A far better measure is the ten Million People who filed for jobless benefits in the last two weeks. Fed governor lockhart just told maria the jobless rate is already more like 10 . Clearly, we are in an employment crisis, and another report that comes up at 10 00 eastern will likely show the Services Sector in collapse. Thats a strong word to use but its accurate. Later this hour, we are going to talk to larry kudlow, the president s chief economic adviser. I will ask him how bad is it and he will spell it out. Look, with nearly 300 million americans under a stayathome order, the economy is shut down. Morgan stanley says that between now and june, the economy will shrink by 38 . That would be a depression, the likes of which we have not seen before. Travel, shut down. At the airport tsa checkpoints, they are processing two million fewer passengers every day. Thats down 93 from a year ago. Those flights that do take off, virtually empty. Public transit ridership, down 75 . Commuters just have to stay home. The vast retail sector, thats shut down. Foot traffic at stores, down 97 from a year ago. Target is now restricting the number of people allowed in at any one time. Factories, idle. The auto makers have extended the shutdown into may. Yes, it is april 3rd. That means 27 more days at least of social distancing, and dr. Fauci suggests the stayathome order may have to go national. Political tempers are frayed. The president s in a public fight with senator schumer. Speaker pelosi will establish a commission to investigate the president s virus policy. That is pure politics, extremely divisive. The Speakers Commission will become an attack machine right before the election. Thats politics. Temperatures rising on the corporate front as well. 3m is under fire for allegedly selling face masks to Foreign Countries, when they are badly needed here. Now, the markets, they are kind of wobbling but so far, we have not gone back to challenge that low on the dow of 18,591. In fact, the dow remains above the 21,000 level. This morning, despite the dire Economic Situation we are in, we are going to be down maybe 40 points at the opening bell for the dow, 14 on the nasdaq, down, what, maybe one point on the s p. That is not an extreme reaction by any means. Check out oil. Yep, big move up yesterday after the president tweeted about a deal with the russians and saudis to cut production maybe ten Million Barrels a day. Look at this. We are up to 27. 98 as we speak. But even at that price, the Energy Industry remains in deep trouble. If you want to call this a bright spot, do so. The price of gasoline this morning on a National Average basis, down to 1. 95. Ill take that if i can get it. Lets get straight to it. Im bringing in Jonathan Hoenig. Lets get at it. Tell me how to invest when the economy may be shrinking by a third or more in three months. The irony, we always talk about the importance of longterm investing, but lately it pays to be a day trader. You mentioned we will open down a mere 40 points. Theres been a 1,000 point swing overnight. We are seeing amazing swings almost every day in the market, not just in stocks but across the spectrum of investments. Thats because of the uncertainty. Morgan stanley as you said predicting as high as 15 unemployment, certainly higher than the Global Financial crisis. And we are talking about, this is not hyperbolic, we are talking about depression level standards by some of the dire predictions that are expected and thats, of course, what happens when you shut down production. Unless we can find some way to free the Creative Minds, dyson with ventilators, or Creative Minds that are finding some ways to get this economy forward, its very tough to invest for the long term when legislators and regulators are making it up moment by moment. Stuart jonathan, stay there. I will get back to you in a second. Want to bring in paul conway, our labor market expert. Paul, 701,000 jobs lost, Unemployment Rate up to 4. 4 . The picture, the real picture is much worse than that, isnt it . Yeah, it absolutely is. I would vow this months report as another vital sign but you are looking at a report thats based really on midmarch reporting and the true report will actually come at the end of this month for what we are looking at right now in the past couple weeks. But i would see these weekly reports over the next three or four weeks as better indicators of it, stuart. I think that april number wont be surprising but i think it will be quite high, absolutely. Stuart now, at 10 00, literally 55 minutes from now, we get the big report on the Service Sector. Im expecting a Service Sector collapse. How about you . Because that will be a more accurate indicator of the state of play now as opposed to looking backwards, the Services Sector. I agree with you. I think thats probably the closest thing we will see in realtime. Let me back up and say one thing. All of these indicators, i dont think this is said often enough, these are not just an indicator of Public Health crisis and economic crisis. This is a crisis in every single household you are looking at for those who are losing their jobs, laid off, and the absolute chaos it creates in the household. Right off the bat, our heart goes out to those folks and have them understand we are in the middle of it and this is response time. You so tee the government tryino do a response on economic and health care at the same time and we got to get to the point where we start having the conversation obviously about recovery but then longer term, rebuilding in terms of what can companies and entrepreneurs do one or two or five years from now coming out of this to build something thats more hardened for future events. I think that has to be discussed now. I just dont see it. Stuart look, im with you all the way on that but i want to get something clear here. The money is going out starting today, 2. 2 trillion. I want to make the point that that is not a stimulus plan. It does not stimulate the economy. What it does is rescue individuals. The kind of people you are talking about, paul. Stuart, i 100 agree with you. Its very important to look at this is a work force stabilization type of measure in the very early stages of something thats emerging. Having managed the effort for the federal government as chief of staff for gold coast rebuilding, that was 147 billion, i can tell you the logistics that are involved in pushing a lot of money out into an area over the next two or four weeks here is going to be critically important on how people see this and the efficacy of the program, whether banks and the sba can get this money into the hands of people is critically important over the next 14 days. Absolutely. Stuart thanks, paul. Hold on for one second. Want to get into the politics of whats going on here. Politically temperatures really are rising. Theres a number of elements to this story. Senator schumer, hes not happy with the president. Listen to what he said on msnbc last night. Roll tape. Im just appalled, you know, i say to the president just stop the pettiness. People are dying and so president trump, we need leadership, we need to get the job done. Stop the pettiness. Lets get it done, lets roll up our sleeves. I sent the letter with the best of intentions trying to improve a very bad situation. Stuart okay. Look, okay, the senator says hes appalled at the president. Ash, come into this, please. What did the president say in the first place to prompt senator shum chumers response . Ashley he sent a letter that went after senator schumer calling him a bad senator of a state that was illprepared for the pandemic of the coronavirus. Let me show you one of the excerpts of this. Its strong stuff. The president saying we have given new york many things including hospitals, medical centers, medical supplies, record numbers of ventilators and more. If you spent less time on your ridiculous impeachment hoax which went haplessly on forever and ended up going nowhere except increasing my poll numbers and instead focused on helping the people of new york, then new york would not have been so completely unprepared for the invisible enemy. No wonder aoc and others are thinking about running against you in the primary. If they did, they would likely win. Thats the president firing back both barrels at senator Chuck Schumers criticism of him and his leadership in this pandemic and the crisis. Stuart okay. Thanks, ash. Now, there are other political arguments going on. Speaker pelosi is going to start the select committee on the virus. I call that an attack machine. We will deal with that in just a moment. Right now, i want to go to susan. Weve got news on a variety of companies and what they are doing here. Tesla. I notice the stock is up bigtime. Whats going on . Susan speaking of bigtime, what about their best First Quarter when it comes to deliveries, 88,400 vehicles, even more than what analysts had expected. Yes, that does push the stock higher. Also, they are making model ys, that crossover suv, delivering them a lot faster than anticipated. I think you have to take these numbers in stride because we are looking at 76,000 deliveries, model 3, model y, 12,000 deliveries, model s, model x but the freemont factory where they primarily produce their cars didnt shut down until march 24th and the First Quarter ends at the end of march. Guess what, this is the bullish part, they are keeping their delivery estimates intact, saying we will easily exceed 500,000 deliveries this year and thats despite the ongoing coronavirus pandemic. They are sounding bullish and i guess the markets are reacting. Stuart okay, weve got an analyst on in a few minutes who says they will not hit the 500,000 delivery target that theyve got. We will see about that. Right now, tesla is up 60 bucks. Lauren, come in and tell me about jpmorgan chase, please. Lauren biggest bank in the nation and they say they are not ready to accept applications for Small Businesses looking for loans. The Small Business administration, their 350 billion loan program is off and running today. In fact, the treasury secretary said Community Banks have already processed over 700 loans. Large banks coming soon. As i just said, banks like jpmorgan said they dont have enough time, they are not sure of all the requirements, they are not ready yet and they will email their customers when they are ready to accept those loans. Stuart thanks very much, lauren. Weve got a big show lined up for you today, especially bearing in mind weve got a dire Economic Situation. We have with us later this Hour NationalEconomic Council director larry kudlow. Hes the Top White House economist and hes on the show today. We are also talking to the ceo of verizon. How are they keeping the connection going here . Speaker pelosi, here we go, announcing that coronavirus oversight committee. Next, dan crenshaw will deal with that. Well be right back. [ one more time by daft punk ] woo [ laughing ] woo play pop music no way dude, play rock music yeah woah no matter what music you like, stream it now on pandora with xfinity. And dont forget to catch trolls world tour. Lets party people one more time stuart we are showing you the price of target stock. Its actually down a buck at 93. Target will supply all employees with masks and gloves and they are beginning to check and limit the number of people allowed in any store at any one time. Amazon, banning the sale of n95 surgical masks to the general public. They are wanted by health professionals. Amazon wont sell to you or i. Speaking of masks, 3m under fire for reportedly selling masks to other countries. Hillary vaughn joins us with more on the story. What have we got on this . Reporter stuart, well, what we are hearing from floridas Emergency Management director is that he is trying to buy masks, but 3m is not selling them to him. Instead, the masks sitting in warehouses overseas are going to Foreign Countries that are bringing cash to the warehouses and scooping up the supply. He said he was on the phone with 3m last evening, with their Government Relations director. They didnt deny that this is a problem. They also said they had no idea on how to stop it from happening, but one step in the right direction is this new order, the president invoking the defense production act that would allow him to prioritize those n95 masks and make sure they are going here to america first. Thats something that this director says would be a huge help. But we are also getting some new information from 3m about what we reported yesterday evening, that the white house is looking at a further crackdown, considering banning exports of critical medical supplies from companies here in the u. S. , thats something they are considering. 3m is saying doing that, by shutting off exports of medical supplies here to other countries, could have a devastating impact on the supply chain. I want to read a quick snippet of that statement. Ceasing all export of respirators produced in the United States would likely cause other countries to retaliate. The net number of respirators being made available to the u. S. Would actually decrease. That is the opposite of what we and the administration on behalf of the American People both seek. I will lastly quickly add i did talk to another medical Device Company who makes ventilators and they told me their concern is similar. They have 1500 different parts that they source from 100 Different Countries around the world, and if you shut down exports here, they have concerns they wont be able to get those parts from other places in order to build these muchneeded ventilators. Stuart . Stuart thats quite a debate. Hillary, thank you very much. Now, we will sort this lot out with maria. She joins us shortly. She is talking with the 3m ceo as we speak. Shes on the show shortly. We will sort it all out with 3m. Lets go to ashley. The white house and the cdc, what is this, recommending that people wear masks or some kind of facial covering . Ashley yeah. Originally the cdc said leave the masks to the Health Care Workers and doctors, but now in light of the fact we know that people can be asymptomatic, in other words, show no signs of the virus, but indeed be a carrier, theres a bit of a shift in the guidance. It is now believed that some sort of mask would be effective. At least it wouldnt hurt. Originally they said it doesnt do you any good, in fact, it could be more detrimental but thats not the case. Now, what kind of mask. Maybe a homemade one, maybe a bandana or thick scarf. The president talked about this yesterday saying a scarf may be just as effective, if you can put it over your nose and mouth, its quite thick. Whatever it can be to stop the spread, the droplets of the virus, if indeed you are contaminated. We are expecting some new guidance and regulations from the administration in the next couple of days but its certainly a shift in the thinking that perhaps these people we see on the street wearing face masks who are not health care professionals, it may be a good idea. Stuart yeah. I hear you. We are rethinking the whole concept of the mask. I think we are also beginning to rethink the idea of a national stayathome deal. At the moment we leave it to the states. There is some consideration now of a national lockdown, stayathome nationally. Congressman dan crenshaw is with us, republican from texas. Congressman, welcome to the show. I want to ask you about the possibility of a national shutdown, national stayathome. What do you say to that . Well, i think federalism is working quite well. Different states, different municipalities are experiencing this problem in different ways. You know, new york is a unique location. Lots of international travelers, people live right on top of each other. I would say for now i think we should be continuing to benefit from federalism. We have a vast country, different problems, different solutions. Stuart okay. You are in texas. You are from texas. I want to talk to you about the Energy Industry. Weve got the price of oil this morning around 27 a barrel. Thats up from where it was 24 hours ago. But its still a real problem for the Energy Producers in america. Look, it seems to me American Energy is crashing. Do you have any idea how you can save it . We do have a bunch of solutions and youre absolutely right, it is crashing. Lot of producers say this is the worst they have ever seen it. We do risk losing energy independence. We risk going back to the days of the 1970s where we are beholden to Energy Shocks around the world, long lines at the pumps, huge, enormous price shocks, we might see 90 a barrel. Its really cheap right now but if we lose our independence, you could see disastrous consequences. How do we fix that. Well, one idea was to buy into the Strategic Petroleum reserve. That would be some relief for our producers. Of course, democrats said no to that. They cant stand the idea of helping anything in the oil and gas industry. Instead of selling we should be buying into it. Thats one thing. Royalty relief for some of our producers. That would be again, a shortterm fix. Allowing oil and Gas Companies to have some forbearance on their bank loans would also be helpful. So these are some things we can do in the short term just to keep our industry alive. In the long term, we need to come to better agreements with saudi arabia and russia and look at the i know the president talked about hopefully good news if they start to cut some of their exports,