 to 12 weeks. Peter morici, you are an economist. Whats the impact on the economy of a 10 to 12 week lockdown . I think it will be quite draconian. The issue that unemployment could surge ten percentage points, no problem at all. We could lose, you know, over the next two quarters, 20 , 25 of gdp easy, no problem at all. We are really not at the precipice of 2008 but rather, 1929. If we dont get the stimulus package, dont get the kind of government response we need, then we are back in 1929 because this virus could drag out. Now, if the virus ends and we are out of this in three weeks, were fine. But midmay, if this thing hasnt topped we are looking at a depression without the kind of actions secretary mnuchin is so wisely advocating. Stuart fed governor bullard is talking about a 30 unemeploymet rate if theres no action taken. That sounds extreme but is it . No, its not extreme. Its possible. I think its less possible than 20 but i think we need to understand that this is going to reach draconian levels. Remember, if you shut all the restaurants in the country, they cant possibly meet their payrolls very easily for more than a few weeks. Those are very thin margin operations. Another thing is that if this goes on for two quarters, a lot of those businesses are simply not coming back. Will they be replaced in time by new ones . Yes, but it would be a slow recovery. Not at all vshaped. If we have a long, draggedout two quarter decline, we are not going to have this superduper bounce we would like to have in the fourth quarter. Stuart all right, peter. Weve got secretary mnuchin saying that look, if congresss 2 trillion package isnt enough, there will be more to come. The fed is doing everything it can, throwing the book at this problem, throwing the kitchen sink at it. If you combine congressional action with fed action and we get it all done and the moneys there, does that put a floor under the economy . It puts a floor but not as high as you would like, simply because its going to take a long time to get the checks out. You see, if you just simply send people checks, its fairly easy but it still takes the irs three or four weeks. If you start means testing everything and requiring people to do lots of calculations, then we are back to cash for clunkers. One of the problems is this obsession with equity on capitol hill, really is slowing the process down. You know, the obama stimulus was extremely impaired by the Obama Administration and congress trying to accomplish noble goals instead of just getting the economy back up again. But you know secretary mnuchin is dealing with what hes dealing with. I have seen estimates that say we need 1 trillion at the Small Business administration, not 350. Im inclined to believe its closer to a trillion than 350. Stuart okay. 350 is the amount of the bill. Stuart i got that. 350 is in the bill. Trillion might be what we need. Hold on, peter. I will get back to you shortly. Joining me, republican senator mike braun, republican of indiana. The senator was stalled 4747. Five republican senators in quarantine, couldnt vote, couldnt take part. Do you think we are going to get this thing done today, the 2 trillion package . There was no need for that last night to be delayed. Sadly, the way this place works, Speaker Pelosi and Chuck Schumer kind of hijacked the process because we have been working in task groups and the Democratic Senators have been in on all this stuff from the beginning and if you look at their members, we were all working together. It was ready to go. The urgency is here. The American Public expected this morning that there would be something delivered and when it comes to the details, im a guy that likes the details to be in place, i have been here long enough, youre not going to get all those the way you like it and we do need to make a statement. We are covering Small Business, we are covering particular industries through no fault of their own, at least we will have access to liquidity through loans, not bailouts or grants. And here, sadly, back on phase two, we had an Unemployment Insurance plusup thats exactly what the democrats added from their point of view. We could have had that with phase two. We have accepted that. So we all figured we would have had it done this morning. Im still hopeful here today at noon that theyve got these details worked out and we can get the thing through, because the urgency is there. Stuart there is talk this morning that we, as in the authorities, are going to throw the kitchen sink at it, put everything into it. That would mean the fed doing whatever it takes, supplying whatever money it needs to supply, and congress eventually coming through, multitrillion dollar packages. Are you convinced that all of that will actually happen and happen soon . So the first thing, phase three needs to happen today. The liquidity portion for businesses in general maintains those jobs and the companies that need it most will have access to it. But weve got the checks, weve got the plusup on Unemployment Insurance and all along, i said Small Businesses and waged workers need to be the priority. That is there. I hear then we are trying to throw stuff in on infrastructure, on reforming social security, all the grab bag of stuff you normally have to contend with. I think thats shameful. We will do what it takes because we caused it, stu. This isnt like 2008 which was systemic. This is the classic race between flattening the curve and not flattening the economy. We are in day eight of those 15 days. Im anxious to get to next monday, reassess, take everything weve learned from it and maybe modify where we need to but i really dont think we will get rid of the National Anxiety until they see the curve flatten on the disease itself. Yes, people need to be doing what most americans are doing, social distance, if you can work from home, fine. Thats working in places like indiana, where its a more rural population anyway. This next week will tell a lot to whether we have to go in a draconian way further with what we have been doing, or where we might be able to adjust a little bit. Stuart a lot of people are kind of annoyed that the senate gym did not close down when everybody elses gym closed down. Im not trying to take it out on you, senator, but lot of people are rather upset about that. Well, those are just the things that happen when you are trying to get through this and yes, a fellow senator, senator paul, i mean, thats what happens. We should all be socially distancing, probably back in our home states and i think its sad that the process has kind of been hijacked at the last moment to where we should have had it done, we should have gotten back and we could have a crisis