Transcripts For FBC Mornings With Maria Bartiromo 20240713

Optimism grows over flattening curve in some areas of the countries. Signs that lockdowns could be having positive impact. 7 and 3 quarters percent yesterday, take a look. Pretty good rally at the end of the day as well. Dow industrials up yesterday, nasdaq up 540 and s p up 175. President trump announcing a deal with 3m to supply medical masks and he said he had a, quote, wonderful call with former Vice President about the coronavirus response. We have you covered this morning about the pandemic and markets and beyond with allstar lineup you do not want to meet miss. Plus what other possible rounds of stimulus might look like, phase 4. The Dallas Mavericks owner mark cuban is here on what should be done to help businesses survive pandemic. Heros stepping forward to help the world on time of crisis. Mornings with maria live now. Big show this morning and big rally underway, lets take a look at Global Markets which are mimicking the wall streets gains today. The cac quarante is up 118 and dax index higher by 129. Pretty good rally this morning. European union seems divided over issuing coronavirus bombs. Japanese Prime Minister shinzo abe declaring state of emergency in japan. He reportedly is preparing a stimulus package worth nearly a trillion dollars. China claiming to have first day without a coronavirus death since january, always concerns about the country misleading the world when it comes to the virus and we dont know how many deaths really the country has seen. Dan briett yesterday telling me to expect later on in the week and the president expects 10 to 15 Production Cut. Lets check Interest Rates. 10year rising for a second day in a row. 715 . Thats up 6. 7 basis points this morning. And now the latest on the coronavirus this morning throughout the world. The United States first reporting more than 10,000 deaths from the virus. There are now more than 368,000 confirmed cases in the United States. Meanwhile chinas National Health commissioner reporting zero deaths from the virus marking the First Time Since january that china has said this but questions remain about china tallying death rates and number of infections. We consider to question chinas truthfulness. Prime minister Boris Johnson moved to intensive care. Foreign secretary dominic rob taking over for johnson as needed. The president , President Trump, other World Leaders wishing johnson speedy recovery. And now this, in the United States the number of new coronavirus cases and deaths slowing down in new york. A sign that the state could be hitting apex according to Governor Cuomo, Governor Cuomo is warning the fight is far from over however telling residents to keep practicing social distancing. In new jersey reporting slowdown of new cases as well. The governor of louisiana is warning his state would run out of possible beds this week. The state reporting 15,000 cases in more than 500 deaths in louisiana. A crew member aboard the usns comfort reportedly testing positive for coronavirus. The individual is now being treated in isolation aboard the Navy Hospital ship as President Trump agreed to allowed to 1,000 bed facility to treat coronavirus. Initially it was not for that. New york Governor Cuomo said to relieve hospitals, new york epicenter of coronavirus outbreak in the United States. Markets are higher, we are looking at another jump at start of trading. We have the dow futures up 822 points. The s p futures up 85 and the nasdaq higher by 224 this on top of huge gains yesterday on news that the death rates in coronavirus hot spots in the United States appear to be slowing down. The pace of death is slowing down. President trump remaining optimistic during his White House Briefing last night. Stay inside and lets win this and lets get our country open as soon as we can. I think its going to be sooner than people think. Things are going really well. Again light at the end of the tunnel. Maria joining me right now is wealth adviser president mark avalon and joining the conversation fox business Dagen Mcdowell and Capital Market head of Global Research Katherine Rooney and the wall street journal Senior Writer Jon Hilsenrath. We have the a team today. Thanks for being here. Jon thanks, maria. Maria mark avalon, its been a couple of days since we have seen firmer tone, has there been a change in sentiment in your view in terms of markets and where we are heading in terms of the coronavirus threat . I think people are reacting that maybe the sky isnt falling and might be seeing some visibility out of this with just the beginning stages of a little bit of good news, but, no, i dont think a lot of investors are comforted by the fact that the streets are still empty and yesterday, for example, we heard we may have Major League Baseball but empty stadiums into may. When we hear that a lot of investors are thinking this could be longer. Days like yesterday are kneejerk reaction, more hope and hype than underlying fundamentals. Could be a Good Opportunity for investors especially if today continues to have more sell on the rally. I think we are in for a few more weeks or maybe months of pain. Maria janet yellen speaking out on the Economic Impact on all of this and says Unemployment Rate currently could be at 13 . U. S. May see 30 decline of economic growth. Jpmorgan chase jamie dimon said that the virus will lead to a, quote, bad recession and the bank may have to consider dividends. Let me Jon Hilsenrath to react to all of that. Jon, the expectations are pretty dire in terms of second quarter, 20, 25 contraction in the second quarter, look at the numbers that janet yellen is throwing out, jon. Jon absolutely, we are in a tough situation economically. Itll stay tough for a while. Theres two things that im concerned in the job market right now. One, when a lot of companied layed off and warned notices that states put out, this is temporary, temporary furlough, the next thing we have to worry about is the temporary layoffs become permanent. If we can get the economy going again maybe they are temporary. The other thing second wave that goes beyond the restaurants and hotels to other kind of service and manufacturing and industry workers. So the market pickup is encouraging certainly the slowdown in death rates, its very encouraging, but we have to keep level head and this is going to be a tough slug for a while. Maria mark avalon, weigh in. If i follow jons point, we know about gaming, hotels, casinos, its a trickle effect and i think the financials are a part of that. The bank went to every one of the industries. I was a banker for a number of years and bankers have collateral thats often owner occupied. A lot of the businesses they lend to they secure by real estate. I think the real estate that is securing the loans is now in question. I think when the businesses cant pay and the collateral is worthless i think youre or less valuable i think youre going start to see banks report very disappointing numbers from a combination of lower Asset Management fees, the lose of m a revenue. You will start to get loan losses, chargeoffs, we havent had chargeoffs in a long time and they decimate Bank Earnings and when we start to see that continues to what jon alluded to and thats the secondary effect of slowdown. Maria Dagen Mcdowell, real quick from you, i think we have to be careful of the fifth and starts. Lets not forget what the president said the next 2 weeks are going to be, horrific, dagen. Dagen horrific and itll be hard to value earnings of any company in any industry when we get completely back to normal. When does that happen, when we have a vaccine potentially. I heard that from smartest minds in investing, finance and even in Health Industries that nothing good happens until a bonafide vaccine is found but in the Good News Department and this is something that Jon Hilsenrath has talked about a great deal, what the Federal Reserve is doing is getting the credit markets back to a more normal posture, that the treasury market, front page of wall street journal. The treasury market is functioning more normally with the fed intervention, you have large corporations, oracle to name one to borrow lowerrate economies come into the market borrow and the fed with giant Balance Sheet, 6 trillion now, has been able to come in and prevent what many people thought not just a liquidity crisis but a solvencies market. Maria we have a lot coming up this morning. Mark avalon, good to see you, sir. Joining the conversation this morning former attorney general under President Trump and former alabama senator Jeff Sessions is here this morning on concerns over china down playing the severity of the virus. The chairman and ceo of blackstone, steven. We will get into that, how does that money get allocated. Mohamedalarian how to navigate with another rally underway here. U. S. Treasury secretary Steven Mnuchin will join the program. I will talk to him live and where are we in the Small Business Administration Loan package today. The Dallas Mavericks owner mark cuban here with whats at stake of Small Business as the Small Business loan system crashes. Dont miss a of moment. Big program ahead. Lets slip in a break and the uk is on edge as Prime Minister Boris Johnson moves to icu with coronavirus, here at home President Trump is signaling hope about the end of the pandemic. Stay with us. It has seen the break in the clouds before anyone else. For the past 168 years, weve also stood by you, helping you weather storms like this one, to protect your loved ones. And well do it for 168 more. Helping you weather storms like this one, i am totally blind. And non24 can make me show up too early. Or too late. Or make me feel like im not really there. Talk to your doctor, and call 8442342424. Thats why lincoln offers you the ability to purchase a new vehicle remotely with participating dealers. An effortless transactionall without leaving the comfort and safetyof your home. Thats the power of sanctuary. And for a little extra help, receive 0 apr financing and defer your first payment up to 120 days on the purchase of a new lincoln. Maria welcome back. Here at home White House Coronavirus task force focusing on positive signs. They are also stressing, though, that the pandemic is far from over. Dr. Anthony fauci weighed in yesterday. If you want to get to precoronavirus, that might not ever happen in the sense that the fact that the threat is there but i believe with the therapies that will be coming in line and with the fact that i feel confident that over a period of time we will get a good vaccine that we will never have to get to where we are now. Maria joining me right now Infectious Disease expert senior scholars john hopkins security dr. Amesh adalsha, i want to start with Boris Johnson, we are sending best wishing there. Hes not on a ventilator this morning. What does that tell you and do you expect the ventilator to be needed soon . Its hard to know without having access to his medical records but we do know that people do get put into icu in half or so may end up in mechanical ventilator but you can be in icu for other variety reasons and maybe hes in highlevel supplemental oxygen and want to make sure to watch him, maybe he needs round the clock nursing care so theres lots of reasons in the icu, hopefully he doesnt need a machine cap ventilator and hopefully this turns around before that time but something that you have to watch on basically minute by minute basis when you have a patient in the intensive care unit. Maria so he could recover from being oxygen which is what we are told hes on right now. He could recover from needing the ventilator perhaps . I understand youre speculating in many regards because you dont have the access to his files. Exactly. Ive admitted patients to icu who have been put on high levels of oxygen and have not needed a mechanical ventilator and people that ended up on mechanical ventilator. Itll be specific to that patient and what their actual condition is. Maria lets talk about where we are right here. New study shows neither surgical masks avoid even when youre social distancing . This is a controversial topic in my field. Cdc changed guidance and said that people should wear a homemade mask and thats not to protect you but protect you from actually spreading the virus to other people through your coughs and sneezes which youve always said, if youre sick you have to wear a mask if you have to go out. Also there are some people who have mild and no symptoms and we have seen some cases of asymptomatic spread. Its unclear whether any masks actually help with that and theres guidance to do that and the new study is controversial. Theres just 4 patients but does tell you that this isnt some kind of iron clad way, really social distancing and being able to wash your hands frequently and not touch your face are the ways to do this and masks should be viewed as secondary and not primary means for the general public to protect themselves and to protect others from the virus. Dagen quickly. Are you concerned that people see the numbers in terms of the hospitalization numbers, the number of people dying from this virus. They start to level off or even go down slightly and they get reckless in their behavior where people feel more confident to go out and then we have another wave of this virus hitting people across the country . There is that danger. I think everybody is looking with hope that new yorks hospitalization numbers and their case numbers remain stable and then going down, but that isnt a reason to completely let up. Thats a reason to look for hope and realize that Hospital Capacity actually survived the brunt of this outbreak in new york city, but we still need to think about social distancing. We still need to make sure all hospitals in the country are able to deal with and still need to work on a lot of different issues before we safely live with the virus in a new normal. Thats not there yet and we are getting closer and everything is looking better in new york. Maria all right, we will leave it there and we hope that that continues. Dr. Amesh adail, good to see you, thank you, sir. Thank you. Maria we will take a break and come right back. Lots to come, back in a minute. As we work to get through these times together, you may not be thinking about blood donation, but blood is needed to save the lives of people who are sick with a range of illnesses. Its easy and safe to give. If you are in good health, please donate. We need heroes now. Visit red cross blood dot org to schedule an appointment. Its more than just fast. It keeps all your devices running smoothly. With builtin security that protects your kids. No matter what theyre up to. It protects your info. And gives you 24 7 peace of mind. That if its connected, its protected. Even that that petcamera thingy. [ whines ] can your internet do that . Xfinity xfi can because its. Simple, easy, awesome. [ barking ] maria welcome back the coronavirus outbreak impacting Companies Across the world. In the United States nissan announcing the plans to furlough 10,000 employees in mississippi as well as two locations in tennessee as u. S. Plants remain close to help spread of covid19 temporarily shutting down the commercial jet factory thats operating this morning. Katherine is with us this morning, tell us what this means from your standpoint in terms of jobs, boeing, was a Major Economic generator and now we are seeing a real slowdown there and throughout the manufacturing sector, katherine. Right, maria, and the fact is that theres massive layoffs, how many return to labor market after the economy is reignited is the big question. I think it has to do a lot with effectiveness of sba loan program and which companies will come back to life and which will cease to exist. The furloughed workers, what percentage of them will be able to come back to a company that still exists. Maria yeah, thats the point and i think, Jon Hilsenrath, things will change in a big way longer term, remote work now obviously in high demand, pandemic putting spotlight of jobs that can be done from home. Top Companies Hiring remote jobs amid coronavirus, adobe, etna, dell, do you think that will have longer lasting implications beyond covid19 and its impact in terms of Companies Higher and how they want to approach work . Jon absolutely on two fronts, the first as you say remote work. Think about it if youre doing Contingency Planning right now you want to be prepared for another crisis in which you cant put workers in the office, you have to be set up and ready for them to work remotely even if thats not where they are all of the time. You also, you know, a lot of cost cutting after this and ive spoken to executives who said do i really need all of the real estate cost. Thats another issue. The third thing i would look out for which is going to be with us for a while is debt. A lot of companies that are taking debt on now and they have to work it off and thats the thing that worries me about whether we get a vshape recovery or ushape recovery. Companies will look at cutting dividends and paying down debt for a while after this. Maria thats incredible. Dagen, we were looking at the corporate debt bubble which started to burst and now we are going to see even more debt added on, real quick, dagen. Dagen the issue of fixing a problem with more of what caused the problem in the first place, whether its corporate debt and even consumer debt. We had record Free Cash Flow for individuals but we have record household debt, Consumer Household debt in the country and thats why this Small Business Lending Program is so critical, its because these are loans and now Federal Reserve is intervening ready to finance the new Small Business payroll loans so those wont be loans if you use them to keep employees on, if you can get one, they would be ultimately forgiven and treated as a grant, 175,000 loans, 50 billion of those loans made of as of last night. Maria im going to ask treasury secretary mnuchin about this because the timing seems to off, if youre going to take out a loan when the business is shut down, how are you going to keep employees . Treasury secretary coming up. Futures extending rally, pretty good rally underway right now on the hope that is the coronavirus cases may be slowing. Marks up in the triple digits, we are back in 2minutes time with the dow up high in the morning 909 points. Back in a minute. For farmers here, this is our lifes work. But when a recall happens, perfectly good food goes to waste. Now, weve got away around that. Looks good. Were on target. Blockchain on the ibm cloud helps pinpoint a problem anywhere from farm to shelf. Its used by some of the biggest retailers everywhere. A nice wedge. So more food ends up on your table, is that daddys lettuce . Yeah. And less food goes to waste. Actions to help prevent the spread of respiratory diseases. Wash your hands. Avoid close contact with people who are sick. Avoid touching your eyes, nose and mouth. Stay home when you are sick. Cover your cough or sneeze. Clean and disinfect frequently touched objects with household cleaning spray. For more information, visit cdc. Gov covid19. This message brought to you by the National Association of broadcasters and this station. But when i started seeing things, i didnt know what was happening. So i kept it in. He started believing things that werent true. I knew something was wrong. But i didnt say a word. During the course of their disease around 50 of people with parkinsons may experience hallucinations or delusions. But now, doctors are prescribing nuplazid. The only fda approved medicine. Proven to significantly reduce hallucinations and delusions related to parkinsons. Dont take nuplazid if you are allergic to its ingredients. Nuplazid can increase the risk of death in elderly people with dementiarelated psychosis and is not for treating symptoms unrelated to parkinsons disease. Nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. Tell your doctor about any changes in medicines youre taking. The most common side effects are swelling of the arms and legs and confusion. We spoke up and it made all the difference. Ask your parkinsons specialist about nuplazid. Ask your parkinsons specialist apps except work. Rywhere. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com maria welcome back, good tuesday morning, thank you so much for joining us, im maria bartiromo, tuesday april 7th, 6 31 a. M. On the east coast. Another rally under way as optimism grows over flattening curve in some areas of the country, possible treatments on the horizon for coronavirus. Dow industrials up 860 points now. S p up 89 and nasdaq up 240 on top of yesterdays big rally. Rally in the morning and we had another rally by the close, the dows industrials 1,627 points, 7 and a half percent. Nasdaq up 540 and the s p up 175. Global market this is morning taking a cue from wall street. In europe strong gains across the board. The European Union remaining divided, however, over issuing coronavirus bonds to fight the crisis. Cac quarante up 136, the dax index in germany up 380 right now. Overnight asia it was firmer across the board, japanese Prime Minister shinzo abe declared state of emergency in japan, reportedly preparing stimulus package with nearly a trillion dollars. Nikkei average up 2 in japan overnight. Body of Robert Kennedys granddaughter was found in the chesapeake bay, Cheryl Casone with the details. Cheryl sad ending to the story, divers in maryland did find remains of maybe kennedy last night, the search resumes today for 8yearold son. They went missing after canoe overturned, daughter of former maryland lieutenant governor. Voters of wisconsin are roting today in person despite stay at home order. The governor had tried to postpone the election until may, the Supreme Court denied for growing consensus that voting in pandemic can be done by mail. This is social distancing, catch a glimpse of super pink moon. Its going to be the largest, but this doesnt mean that the moon is actually going to turn pink. Early spring time plume of a wild flower but its going to be the brightest. You can see it at 10 30 p. M. Eastern time. You can stay awake until then. Finally theres this, the coronavirus pandemic has shuttered businesses and schools but it will not stop the easter bunny in new zealand. Prime minister in the country declared easter bunny and tooth fairy essential workers. He may be busy at home caring for his own family, kids be careful, encourage families to create their own Easter Egg Hunt this year as they get closer to easter a lot of families in the country will probably get creative, back to you. Maria i like that. I will be taking pictures of the pink super moon tonight and i will post them on my Instagram Page because i have a great view of that. Im going to do it. I will stay up, cheryl. Thank you so much. Meanwhile coronavirus in the military, we want to tell you whats going on here. Acting Navy Secretary thomas apologized for speech on monday aboard uss Theodore Roosevelt where he accused him of being too stupid, led to coziers dismissal. President trump vow today get to the bottom of the matter during his daily Coronavirus Briefing last night. Watch this. The letter should not have been sent to many people unclassified. That was a mistake. Its a mistake that shouldnt have been made because its unfair to the families of the people on the ship because they get nervous and shows weakness, so im going to get involved and see exactly whats going on there because i dont want to destroy somebody for having a bad day. Maria joining me right now fox news senior strategic analyst retired general jack keane and general always a pleasure to see you, thank you for being here. Do you think this was just a stupid mistake, give us your take on what has transpired here. Jack i think the navy sect ray going out to the ship an confronting the crew largely because they gave the captain rousing and supportive departure is astounding. I have his transcript unofficially obviously in front of me and its quite stunning. What it says is something that ive been talking about now for many days. As this secretary has been too personally invested in this from the beginning, it turns out he spoke to the captain crozer days before the captain wrote the email. He gave him also his cell phone number and asked him, im willing to come out to the ship to help you out and, of course, the captain not wanting the Navy Secretary deflected all of that said i have it under control. I think the Navy Secretary misinterpreted that and when the letter came out, he personally felt betrayed. He insulted the captain by by telling him telling the crew their own captain that he was stupid and naive. I know you love him but youre not required to love him. Bizarre to be frank about it. Secretary modally moldly trying to justify why he relieved the captain and what he should have done, he made a tough decision, he should have left it in the hands of the admirals, we would probably have a different outcome and once he made a decision, okay, ive given the justification for it and its over, im not talking about it anymore. He gives multiple interviews and travels all the way out to the ship itself and so hes extended this story beyond the level it should have been and i fault him for that seriously. In terms of the captain, the captain made a boneheaded mistake and has has a right to be held accountable for it. Whether he needed to be relieved for that is another matter. I would have liked the admirals to have made the assessment and made the judgment an not the Navy Secretary. Maria seems like the coverup is worse than the issue here. 500 members to have 5,000 crew testing positive for coronavirus and he we wanted to get them off the ship, that obviously was driving him. Wrack jack yeah, fairness to the secretary, hes concerned about that himself. Hes personally involved in it and he gets too involved in it. Theres four levels of the chain of command below this Navy Secretary this year and years of operational inexperience among the admirals that are have over seeing this ship as well as others, they are very capable of dealing with this crisis. Maria let me move away from this crisis and ask you basically about basic training being shut down. The army decide today suspend boot camp for at least 2 weeks in an effort to help spread covid19 and the military has seen more than 1500 cases of the virus across all branches, general, military academies also remaining under lockdown. What you think about that . Will military preparedness get affected by this . We have spoke about military preparedness, there is something that you dont want to see but whats the answer, general . Jack well, i think these are temporary measures and the marine corps has done the same thing and the navy has done the same thing. Basic training is the most intense where people touching one another. This is the smart thing to do just as the country is going through a temporary setback in economic upheaval, the military will go through a temporary readiness setback which we can well afford and absorb it even though we have to shut down basic training. If we had february that the readiness of the military is being affected by that, we dont have to separate people. In other words, when a troopers enlistment sup up to 3 to 4 years, the secretary has the option to keep them, extend them on active duty 6 months to a year if he believes readiness is being effective by the fact that we dont have new troops coming in because of lack of basic training. Theres plenty of things that the military can do to protect the readiness. I think theyll be some temporary setback in some of it but not anything that would risk the protection of the American People in terms of National Security. Stay safe, stay strong, thank you. Same to you, maria. Maria general jack keane joining us there. Quick break and staying grounded. Airlines are fighting to stay afloat as Global Tourism plummets, we are taking a look into the hidden perks to keep customers, youll want to know about these back in a moment. Maria welcome back coronavirus slamming the airline industry, screenings down 50 at the end of march, passengers grounded during covid19 pandemic. Some airlines are taking steps to keep loyal customers even though traffic is down 70 . Delta and unit right side all extending the elite status for its members with other Companies Potentially thinking the same. Joining me right now is the points guy founder and ceo brian kelly, brian, thanks for joining us, tell us what consumers can expect in that program. Brian this week has been good news for frequent flyers. Anyone who travels a lot knows that getting coveted elite status is key if you want to be treated right on airlines and this week delta came out and said basically 2020 will be a wash in terms of that toptier status and anything from this year will roll over and they will extend your current status for another year for free which is sort of unprecedented. Maria so do you think thats enough for airlines . What is traffic down, 70, 80 or 90 . Brian the key will be getting consumer demand up and getting consumers comfortable that theyll be safe from viruses and other medical issues on planes. We are seeing some Foreign Airlines do test to go get on a plane to show that you dont have a fever which we probably should have been doing for a while now, so its going to take a lot more than just extending elite status but this is definitely a big reprieve for those top travelers who bring the airlines a how long amount, disproportionate amount of revenue. Maria whats young take when people are going to feel safe to go back in the water, if you will, do you think we will see traffic return by year end . I know its all dependent on when we get back to work and where we are in the virus, you to put models together and have expectations, when do you think traffic comes back . Brian you know, its so hard to tell unlike the Great Recession where it was all about unemployment. Thats the case here too but testing and having people understand if they get the virus, if they travel abroad, are they going to get health care. You dont want to go to destination that dont have a good healthcare system. I dont think that people will be traveling until we have a vaccine or treatment that brings the mortality rate way down. Maria dagen. Dagen i just wanted to add something to what Jon Hilsenrath brought up earlier is you will have businesses reassess how they conduct business and how individuals and their employees interact with one another. The airlines, you dont know how much Business Travel a year from now or 2 years or 5 years out declines because Companies Just will not put individuals on planes to have facetoface meetings with people any longer. Youre totally right. This is an ethics concern especially when you think about how tight planes have gotten over the last several years. The airlines have taken out space, jammed in as many seats as possible, so youre not 6 feet away from your next passenger. Youre 6inches away. Its an ethics concern. Is it worth it to have annual meeting if it means putting dagen and a financial one. Im not paying 2,000 round trip as an employer to jam some employee onto a plane when its just not necessary and its an unnecessary expense. Yeah, youre absolutely right. I think there definitely is some zoom and Video Conferencing fatigue that we are seeing in the business world, but, yeah, youre totally right, huge expense that goes along with Business Travels is definitely going to have a tight maria brian, thank you. We will take a short break. The market thats looking at its best session in 9 sessions yesterday and the gains continue this morning. Coming up people helping pets, animal shelters seeing surge in adoptions amid the coronavirus pandemic. The president and ceo of aspca is here. Dont miss it. Back in a minute. These days you need faster internet that does all you expect and way more. Thats xfinity xfi. Get powerful wifi coverage that leaves no room behind with xfi pods. And now xfi advanced security is free with the xfi gateway, giving you an added layer of network protection, so every device thats connected is protected. Thats a 72 a year value. No one else offers this. Faster speed, coverage, and free advanced security at an unbeatable value with xfinity xfi. Can your internet do that . Maria welcome back, how about positive news of coronavirus or i should say pawsitiv, the number of americans adopting is surging, spiking 200 in new york and los angeles according to aspca. Joining us the president and the ceo of aspca, matt, thank you very much for joining us. Matt sure, thank you for having me. Maria we want to talk about the pawsitive news, get it . Adopt, dont shop. Youve seen a spike during the coronavirus, can you tell us why you think that is . Is there a coincidence to isolation stay at home order . No, i dont think its a coincidence. We saw spike in adoptions, 70 of animals in foster, what both of the spikes are about are people leaning in to psychological benefits associated with having a pet. During time of stress and i think people rely on that relationship and the power of that bond even more for the joy and companionship and love when it comes to having an animal in your home. Maria i have to say that the stay at home order has been made so much better because of my baby dusty. I mean, she makes everything better and Everybody Knows that i rescued this baby girl a little more than a year. Dagen also has 3 rescues actually. Shes got charlie matt wow. Maria dagen, you have to be feeling better that you have charlie and dale with you. How are you doing . Dagen i rescued dale a few weeks ago, 1yearold Jack Russell Chihuahua mix. Hes very different in temperament than charley. Its a joy to have him around. I want to ask matt, a lot of people are struggling, though, two of my dogs are older dogs and charlie has had some Health Problems in the last week and taking them to the vet and the stress on veterinarians in this environment is really horrific because you cant the way that the vets interact with the dogs now, you to basically stand out in the street while they take the dog in and examine them. Matt yeah, its an issue. We have to practice social distancing and its been hard and, in fact, at our hospital in Upper East Side weve had to reduce the number of clients we can see by 50 to maintain the appropriate social distancing, so its absolutely stressful. Maria you guys do a great job with that hospital, by the way. Im showing dusty on the screen when we celebrated her birthday. There she is in the snow. How is that going and tell me what kind of response youve seen real quick. Weve seen a huge response. The aspca believe that pets belong with their owners. Safest place for a pet is in a home. Those funds can be used for Veterinary Care as we see theres a huge need or for foster programs. Maria we will leave it there. Excellent, matt, thank you so much. Come back soon. Adopt, dont shop, we will be right back. But when i started seeing things, i didnt know what was happening. So i kept it in. He started believing things that werent true. I knew something was wrong. But i didnt say a word. During the course of their disease around 50 of people with parkinsons may experience hallucinations or delusions. But now, doctors are prescribing nuplazid. The only fda approved medicine. Proven to significantly reduce hallucinations and delusions related to parkinsons. Dont take nuplazid if you are allergic to its ingredients. Nuplazid can increase the risk of death in elderly people with dementiarelated psychosis and is not for treating symptoms unrelated to parkinsons disease. Nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. Tell your doctor about any changes in medicines youre taking. The most common side effects are swelling of the arms and legs and confusion. We spoke up and it made all the difference. Ask your parkinsons specialist about nuplazid. Maria welcome back. Good tuesday morning, everybody. Thanks so much for joining us. Im maria bartiromo. It is tuesday, april 7th. Your top stories right now. Boris johnson is in intensive care this morning as coronavirus symptoms have worsened. Well take you live to london, get the latest on the Prime Ministers condition. In the United States, the death toll has topped 10,000 but President Trump says there is light at the end of the tunnel as the number of new deaths seem to be leveling off. Leveling off in new york and other hot spots across the country. The president stresses people need to remain vigilant this morning. Markets are rallying once again, futures looking to another rally as opt optimism grows over a flattening curve in some areas. The dow up 840 points, s p up 89, nasdaq up 250, this after signs that the lockdowns could be having a positive impact sparked a big rally yesterday. We rallied at the start of trading and again at the end of the day. The dow industrials were up 1,627 points, almost 8 . Nasdaq was up 540 points, that was 7 and a third percent, the s p up 175 points, also better than 7 . President trump announcing a deal with 3m to supply medical masks. We have you covered this morning from the coronavirus pandemic to the markets and beyond. With an allstar lineup this morning you dont want to miss. We have the chairman and ceo of blackstone coming up on the markets and the 15 million gift to new york to help combat the virus. Treasury secretary Steven Mnuchin is here on getting money to americans and Small Businesses, plus what other possible stimulus might we see, is he working on phase four. And then Dallas Mavericks owner, mark cuban, on what should be done to help businesses survive the pandemic and the heroes stepping forward to change the world in this time of crisis. Mornings with maria is live right now. And Global Markets this morning are higher, european indices higher across the board, the European Union still is divided, however, over how to issue how to approach this crisis and whether or not to issue corona bonds to fight the crisis. Fq100 up 165, cac is up 137 and the dax index in germany up 396. In asia overnight it was a firmer tone. We heard from shinzo abe who declared a state of emergency in japan. He is reportedly now preparing a stimulus package worth nearly a trillion dollars. China is claiming to have its first day without a coronavirus death since january. We hope thats true. We still have concerns of course that the country is misleading the world when it comes to this virus. So we will keep watching that and hopefully see some truth. Oil prices are higher this morning, ahead of a meeting of Major Oil Producers including saudi arabia and russia. That is set for thursday. Energy secretary Dan Brouillette told us that yesterday. Its expected an agreement on cutting output will be reached. The president is expecting 10 to 15 in Production Cuts. Oil is up better than 3 this morning. The yield on the 10 year treasury is up. The yield is sitting at 0. 748 . Now we turn to the latest on coronavirus. The u. S. Reporting more than 10,000 deaths from this virus now. There are more than 368,000 confirmed cases in the United States. Overseas, british Prime Minister Boris Johnson has been moved to the intensive care unit. He is in the icu as his coronavirus symptoms have worsened. Johnson was diagnosed with this virus 10 days ago. Foreign secretary dominic robb is taking over for johnson as needed trim prayerly. President trump has joined other World Leaders in wishing johnson a speedy recovery. The number of new coronavirus cases and deaths have slowed down in new york. They is a sign that the state could be hitting the apex, according to Governor Cuomo. Governor qu cuomo is warning tht the fight is far from over. He told residents to keep following the guidelines. New jersey has also reported a slowdown in new cases, another sign of hope and there are pictures this morning of new york and new jersey which of course are dead quiet during this crisis and the stay at home order. Meanwhile, the governor of louisiana is warning his state could run out of hospital beds this week, the state reporting 15,000 cases and more than 500 deaths from coronavirus. A crew member aboard the usns comfort now docked in new york city reportedly testing positive for coronavirus. The individuals there now being treated in isolation aboard the Navy Hospital ship, this as President Trump has agreed to allow the 1,000 bed facility to be used to treat coronavirus patients. It was supposed to take the overflow of other cases and not coronavirus cases. A thats now changed. And talk about praise from onhigh, nasa astronaut Andrew Morgan from the International Space station thanking the new york police and Fire Departments along with First Responders for their hard work and dedication in fighting covid19. Morgan tweeted out that they are all set the world standard in Selfless Community service, he also tweeted a picture of the fdny crest hovering above the earth from the space station and we could not agree more. Thank you to our First Responders. A big sense of gratitude. And a dramatic difference in just over two months, china is claiming to have had no new deaths since the first for the First Time Since january. The central city of wuhan where the virus emerged and originates is set to lift its lockdown but concerns still remain about the validity of the information coming out of china. We know this because they downplayed it for so long. Joining us now is former alabama senator, Jeff Sessions. Thanks very much for being here. Thanks, maria. Good to be with you. Maria what do you think . Should we believe china about now no deaths on coronavirus . How could we believe them after all of this downplaying and lies . Well, we cant, maria. We cant accept that. We know that on january 1st they forced eight doctors to recant their testimony that the virus was spreading, made them reject it and sign a statement saying it was not true. On january 14th they told the world it did not go from hugh you man to human. One of the great lies and misstatements in history, i suppose. That has delayed the worlds response and really largely responsible for the extent of the damage weve seen. So theyve been dishonest throughout. Maria yeah. Im glad you mentioned the fact that the chinese authorities said they found no clear evidence of human to human transmission of the novel coronavirus. I have that tweet right here and that tweet was from the world health organization, the who, senator, people see the who and they think, well, this is an independent agency, its a un agency and we should believe them but now the who has come under fire because theyve been in bed with china this whole time and why put out this tweet saying theres no human to human transmission in january, when in fact the chinese knew otherwise . Well, its just who was selected by china, he was their candidate for the office, they got him in. Hes responded to protect them in many ways. Its really totally unacceptable. He needs to be investigated, he really needs to be removed. He has not been an objective voice to protect the health of the world. Maria yeah, im glad you mentioned that because there was another Important Agency yesterday which i tweeted about that actually also now china is involved in hugh yo human righta was appointed on wednesday to a Un Human Rights Council panel where it will play a key role in picking the world bodys human rights investigators including global monitors on freedom of speech, disappearances, and arbitrary detention. China has more than a million uyghurs behind bars in camps and theyre being slave labored and you know that theyre tracking all of their citizens. They have no regard for human rights and here we are putting them on a Human Rights Council for the un, senator, can you explain this to me . China systematically is working to lead these agencies. I visited interpol as attorney general a few years ago. The head of it was a chinese person and he disappeared. He was called back to china, nobody heard from him. This was the head of interpol. He later ended up pleading guilty, his wife says he was politically persecuted but this is the kind of thing were seeing. China is working hard to dominate world organizations. We need to be much more alert to that. Maria well, i mean, it seems to me that President Trumps America First approach is in complete contrast to chinas goals because they want to unseat the United States as the number one super power. One more issue about china and then i will get off my rant, senator. But another issue i have is the fact that they downplayed this virus from the getgo, they never told anybody about it. They sent a delegation to the white house to shake everybodys hands to do the phase one deal and sent the largest delegation to davos, 350 people to spread out and talk to the world in davos and we learned while they were downplaying it they were buying up all the masks, they were cornering the market in protective gear. How outrageous is this . Ive got a report here and this is from the customs of china, the National Customs inspected and released Epidemic Prevention and control materials, among them, 2. 4 billion pieces of protective equipment, 2. 02 billion masks and 25 million pieces of protective clothing. I broke this story on sunday, on sunday morning futures because i wanted to make sure it got out there. I would like to know why if china produces half of the worlds capacity of masks, they were cornering the market in january to buy more masks when they didnt tell the world how severe this virus wit was. Its outrageous. Its got to stop. Im announcing a plan today to protect our drugs and our medical materials infrastructure in the United States to maintain manufacturing here and i also have a plan called defending america in which we defend this country against china. Its got to be a reset, maria. They are not reliable. They are not a responsible nation. Theyre taking advantage of us every day. We need a real serious plan. The president has begun it. We cannot continue in a healthy relationship with a country that is not responsible and does not tell the truth. If we do this right, we can help china. And the people of china. But the whole world is now learning that theyve been dishonest, they are highly responsible for the spread of this disease costing trillions of dollars. The likes of which weve never seen before. Its our sputnik moment, its our time to reset. We can do it. I have a plan. I think the congress is getting ready to act. The president has already shown leader pship. We need to keep it up and fix this relationship. Its broken now. Maria im glad you have a plan but with all due respect, senator, how come now . Why did we need a crisis to get people moving on legislation to make sure that the most important things that American People need, like the active ingredients in their prescription drugs are made in china so we have to wait for china to threaten that theyre not going to actually export those active ingredients which they did a month ago . How long has Mitch Mcconnell been in the job . How long has nancy pelosi been in the job . How come these active ingredients have been made in china for so many years, we needed a crisis to figure this out. Weve been asleep at the switch. Youre as a matter oyoure exac. There are 50 investigations going on as part of the China Initiative that i started. There are 1,000 criminal investigations nationwide against china entities and weve got to step that up. Weve been asleep. Weve not been alert. Weve been taken advantage of. This is our opportunity for the whole country and the political establishment to understand the danger we face. Maria yeah, and by the way, ill say this as well. The whole three and fourenear period when the media was up in arms looking for ghosts of russia collusion and the congress was investigating the president , whether for ukraine or russia collusion, which was obviously nonsense, all that time they missed the biggest threat of all and that is china. I believe this election is going to be about china, who is going to be toughest on china. Youre running for your Alabama Senate seat currently. Let me ask you how thats going on, scheduled for runoff against former auburn football coach, Tommy Tuberville at the end of july. The president has been critical of you, senator. Do you think this will affect the outcome . Were going to take our case to the people of alabama. Thats who will decide the election. I will say mr. Tuberville just said the other day nows not the time to complain about china. He criticized my strong response about china. He does not understand the seriousness of this issue in my opinion. Maria it sure is serious, senator. Were going to be watching your efforts. Thank you, sir. We will see you soon. Senator Jeff Sessions. Well be right back. Its a challenging market. Edward jones is well aware of that. Which is why were ready to listen. And ready to help you find opportunity. So. Lets talk. Edward jones. Its time for investing to feel individual. I am totally blind. And non24 can throw my days and nights out of sync, keeping me from the things i love to do. Talk to your doctor, and call 8442142424. Apps except work. Rywhere. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com maria welcome back. I just wrapped up my interview with former attorney general, Jeff Sessions, sessions saying the u. S. Cannot trust chinas reporting of the coronavirus cases icasescases in the countr. Dagen, jump in. Dagen i think this is a story you will continue to hammer for months if not years to come. And that every elected official needs to keep their elbow on this story in the sense that we need to get to the bottom of what happened. We need to change continue to change our relationship with china and the world and our lives will be a better and a different place two years from now. Maria yeah. Look, im all about global business, john hilsenrath, and i understand that we want free markets and we want constant trade across borders but when you take a look at some of the things around the china story, its actually extraordinary. Youve got intellectual property theft happening for decades. Youve got all of this the uyghurs, the human rights issues. Youve got the delaying and misinformation coming from china. I mean, what do you think the president needs to do in terms of having a relationship with china, in terms of trade, a business relationship, but also recognizing that our standards are night and day with our number two competitor on the global stage. Well, let me make two observations. The first one is on your question about what should the president do, what id like to talk about is what business is going to do and, you know, i think any Business Leader right now kind of thinking about what the world is going to look like in a couple of years, right now theyre in crisis mode. But when they come out of it, they have to be thinking about diversifying their supply chains, having more resources back in their markets, near their actual consumers, and i think thats a big issue for china as the factory floor of the world. Thats one thing. The other thing id say is just as someone who observes numbers on a daily basis, i just find it lets just say perplexing that when you look at these hopkins numbers, the whole worlds numbers on Coronavirus Infections and deaths is going like this, the curves are sloping up. China has been flat for months now and even countries that seem to have done a good job of getting this under control, like korea, south korea, have an upward slope. How is chinas totally flat . It just puzzles me, lets just say that. Maria it puzzles a lot of people. Katherine rudy im going to come to you after this break. Well take a break. Were going to speak to somebody who knows china better than most people, the blackstone chairman and ceo, Steven Schwarzman is here. He donated 15 million to new york for the First Responders. Hes been donating his entire life. Well be back with that. Stay with us. Our Retirement Plan with voya gives us confidence. 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Serious side effects may include pancreatitis. Taking trulicity with sulfonylurea or insulin raises low blood sugar risk. Side effects include nausea, diarrhea, vomiting, belly pain, and decreased appetite, which lead to dehydration and may worsen kidney problems. I have it within me to lower my a1c. Ask your doctor about trulicity. Bewere bringing the theater home to you with xfinity movie premiere. Such news. I know what this is. This is a real thing. Our Brand New Service that lets you watch movies at home, while theyre still in the theater. Oh, mister elton. Ahh he has figured out a way to be invisible. They picked the wrong woman. Just say xfinity movie premiere into your voice remote to bring the theater to you. Maria welcome back. Markets pointing to a rally at the start of trading this morning. Take a look. Wii got a dow industrials rally up 800 points right now on top of big gains yesterday on hopes that the coronavirus could be slowing down in some of the hot spots across the country. Joining me on the phone is the chairman and ceo of blackstone, stephen schwarzman. And stephen, its great to see you this morning, thanks very much for calling in. Thank you, maria. Always great to be on with you. Maria i want to talk about what youve been doing. Because i know, steve, you have had a lifetime of donating to new york and across the country and youve done it again, Blackstone Group donating 15 million to new york state, 10 million will go to the First Responders fund, the rest heading to new york City Healthcare workers. Thank you for doing that. Tell us about it and what you hope to achieve with this money. Its clear weve got an enormous crisis going on in new york, the governor is doing a terrific job trying to get additional equipment but weve got First Responders who are at risk, weve got people working unbelievable hours. They need support. Our whole system needs support. And i think its important for members of the Business Community not just me as an individual but our firm to step up and help. A lot of people are doing that. I think it should be something that should be encouraged not just in new york here but on a national basis. Maria yes, yes. And thats what were seeing all eyes on new york because now we are the epicenter. But steve, you know, there were people who were leaving new york even before this covid19 crisis. You know that, because of taxes, because of homelessness. What do you want to see in new york now, given the fact that as weve spoken about in the past, inmates are being let out, youve got crime numbers higher in new york. The covid19 is only making everything that much worse because its ripping through the prison system and now theyre letting out more inmates. So are you expecting the chime numbers to keep going up . New york has gone through a variety of waves since ive gotten here in 1969. We were almost bankrupt, frankly in 76, 77. Weve come back from different types of problems with drugs in the 1990s. New york has remained the Business Capital and a world scale city, despite its ups and downs, and clearly this virus was unanticipated by almost everyone, certainly at the beginning of the year. Its creating difficulties. But new york will come back from this type of thing. Cities have always been places where people come and are centers of culture and new york is uniquely placed. I think we need to have some perspective, that this virus will in all probability have a vaccine in a year to a year andahalf and these kinds of problems of assembly and other problems will go away. And we will take up a much more normal life and the virus is cresting, probably in the next week or two and then well be able to slowly go back to work. So i think its important to recognize that were at almost the absolute worst moment to be having this conversation between you and me, maria. But things will normalize and well go on and continue to have one of the most vibrant nations in the world. Maria and part of the normalization will happen as a result of the response from the administration. Whats your reaction on this response, steve, on the Economic Impact of coronavirus . It was a tough rollout for the Small Business program on friday, over the weekend as well. There are reports that some private Equity Companies are angling for policies that could provide access to stimulus funds in order to protect riskier investments. Do you feel you have clarity on the Small Business administration and the money going out to businesses and individuals . Well, in terms of the first part of the question, how has the government done, i think the governments done quite well. You know, were missing a large part of revenue for gdp, for probably at least a quarter. Thats over 5 trillion will probably be gone from the economy and without Government Support of the massive type that weve had, we would have a grave situation, a recession would be the optimistic description of it and were in unprecedented times with a voluntary suspension of most of our economy. Now, thats not going to happen in terms of the downside scenario because the government has stood up a massive stimulus. It starts at 2 trillion. Its wellconceived. Money will be going to people on unemployment. It will be going to businesses with incentives to keep employees and it could end up being i infinitely bigger than e 2 trillion through multiplying it through the leverage that the Federal Reserve can bring. I think the conceptualization and execution of that is going to be very good. The fed itself has done a remarkable job stabilizing markets as you can see this morning, and id have to give quite high grades to the Economic Management of this. Its been bipartisan. Its been led by the president. And fortunately for all the rest of us in society, its going to work out well. In terms of individual Lending Programs, im not even sure exactly how thats going to work but i would say for the Small Business program, it would be reasonable to expect there to be difficulty rolling a program out for 350 billion where no such program existed and doing it to tens of millions of Small Businesses. My own personal expectation is it would take a week or two to normalize that program but apparently somebody told me there was like 38 billion of those type of loans to support employees really that went out the first day. So im quite optimistic about the success of that program. Maria thats terrific. I love to hear you say that. Steve, let me ask you your remarks on china, because you have been operating in china for so many years, you have your Schwarzman Scholars Program which has gone so well in china and it seems to me that the president s America First policies are in complete contrast to what chinas policies and goals are. They want to unseat the u. S. As the number one super power. How do we walk this balance by having a business relationship with them but also understanding that the standards are night and day, that they have downplayed this from the beginning, some people say it could have been an easier situation had china been upfront with us in terms of the coronavirus, theyre tracking their citizens, their intellectual property theft, a whole lit nianiy of things as yu heard earlier in the show. We have an arrangement and a partnership with them. Can the president walk the balance of having a Business Partner in china but also knowing this is a country that wants to unseat the u. S. As the number one super power and will do what it takes to do so . Well, these are two giant countries. Together, maria, these two countries depending on how you calculate it have between 35 and 40 of the worlds entire economy. So theyre really much bigger than what you would normally think of as a country. And these two large countries are going to have to find a way of working together and china has been relatively independent and historically somewhat independent and isolated and the current government of the United States has been really engaging them and encouraging them through a variety of mechanisms to change. You know, tariffs were multiples higher when we bring things to china than when they bring them here and thats unfair and its not only been pointed out but these types of issues are starting to be addressed. Change never comes easily for almost any country and i think china has accepted the concept with the phase one of the trade agreement that change inevitably is coming and will be good for them as well, by the way. You know, theyre now opening their markets to Financial Institutions and their Financial Institutions i think will benefit from that in the sense theyll be better there will be better standards. I think its a period which since the Trump Administration has gotten in three years ago, where theres been really intense engagement, some sparks every once in a while, but i think the two countries recognize that taking separate courses will result in a much slower growing world for both countries but there will be sort of adjustments that have to happen and over time will, but its just not a smooth type of situation. Maria steve, what about the Energy Business . Were getting news now that exxon mobil is cutting operating expenses. Theyre going to be cutting back cap ex. This is the latest Energy Company to be cutting back. Youve invested in energy a lot. Your reaction to what has taken place in terms of the saudis and the russians and how its driven oil prices down as much as it has because we understand that exxon is going to be cutting back pretty significantly in terms of their cap ex. Whats happening, energy is perhaps the most troubled area on a two to threeyear basis than anything going on in the economy, including travel related things which is sort of in many ways sort of suspended operations in hotels and other areas. But energy is theres about 100 Million Barrels a year consumed in energy and as the economies around the world have shut down, theyre missing at least 10 Million Barrels of demand, maybe more. In addition, into that environment the saudis and the russians have a dispute so the saudis have decided to increase production by millions of barrels. So youve got the ultimate bad set of supply and demand with demand crashing and supply increasing. So logic would say and i think this will happen that the russians and the saudis will sort of make peace and reduce this kind of massive supply increase but Energy Prices have fallen from about 60 they got down to 19, i think now theyre somewhere in the 26, 27 type area in the United States. Maria yes, yep. And so they need to get up into the 40s and 50s to have the industry work well. But what happens when you have this imbalance of supply and demand is you cut supply and thats why all of the energy companies, whether its exxon, chevron, the independents, people in the shale, everybody is rapidly cutting how much money theyre putting in to have more wells and to reduce production because they have to get supply and demand in balance. Because this is a worldwide problem, to have the demand come up, youre going to have to have the Global Economy recover and thats going to take some time. This is not a sixmonth solution for energy and it will remain the laggard among all the different areas of the economy. Maria yeah. All right, steve. And as we go, that leads me to my final question here and that is as a businessman who has investments in so Many Companies around the world, steve, do you worry that the cure is worse than the issue, that the economy is going to be shut down to an extent that its going to be very hard to come back to where we were . When do you want to see the economy open up again, steve . Well, i think its partly driven, maria, by the medical issues and bill gates on television the other day was saying you needed until around june 1st to start going back to work and people have different views around that. Some would like that more rapidly, some a little later. But its going to take its going to go back probably in waves and what were going to need to make things really work well is massive testing because nobody wants to go back to work to think that the person next to them is going to infect them. And so the way out of that dilemma, which the koreans have done, and i think were going to have to replicate for sure is to ramp up to millions of tests a day and that way if you know that the person next to you is not a problem, youll be fine. Well reassemble, well go to events. If somebody does have a problem and you see it with the testing, they can go home for two weeks. You dont have to go home for two weeks. And i think thats the way out of this dilemma. But this will all be brought to some close within a year to year andahalf with the vaccine and we may get some breaks in the interim with some other types of medical adaptations. Maria its funny, you mentioned that because i was talking with steven hahn, the fda commissioner on sunday, who said were talking about an immunity passport where its on your phone, digitally, so you could prove i was inoculated and i can get back to work. So well see if the private sector comes up with ideas for that. Steve, its always a pleasure to talk with you, get your insights on so much. Thanks for giving the 15 million to new york. Well watch the developments, steve. Thank you, sir. Thanks a lot, maria. Maria well see you soon. Stephen shwartzman joining us there. British Prime Minister Boris Johnson mean while is in the icu this morning battling the coronavirus. Greg palcot has the latest developments on Prime Minister johnson. Over to you, greg. Reporter no news is hopefully good news when it comes to the condition of u. K. Prime minister Boris Johnson. We have not gotten and updated in three or four hours. He is fighting covid19 right now and one newspaper says hes fighting for his life. The Prime Minister was diagnosed with coronavirus 10 days ago. He had been selfquarantining at 10 downing street but sunday night it was thought that he should be brought to a nearby hospital for testing and last night according to a statement from do you thin downing streeta rapid deterioration in his condition, suffering from high fever as well as persistent cough and thats what prompted the move to the intensive care unit. He is said to be conscious. He is reportedly not on a ventilator but he has been getting oxygen treatment for the health of his breathing. World leaders responding with a number of get well messages from a lot of folks, french president macron for example and President Trump at the Coronavirus Briefing last night. Take a listen. Americans are all praying for his recovery. Hes been a really good friend, hes been something really special, strong, resolute, doesnt quit, doesnt give up. Reporter there is trouble in the family too of Boris Johnson. His fiance, carrie simmons, has been selfquarantining as well. She was exhibiting symptoms of coronavirus. Trouble in the government too there, maria. The foreign secretary, dominic robb, he is basically taking over but theres no real proper succession in this unwritten constitution government, and another man, michael gobe, an important minister, hes now selfquarantining himself because theres a Family Member who has covid. A lot of challenge as well as dealing with a serious covid problem in the u. K. Back to you. Maria unbelievable. Well keep watching that and we send our best wishes to the Prime Minister. Hiring during a crisis is another issue were looking at this morning, rite aid adding 5,000 part and fulltime employees across the country amid the coronavirus pandemic, taking on cashiers, pharmacy technicians and Distribution Center associates. Joining me now is the ceo of rite aid, hayward donigan. Thank you for being here this morning. I want to thank you so much for staying open and being on the front lines. Your employees have been doing gods work and the whole country and world appreciates it. Tell us how its going, hayward. Well, first, i just want to say im delighted to be on with you. I am a longtime fan. I was born in virginia, raised in new york so i have a special affinity for you and dagen. Maria thats great. I love it. We are on the front lines and ill tell you, its very challenging. Im so proud of our teams, our pharmacists, our technicians, Distribution Centers, cashiers and folks working in the mail order pharmacies. You know, we are on the front line of the pandemic and we have been really affected by this because we have significant share of our pharmacies in the markets that are the hot spots, washington, california, new york and michigan and were also in locations where the virus is seen to be hitting more significantly so new jersey, pennsylvania, ohio and virginia. So we really as much as anyone have firsthand experience serving these communities and the challenge of course is first and foremost i have to keep our associates healthy. And its been hard especially in these markets, new york as you know better than anybody else, were in the process of distributing and almost finished with acrylic shields in both pharmacies and the front of the store. We give our pharmacists and clinicians n95 masks and our teams continue to wear masks and gloves. Its challenging. However, we have all stores are open. We did have to reduce a few store hours in new york just due to staffing because we have so many people selfquarantining or are in quarantine. So its a challenge. Its extremely difficult keeping in stock. Maria so let me ask you, hayward, do you feel like you have the products on the shelves that Everybody Needs . I mean, i find myself going back and forth had to a rite aid to make sure i have wipes and clorox and all the things that were using so much as were washing our hands so much. Do you feel that you have empty shelves on some of those important things or do you feel good about the stocking and the restocking of all the products that are in most demand right now . Well, you know, were on allocation as i think most of the world is and i dont think anybody is able to get as much of that as they would like. I monitor our essential categories every day and we do have, like others, a lot of outofstocks. We do get shipments regularly, daily, every other day. Our Distribution Centers are distributing to our stores as soon as items come in. We have long lines outside of our stores especially in new york some mornings. People waiting a waiting waitine special supplies. We get wiped out when we get a shipment. Our teams are doing an unbelievably great job but it is a real you know, its a real issue and its an issue i think across all retailers. Maria and what has been the new protocol, hayward, in terms of your employees, like wiping everything down. I was really struck the other day when dr. Deborah birx said, look, stay out of Grocery Stores, stay out of the pharmacy right now for the next two weeks. Im thinking to myself, well, is it in the air, were going to stay out of the pharmacy. Obviously you have certain new protocols in place because were getting all these guidelines about wiping down everything you bought from the grocery as well. Right. We have been weve had the protocols in place since the very beginning of this, which is we are doing daily cleanings with a cleaning crew comes in every day to our hot spot stores, like in new york we have cleaning crews coming in every day and we have a protocol with our associates needing to wipe down any contact areas or places that theyre interacting with customers, whether it be the pharmacy or the actual front end and one of the things thats become very stressful for our teams because they need to do their jobs and clean and so we are hiring partly because we want to have people helping with the cleaning protocols so that our pharmacists, for example, and tech can focus on the filling of prescriptions. So if we have a confirmed case, we actually shut down the store and fog it down and get it completely fumigated. So i was a little caught offguard by that as well. So i cant say that i understand exactly what that comment was and why all of a sudden and why for two weeks. But i think maria i assume shes trying to lessen the crowds. I assume shes just trying to lessen the crowds. And youre doing all of this, hayward and youve also giving back. Youve got a charitable announcement this morning, right, tell us about that. Were so deep in the communities. We have a lot of share, our customers are very loyal to us. So one of the things we want to be is really sidebyside with the folks who are helping us on the front lines. Were just so proud of the courageous men and women who selflessly continue to do their jobs. So this morning we a announced that were committing 5 million to a covid19 nonprofit package which will provide 1. 5 million to organization thats are supporting front line Healthcare Providers and First Responders, 1. 5 million to support regional foundations and relief funds across the country including new york, 1 million to support National Community organizations like feeding america and boys and girls clubs because one of the things is now that the kids arent in school, theyre not getting in many cases proper nutrition or food at all. We are also donating 1 million to support rite aid associate relief for our own heroes at our own stores. Maria hayward, i know the country thanks you for all of this. And we appreciate your time this morning and all that youre doing. Look, do me a favor, hayward. Come back when we all get through this because i know were going to get through this. Come back so we can chat, you, me and dagen the way we would have in a different way. Hayward donigan we hope youll come back when we get through this and we loved having you, thank you so much for being here. I would love to. Thank you so much. Good luck, everyone. Maria all right. And to you. More mornings with maria right after this. I am totally blind. And non24 can make me show up too early. Or too late. Or make me feel like im not really there. Talk to your doctor, and call 8442342424. We see some pretty extreme weather here in iceland. Blizzards all winter. Winds at a 150 miles per hour. If the roads arent cleared, people cant get anywhere. But no matter how crazy it gets, we know when and where to get to work. Data on the ibm cloud helps us maintain 8,000 miles of roads across the country. It helps keep millions of our visitors and our own families safe. To help you stay informed just say coronavirus into your xfinity voice remote to access Important Information and special reports from around the world. And to keep your kids learning at home, say education to discover learning collections for all ages from our partners at common sense media, curiosity stream, history vault, reading corner and many others. For more information on how you can stay connected, visit xfinity. Com prepare. Maria welcome back breaking news this morning on u. S. Ns comfort first crew member aboard ship has coronavirus is now in isolation this as pentagon sends troops to miami and to new york. Meanwhile, nearly 22,000 National Guard members have been deployed across the country to aid in the covid19 response, joining me right now is texas congressman former Navy Seal Author of fortitude american resiliency in era of out outrage dan crenshaw here thanks so much for being here. Great to be with you thanks. And let me just thank you for Incredible Service to our country. Because we want to make sure, that you understand, our gratitude your new book, fortitude walks through your path, from joining the navy seal to a member of congress how you stayed upbeat among hardship you found along the way tells us about that i guess you can probably give advice in all of that as you stay resilient as we are in this pandemic right now. Yeah, i want to let everybody know not an autography more than learn about me every chapter is a deep lesson in mental fortitude from from History Philosophy psychology pop culture politics, of course, my story in combat field training, and, you know, this is the worst time you can think have to come out with a book right now, but on the other hand, there is a lot of lessons that apply to right now i wrote this book, as a solution to petty out remain culture, the problem we see now is that that petty out remain culture continued when we need to show real strength and unity combat this hardship together, and you will find lessons that i think will really speak to you on a deep level on how to live your daily life but also how to be a stronger american culture. Maria weve seen all handson deck from this country, which is really so incredibly impressive and heartwarming the pentagon deploying 1500 additional medical personnel from new york city monday in response to coronavirus pandemic what is your take how nearly 22,000 air and armyy National Guard professionals supporting the covid19 crisis response, at direction of their governors, and allin military participation congressman . Yeah. You know one of the chapters in my book i talk about duty. And a sense of duty and how important that is to the functioning of a society. And how important it is to your dial life. How important it is to see every small action that you take, as a Small Mission that is part of the bigger mission, and in times like this i totally have to see it every single job is important he o Grocery Store workers are important people are working to to being shelves continue supply chains drives things one place to another enormous jobs we should all be really proud of ourselves when we look into this i love what queen of england said when she said i hope we all look back being at this time think to ourselves we were proud how we acts we should al remember that lesson move forward with that in mind. Thank you for that congressman please come back, when we are out of this crisis, good to see you, sir. Well be right back. Heading in a new direction. But when youre with fidelity, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. A partner who makes sure every step is clear, there are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. But when i started seeing things, i didnt know what was happening. So i kept it in. He started believing things that werent true. I knew something was wrong. But i didnt say a word. During the course of their disease around 50 of people with parkinsons may experience hallucinations or delusions. But now, doctors are prescribing nuplazid. The only fda approved medicine. Proven to significantly reduce hallucinations and delusions related to parkinsons. Dont take nuplazid if you are allergic to its ingredients. Nuplazid can increase the risk of death in elderly people with dementiarelated psychosis and is not for treating symptoms unrelated to parkinsons disease. Nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. Tell your doctor about any changes in medicines youre taking. The most common side effects are swelling of the arms and legs and confusion. We spoke up and it made all the difference. Ask your parkinsons specialist about nuplazid. Maria welcome back, good tuesday morning. Thanks so much for joining us. Im maria bartiromo. Tuesday you april 7 top stories 7 00 6 8 00 in east coast Boris Johnson in intensive care as coronavirus symptoms worsen Prime Minister spokesperson says he is receiving oxygen treatment breathing without any other assistance u. S. Dhet toll topped 10,000 President Trump says light at the end of the tunnel the president is stressing people need to remain vigilant follow guidelines turning to markets futures looking to rally at start of trading, we are looking at optimism growing over a flattening curve in some areas, and possible treatment to this virus coming sooner rather than later, dow industrials up 729 points 3, 1 4 s p up 74 nasdaq up 208 almost 3 there as well this on on the of yesterdays big rally we had signs the lockdowns could be having positive impact across country a big rally in stocks valled start of trading then again another push the end of the day, dow industrials all of a sudden down was up 1627 points almost 8 nasdaq up 7 and a third percent 540 points s p up 175, we are covering the pandemic to markets and beyond allstar lineup you dont want to miss treasury secretary Steven Mnuchin here getting money to americans Small Businesses, plus if we could have a phase four relief package, the owner Dallas Mavericks here endure mark cuban what should be done to help businesses survive this pandemic heroes stepping forward to change the world in this time of crisis plus new jersey one of the many states hard hit by this virus a live look at wild wood courtesy earth cam yesterday mayor announced beach boardwalk closed until at least may 1 troubling to look at pictures like this, deadville there, mornings with maria is live right now. Global markets this morning higher were a rally in europe underway as well, take a look where we stand this is live trading here ft 100 up 151 points uk cac quarante paris up 116 the dax in germany up 358. In asia overnight green across the board there as well, japanese Prime Minister shinzo abe declared a state of emergency in japan reportedly preparing a stimulus package worth nearly one trillion dollars, oil prices, ahead of the meeting of Major Oil Producers later in the week, saudi arabia and russia are set to meet thursday, Energy Secretary Dan Brouillette remember told me yesterday it is expected agreement on cutting output will be reached the president is expecting Production Cuts between 10 and 15 . Exxonmobil reducing 2020 capex by 30 as it works about to combat low oil prices and weak demand ceo saying the company is trying to preserve cash for the dividend, the stock rising premarket we heard Steve Schwarzman react to this earlier, saying the price of oil up, up you 5 1 4 he to a expecting Production Cut agreement between saidid and russians the latest on coronavirus, u. S. Reporting more than 10,000 deaths from this virus, so far. There are more than 368,000 confirmed cases in the United States. Britch Prime Minister Boris Johnson stayed in stable condition this morning being moved to icu in intensive care. When coronavirus symptom worsened they moved him to icu spokesperson for Prime Minister says he remains in good spirits, johnson receiving oxygen but he is not on a ventilator. He was diagnosed with virus 10 days ago update is expected today coming out of uk, foreign secretary dominick is taking over for johnson as needed, on a temporary basis. The number new coronavirus cases deaths slowing down in new york, a sign the state could be hitting apex, this is us a good news, point, Governor Andrew Cuomo warns fight it far from over telling residents keep practicing the social distancing, and follow guidelines. New jersey is also reporting a slowdown in new cases, this comes as governor of louisiana is warning his state this morning that they could run out of hospital beds this week, the state reporting 15,000 cases in more than 500 deaths, in louisiana. A crew member aboard usns comfort docked in new york city reportedly testing positive for the coronavirus individual treated in isolation aboard Navy Hospital ship more details on that agency we get them, british you Prime Minister Boris Johnson moved to intervening criticized 19 symptons worsen being spokesperson saying he has been stable and in good spirits diagnoses 10 days ago,foreign secretary Dominick Raab taking over as i reported earlier President Trump joining World Leaders yesterday in wishing johnson a speedy recovery joining me eurasia group, ian braler great to have you this morning thanks for joining us to much to talk about in regards to this to this virus i want your take on Boris Johnson certainly and uk first what strikes you what is most important from your standpoint this morning, as you have studied this, as well, over the proceeding couple months. Most important i think, is that the United States, and the developed world as a whole did she expedite late on health care side of this, is responding very strongly, economically, are about the ability to ensure that we have adequate relief for all parts of the economy so we have necessarilily shut down at least for a few months appears to be there you already commented last few moments on japan, stepping to the plate, we are seeing that strongly from germany from uk and from the United States, even absent coordination among those countries, individually, they are taking the economic responses truly required given the scale of this crisis, we are going to need a lot more of that, in the coming months. Maria so ian now beijing reportedly selling italy protected equipment, the country had originally donated to china, this before the criticized 19 hit italy hard, ian all these feelgood stories coming out of china, im sorry i am not buying it chinese bought th 2. 02 billions masks in january, as they were downplaying this virus the rest of the world didnt know what was o going on, they already make produce half the worlds capacity in protective equipment then cornered market january buying masks now got masks giving to italy sending to United States, what are they trying to do ian . They really sense that there is an opportunity in terms of leadership, you are absolutely right maria, i mean they have o cornered the market in terms of supply chain for many decades now we have increasingly looked at china as factory for the world, that has included all pieces of pharmaceutical and medical supply chain that is a serious issue, right . Because now we are with desperately in need of it we cant make it ourselves. Now, there is no question that china is actually providing some of that in terms of the humanitarian aid vastlyly more they are selling but lets also keep that in mind that china supply chain on the ground is already 70 back up and running we see that in terms of traffic data, satellite imagery talking to clients ceos doing work on the ground back to one hundred percent Industrial Supply chain by beginning of may when europe United States are still shut down, so they are in a better economic position coming out of this crisis. And they also really sense absent Global Leadership anything they do even if it is not very much, and it isnt about is going to put them in a much better position, visavis a lot of American Allies around the world. Yeah, but people need to understand that is probably because they have no moral code, lets face it they are putting people back to work they dont know that they are cured who knows if injecting people with with something right now to see if they come up with a virus beat america at that, now the American People finally getting it. We have been covering this now for for four years, china bad behavior yesterday i spoke with carl bass earlier, last week senators Marco Rubio Ted cruz about beijings truth fullness during this pandemic your reaction. We all know that the Chinese Government lies, cheats and steals its way through the world. And it is important to note that, you know, look, china as you know how many people are there 1. 3 billion people, if anyone believes that they are infection death toll what is they published there is people i got a bridge to sell them in arizona. Let there about no doubt failure of Chinese Communist party to be transparent open up to world disclose this early cost lives of people around the world, have caused infections around the world caused this to spread faster further than it needed to. This pandemic began in china began in wuhan china the decision of the Chinese Government played a critical part in in causing the pandemic to be as bad as it is because at the suppressed information held that out interNational Health experts covered it up punished whistleblowers. Maria so ian bremmer how does United States and china operate Going Forward . You know the president walks a balance when he talks about this he wants china to keep its commitment to apply 250billiondollar worth of commodities other stuff from United States but we know china wants to unseat the United States as number one global superpower on economic basis, on a military basis as well. What do you think the u. S. Needs to do, to go into this agreement with eyes open bottom line . I think trumps response first of all, those clips that you showed completely accurate i think trumps response to china directly, has been appropriate. You know. Once he spoke with xi jinping, not calling it china virus anymore but certainly he understands who is responsible for the initial outbreak he shut down travel to china appropriately early he when other countries didnt, Chinese Government complained about it did save lives in United States, with whine i think trumps eyes are open the problem is that trump isnt actually providing leadership with American Allies, if we want our allies to have their eyes open, with china, the same way that americas ice are open we need to be seen as constructive alternative to chinese we have to give more p humanity aid as Worlds Largest economy coordinating with europeans when we shut down travel to europe to talk to europeans about that in advance not have them about it on press conference condemn us he next day a lot of trust has been broken between americans and europeans we are not responsible for all of that but as the biggest economy out there competing with chinese, where you know maria you just said it the chinese are looking to displace american influence with a lot of countries, what are we doing about it . That is the alternatives that we are offering to our allies that is going to make them care . About what we say about china . Because if not, we are going to have much more challenged relationship with china but increasingly by ourselves, i am not sure that is where we want to be in a years time. You make a good point why secretary mike pompeo said to me look if europe has infrastructure made by huawei all over europe we are sharing less information with them something has to give because if youve got Huawei Telecom infrastructure everywhere data going to ccp, communist party, that is not going to work, so that is why pompeo said were not going to share quick we got to jump. You are right that is a very good point keep that in mind that the masks sent over to europe arent just from government, huawei was sending masks directly to dutch i saw dutch deputy Prime Minister unloading masks from a truck they know exactly what they are doing going to make it ared harder for United States to get huawei is cheaper, rolling out faster. They already are inside many Telecom Networks for them to move to American Network is going to be much more expensive youve got europeans saying what about snowden National Security agency, we dont trust china do we really trust americans especially the europeans who have been getting all from your money from china. Maria we got to jump, love getting your insights thank you ian bremmer. Well be right back. Maria welcome back, primary voting in wisconsin is happening today, despite a statewide stayathome order, this, after Supreme Court refused to extended absentee ballot voting by six days more than a dozen states he postponed primaries due to this virus Jon Hilsenrath in new york what do you think about this . Reporter . Reporter you know, maria come back to me again with that question i was actually just blowing emails out to a bunch of people. Maria well [laughter]. Maria were talking about the. Reporter working while we are talking. Maria yeah, we are talking about the voting continuing even though there is a stayathome order jon, and you got several states now, look moving forward, doing the absentee ballots even though, people are supposed to be home, they have got absentee ballot dropoff sites some are complaining states should not be doing this right now. Reporter it is a tough question i mean we have an election coming up in november, and god forbid this is still going on then weve got to look at that, i mean, we are learning a lot about remote work right now i think there is a fair question about whether we should be learning about remote voting as well. Maria katherine reaction . I think there is another riff to markets one thing i will tell viewers do i suspect we are in bear market rally what i am reviving our clients is to raise some cash, in the event that we do get that leg down could be precipitated as you mentioned some changeup on electoral front disruption with regard to the election walloping in Economic Data from u. S. Worsethanexpected recession one of your guests optimistic description what would happen bad Earnings Growth another outbreak in chinau. S. Or complete walloping of latin america i think inning offing we are in a bear market rally i think investors need to invest carefully explained manner raise cash with 18 rides off lows we have seen since march 23. You want to sell into this the other issue does this virus slow down then come back again in the fall so i snow you are putting that in models stay with us because we are going to speak with alliance chief economic adviser Mohamed Elerian will join me next to walk through the rally and if he agrees with with katherines strategy to sell into it. Back in a minute. Children should wash their hands after coming in from outside, before eating, after coughing, sneezing or blowing their little noses. Second, limit all crowds and explain that no one is shaking hands or hugging because that is how germs can spread. What changes need to be made now, i encourage parents to let children know this will not last forever. I urge you to stay connected to family and loved ones, stay safe and remember while many of us are apart, we are all in this together. Please be sure to follow cdc guidelines which can be found at coronavirus. Gov along with other information and resources. Maria welcome back, markets this morning pointing to another jump in stock predictions ahead have had trading to look weve got real volatility, but we are looking another another the gain this morning dow industrials up 727 points, 3 s p up 37 nasdaq up 209 on top of gig gains yesterday on news that the death rates in the coronavirus hot spots in United States, appear to be slowing down. He former Federal Reserve chairman janet yellen spoke out on Economic Impact of coronavirus said Unemployment Rate could currently be at 13 that umay see decline in gdp, of 30 . My next guest is talking about what to do with that out with oped in bloomberg this week says gefrz need to be selective federal bank can calm liquidity issues market intervention most likely not extended to risky assets joining me mohamed adviser moms elerian you make an important point there were fixed income investors came on this show said no, no we are going to follow the fed we are buying treasurys applying mortgagebacked securities, you say hold on. I say look, following the fed is a strategy that has worked really well in the past. And people went an extended to it all other risk markets. No. Follow the fed where fed is active be careful we are going through maria something very encouraging which is not just two days of gains but for the right reason better medical news the world is still very, very uncertain i like up in quality trade rather than extended take as much risk as you can. So up and quality trade would be the higher the quality bonds maybe that is where you wanting to what about stocks mohamed . We saw a big move yesterday 1600 points another a big move this morning, because of these green chutes that we are seeing that you know, that the number of debts slowed pace slowed in new york hot spots, do you apply into it . Do you feel that after the selloff that we have had in stocks, that investors might look toward the end of this look ahead the markets are always ahead of actually reality; right . Yes, they are. And really interesting dilemma of it first, i like others, encouraged by positive medical news should encourage to us continue doing what we are doing social distancing to make sure we can flatten that curve. On the other hand, maria, there is so much uncertainty, out there, and the economic hit unfortunately hasnt come through completely, so, yes, even in stocks look for the following characteristics strong Balance Sheet lots of cash, positive cash generation but a number of companies, that still meet three conditions, and that are going to emerge stronger opportunities not a general opportunity at this point. Dagen jump . Dagen looking at the bond market fixed income unprecedented intervention by Federal Reserve one of the reasons stocks have been responding, right . Is that you have more calm in treasuries short term munis Investment Grade debt Even Companies Investment Grade borrowerers coming into market able to borrow however if you are worried about the economy, do you worry that Credit Conditions in all fixed income markets could deteriorate again and then maybe they wouldnt respond to what the Federal Reserve would do . Talk about that. So that is a great acquit, because market professionals distinguish between Interest Rate risk and credit risks, stream of cd risk is bankruptcy default extipping wishes your investment that is a agree question no doubt we have had a massive fed intervention. Just to give i an indication, i calculate 1. 8 trillion dollars in market that is more than they have done since Global Financial crisis this is huge what they have done huge. So, yes, weve got calm it came at a price but we gotten calm but do not extended it to believe that they can eliminate defaults, they cannot they dont want to because they dont want to pay paper that is going to did he fault they dont want their own Balance Sheet contaminated, so, yes, in the highest equality segment but no lower down maria sorry. Mohamed before you go quick katherine a minute ago said she is not buying this i want to sell into this rally here because this is going to be just more fits and starts, until we actually get clarity on a cure on treatment, do you agree with that sell into rally we are seeing take place in equities mohamed. That is extreme of up in quality sell i wouldnt sell Good Companies would i would sell the reason you want cash there will be selective opportunities down the road there will be a lot of opportunities to buy distressed names a lot of opportunities, to structured credit so cash has a role to play, but i still think emphasis is up in quality. Okay, we leave it there mohamed good to see you morning. Thank you sir. Thank you, maria. Mom elerian joining us allianz my interview with Steven Mnuchin right after this break. Stay with us. Maria welcome back, top story getting money to americans, during this pandemic, President Trump considering another round of financial relief, as u. S. Grapples with coronavirus pandemic, americans now waiting for stimulus checks ebbs the Small Business administration, loan platform crashing yesterday the nations largest banks saying they had already allocated more than 10 funds made available, under the phase three stimulus are concerned that they will not be enough left joining me right now he on telephone is u. S. Treasury secretary Steven Mnuchin mr. Secretary always a pleasure thanks very much coming back on clarifying all of this for us good to see you. On the phone good morning, maria. Great to be with you. Maria so secretary, one issue that some of the banks have told me over the weekend that is treasurer limited how funds can be used. And as a result, that limited the Program Benefit do you feel that you have the clarification out there in terms of any limit, and how banks should be using the Funds Available . On the phone well maria we clarified again, the way this Program Works you get 8 weeks of pay, plus you get extra 25 for overhead we clarified that money needed to be used to pay the workers, that is what all this is about. We did clarify that you need to use he at least 75 of the money to pay workers, because, the whole point of this program is to keep 50 of america back at work, so that Small Businesses can reopen quickly. Maria yes, and i get that but that is where that is where the issue is because are there being forced to give money to employees while not getting any revenue in right because we are in lockdown mode one analyst wrote its at would ian and Company Treasury forcing funds to be used to retain payroll regardless of lone he forgiveness eliminates able to for pay funding that increases risk longer crisis will result in businesses closing, then yesterday, i had on a major restaurant guy who is obviously, hood to close all restaurants, he says this, the ppp program forgives loans mostly based on how much restaurant spends on payroll 8 weeks after receiving funds compared to how much it spent previrus if a restaurant a loan while closed a fraction of normal volume because of social distancing simply will not be able to take advantage of most loan forgiveness benefits not going to make it anyway because they are going to give employees the money so employees still have money are there not taking revenue in at some point something has got to give right can you extended time in terms of how long that company has, to give the money to employees, since they are not operating right now we are lockdown, only 8 weeks. On the phone maria, let me explain because i think perhaps these people dont understand the point of the let me put this in Perspective Congress created a new program, from scratch. About a week ago. So working with sba treasury and sba created an entire new program in less than one week these are grants so loans that are forgiven you can think of these as grants. The purpose of this the president wanted to keep people hired off unemployment make sure that companies have Small Businesses have their payroll there, the whole purpose of this program is we are giving Small Business money for free were not forcing anything we are basically saying, here is money from the government. As long as you use it, to keep workers employed going to be forgiven, that is the reason why there is so much demand let me say we have over 3,000 lenders we couldnt be more pleased with broad appeal of this program. The president made clear that if we run out of money he is going back to inning could, and i think, quite frankly, you can see from the programs success the number of people that are walking into banks the banks are doing a great job they are overwhelmed with the request for loans. Maria so you are saying then that you think that congress will hear from the president , and from yourselves term of allocating more funding . Because it looks like you are going to have to appropriate more funding. I understand what you are saying, but what i am saying you go what these people are saying we are in lockdown so do you think that this next 8 weeks were going to they will open up . In the time that they can actually use the money . And making sure the employee has money but also going to actually get revenue in so that they can open up again . Because this is an 8week period that giving money to employees and theyve got no revenue they are in lockdown so at some point might have to fire that person anyway i because they wont make it. On the phone whole point of them hiring these people now is revenue the government is giving it on to pay employees. If 8 weeks from now we need more money we will go back to congress the purpose of this we ins Small Business has no revenues that is no fault of their own. That is because of the coronavirus. Were going to kill this virus, and during this period, the president wants to making sure that employees are paid. So whole purpose of this is because people have zero revenues, go take the loan, pay your employees, use the 25 for overhead so you can pay rent electricity other things, and the end of the period as long as you use the money for what you are supposed to use, the loan will be forgiven the only time we would come back against anybody if money was used for fraudulent purposes this is a Great Program why you are seeing the, lots of Small Businesses, now let me encourage everybody out there if you cant get the loan today or tomorrow, dont worry. There will be money if we run off the money we will go book for more, you know. There is extraordinary demand in this is the third day this program is up and running. Maria and i know incredible amount of demand do you think this shutdown is going loaning er than 8 weeks . On the phone maria i hope not i hope we get to the point i think everything i hear from medical professionals many places, close to the worst point beginning to peak i think things are going to get better i know the president is very much looking at, how we can reopen parts of the economy. There are parts of the country like new york where obviously, this is very, very concerning there is other parts of the country where it is not. I know he is meeting with task force and medical professionals and getting posted on this every day. Because i just to underline the point restaurant guy said yesterday the ppp benefit is trying to incentive Hospitality Industry to put people book to work, before it is safe for customers to visit businesses unless timeline is adjusted so restaurants can take advantage of this after stream social distancing is no longer necessary it is not going to have extended affect on the industry it is not just restaurants it is the whole chain, there youve got food and Services Distributors Equipment Repair Paper Suppliers hvacuum about technicians all in the same boat. Maria, let me clarify again all Small Businesses need to do is pay their employees, if they are closed no work to do, they dont have to come in just pay them, so as soon as their ready to open, they have their employees the employees have been paid they didnt have to get unemployment. You know this is not a fault of anybodys we want to make sure, get your employees paid. This is money that the government is giving. So that 50 maria 50 of the private economy people get paid. You know for the rest of the economy we are working with fed on main Street Program we hope to have that running quickly, you know we are very pleased that Corporate Bond markets appear to be open working on other programs there working on Municipal Program we have six trillion dollars to put in economy we are meeting with all the advisors on airlines this week working very quickly on that, so i can assure you president has instructed to us get this money into economy fast. Maria i totally understand you are doing a great job secretary i dont want to confuse what i am saying, and we all appreciate the hard work you are putting into this what about the next round of stimulus House Speaker pelosi says next round of surplus will be coming and at least a trillion dollars focusing on replenishing funds for programs, maybe infrastructure. What does that look like at this early stage . On the phone maria we have been in discussion, but, again, our First Priority the president said lets make sure we get this money out, the president has made clear if we need more money for Small Business we will do that, and the president has instructed us to make sure we do everything, that Small Businesses employers, u. S. Economy u. S. Companies have liquidity they need and, as i said, when we need to go back to congress for more money we are prepared to do that. Maria i heard yesterday, one congressman wants also part of that fourth stimulus package to be an agreement that your going to move the supply chains back to america so we are not not so right on on china that is in cards. I dont think we need that in a bill i think americans understand we want to make sure, that critical supplies we can make, in the usa, or the ufor usa that is something in the president s agenda from the campaign. That is something we will continue to execute upon i dont think we need legislation to do that i think Companies Understand that, and we understand that. Maria and secretary can you just assess where we are, in terms of these this Economic Impact, are janet yellen yesterday said gdp contraction 35 , Unemployment Rate 13 right now does that sound right to you secretary . On the phone maria let me emphasize this is a very difficult time for American Workers and american economy. This is a isnt a normal financial slowdown this is where government has ordered businesses to be closed. And theres three components that protect American Workers the first is this ppp plan weve discussed, the second is direct payment by end of next week, Many Americans will already receive direct payments in their account needed liquidity the third enhanced unemployment the president wants to make sure that a American Workers are protected, and these three principals are very important to doing that. Yeah incredibly unprecedented, you said with me a couple weeks ago in Fourth Quarter we will see a gigantic rebound how quickly do you expect snapback once we do see economy open up again secretary . On the phone maria i think certain parts of the economy you are going to see comeback immediately certain things are going to take a little bit longer. But i have every expectation, that we will kill this virus, soon, and when we do that you are going to see a very big bounceback as i said, the economy slowed down closed down this economy, when we reopen it, i expect that you are going to see a very strong rebound later this year. Maria all right, incredible moment in time secretary mnuchin thanks very much for being at wheel during this moment we appreciate your time this morning sir, thank you. On the phone thank you, maria. Bye. Secretary Steven Mnuchin what is at stake for Small Business as paycheck protection programs struggles to gain footing secretary mnuchin just told me moment ago the administration is prepared to fight for more money if needed, i will speak with Dallas Mavericks he owner mark cuban about that. Stay with us. I am totally blind. And non24 can throw my days and nights out of sync, keeping me from the things i love to do. Talk to your doctor, and call 8442142424. Lively hearing aids have been a game changer for me. The process with lively. Is insanely easy, you take a hearing test on your computer the doctor programs it, it shows up at your house a few days later. You can stream calls or music through it, its got multiple settings, audio adjustments, so you can raise and lower the levels. But its a fraction of the cost of the other devices. Its instilled some confidence i didnt have before. Try lively risk free for 100 days. Visit listenlively. Com you. Maria welcome back Many Companies apple twitter Financial Guidance as a result of coronavirus, they dont have the estimates for rest of the year, one company bucking the trend, the digitbased Company Helping manage chronic conditions raising revenue guidelines the stock is surging on news as you can see, the Company Founder executive chairman, is joining me right now, glenn thanks so much for joining us stock 30 flat we know you have seen a big runup what is driving the growth glen . Well, thank you good to be with you this morning, and first before i get started just a quick callout to those people struggling with coronavirus, and our thanks to the doctors, nurses other health progressivelies dealing with it daytoday, livongo is uniquely positioned our technology is empowering people with chronic conditions most vulnerable population to virus like this empowering them to stay healthier to stay at home, and out of harms way. And i think that is enabled us to see increase our guidelines you talked about, enrollments are up; usage up 10 seeing very strong recognition of what Remote Monitoring telehealth capabilities can do. Dagen what does world look to you right now outside of your business in terms of how we are tackling this virus what the short run looks like for us as a nation . Anheuserbus. I think that were trying to cope with it obviously, Health Professionals issue doing extraordinary job i think the government has started to step up, recognizing the value of new technology and denialing tal technology when we get through it going to be stronger for it weve seen education changing communication changing, weve seen the way we buy things consumers change most important, health care will change and learning to deal with this digitally remotely starting to understand that keeping people at home, allowing them to empowering them to use this technology to treat themselves is a better way to do it. We are seeing that around the world, so you know, going to be a tough slog we will get through it i think we are going to come out stronger on the other side. I think we are just starting to turn the corner. I love to hear that for sure glenn, thank you for leadership we will see you soon please come back a longer discussion about this very important taup, we take a break more mornings with maria right after this. Stay with us. Our Retirement Plan with voya gives us confidence. We can spend a bit now, knowing were prepared for the future. Surprise we renovated the guest room, so you can live with us. Im good at my condo. Well planned, well invested, well protected. Voya. Be confident to and through retirement. The xfinity my account app puts you in control with Digital Tools to give you the help you need when you need it. Get fast and easy answers with personalized help 24 hours a day, 7 days a week. Change your wifi password to a phrase thats easy to remember. Even troubleshoot your services on your own. Were working to make things a little easier for everyone. Download the xfinity my account app today. Maria welcome back, just spoke with treasury secretary mnuchin about coronaviruss stimulus package potential for stimulus he told me moments ago the administration, is prepared to fight for more money if needed. This is an issue keeps coming up Dagen Mcdowell because this is the the problem that these businesses are facing, so the treasury is giving money and i know it is not a loan going to be a to Small Businesses next 8 weeks so they can pay employees to stay home, for this 8week period, but they are not making any money so the clock starts ticking as soon as they get the money, so that they can give it to employees to stay home, but then they have other bills they are not going to be able to get through it they are still going to have real issues when we come out of this i dont know that this is necessarily going to help the businesses avoid bankruptcy what do you think. Dagen it should because these are loans that are forgiven, that turn into grants. If the proceeds are used to cover payroll. But you can use money to cover rent, utilities, and mortgage interest so whole point of this loan program and you cant use more than you are not supposed to use more than 25 of the forgiven amount for nonpayroll costs but money is there to also cover your bills, it is literally to keep these Small Businesses open for two months. So the first 8 weeks of payroll trying to keep them open two months, so they still exist on the other side of this crisis when the economy that is my point, they are not they are in shutdown mode they have to change timeline if they want this to be successful. Dagen we have to reopen they are going to have to reopen economy two months but this is basically their giving you all the money would you get from being open. It is not just payroll. Maria not all money you get no, i dont agree they are giving money to employees so employees stay home. Dagen loans turned into grants if used for utilities, mortgage interest all other costs that i would also incur literally to keep the businesses it is a placeholder for you and your business, from now, and 8 months from now, so the issue is you have to reopen the country, and the economy, in order for these businesses to still exist. But it is a way to make sure that that restaurant is still viable, the Biggest Issue with this is. Maria theyre not going to be viable the ppp benefit is dagen o i do have a lot of friends. Maria back to work dagen i have a lot of friends taking for customers to come in. Dagen i have a lot of friends trying to get loans their businesses from a lingerie shop to a recruiter things restaurants hospitality they do think they will be this business two months if they can get loans the issue is this is firstcome, firstserved money there has been a panic among Small Business owners, trying to get this money and if you havent been able to get through. Mnuchin is saying theres going to be more money there, dont panic if this initial tranche runs out. Thats why its important. Maria thats the key. Thats the key. If theres more money. They are going to have to go and appropriate more money. Let me bring in Dallas Mavericks owner mark cuban. Great to talk with you this morning. Thanks for weighing in. Whats your take on this . Heres what i have from a Small Business owner. I want to get your take. He says this to me. The ppp benefit is trying to incentivize the Hospitality Industry to put people back to work before its safe for customers to visit their businesses. So the timeline needs to be adjusted so restaurants can actually take advantage of this after the extreme social distancing is over, because the only way they are going to get this loan forgiven is if they give the money now but they are in shutdown. Theyve got other bills. What do you think . A couple things. First, when you apply for the ppp, it looks backwards to your payroll, right, so the goal of ppp is to cover your employees, even though no one is walking through the door to the restaurant, to allow you to keep on paying them so you dont have to furlough and lay them off. Thats a good thing. The bad thing is the moneys not immediately available so its terrifying to a Small Company because when that payroll hits april 1st or april 15th, the moneys not there yet. So hopefully, its been difficult, the banks will get their act together and start moving this money out more quickly. Now, Going Forward, i get your point that when this thing is over and theres no support and customer numbers are still down, whats a Small Business, restaurant or bar, to do. Its going to be really scary because you are going to have to deal with social distancing right after all this starts to open up, because no one people are going to be afraid to walk into Conference Rooms in their office buildings, let alone into a restaurant or bar that you want to be crowded. So what im telling my restaurants and bars type investments is you have to start looking at how to reconfigure the inside of your restaurant so that people feel more comfortable, and thats a discussion you have to have relative to, you know, what the venues like and how you feel the ambiance should be. Thats a difficult discussion. Maria theres going to be a fair amount of retrofitting going on once we get back in business. Before we go, when do you think the president should reopen the economy . Whats your take in terms of getting things fired up once again . Look, i can tell you what im going to do. Im not going to let any of my people work until the scientists and doctors tell me its okay. Honestly, im not going to listen to government or politicians. Im going to listen to scientists. The only other thing i will add, right now maria you will miss the whole nba season. Thats okay, you miss the whole nba season . It doesnt matter . I dont think thats going to happen. I know the nba will put safety first. You just got to. But i will say this. What businesses also should be doing right now while they are shut down is getting information on how to sanitize and sterilize your business, so the minute you are able to open, you are able to open. Because you dont want to be in a position where okay, you are not clean and ready to go. Maria thats very important. Great to get your insight. We wish we had more time with