Transcripts For FBC Mornings With Maria Bartiromo 20240713

Check futures, dow futures right now in the red to the tune of 360 points, nasdaq futures down 110 and s p futures lower by 40. Oil prices under pressure this morning. The International Energy agency warning that demand could plummet to less than 25 years. Airlines reaching a deal for Financial Aid. Mornings with maria live. Striking a deal Oil Producing countries agreeing to cut output by 9. 7 millionbarrels a day in an effort to stabilize the price of crude. President trump weighing in on much anticipated agreements. Countries around the world will cut Oil Production by approximately 20 millionbarrels. People are saying 10 million but we think the number that theyll actually hit is closer to 20 millionbarrels a day. This historic action will help americans supported by the oil and gas industry. Saudi minister say the cuts will amount to 20 million a day and confirmed what President Trump just said when taking into account policemens by other g20 nations and preserves. Prince abdulazin bin solomon said how big a deal this is. [inaudible] maria ive spoken to the president and suggest today me its more like a 20 cut or 15 cut not necessarily 10 cut. 10 millionbarrels a day or 20 millionbarrels a day, sir, which one is it . [inaudible] the people around the president are extremely helpful and also to mention other departments of russia. I would also have to mention the king himself was engaged. The prince was the hero of the whole thing. He put time and effort. [inaudible] maria when you were seeing prices move lower, you didnt have covid 19 issue and covid19 has shut down demand around the world, was that part of an issue knowing that Global Demand had died up because of the virus . Ever since the 23rd of january, we have been warning people that this is going to be big and this is not going to be [inaudible] unfortunately with all the messaging ever since 23rd of january and march, our warnings were [inaudible] people did not find the space or the big cuts. Maria your highness, one of the reason it is markets are not reacting to this, 20 millionbarrels that youre cutting, this is a big number and the markets do not believe that cut wills actually happen, i guess. Theres really no accountability here. If if moscow doesnt cut, are you still going to cut . Whats to keep you guys from continuing to keep this promise . So you had 23, 24 ever since last week. Yes, it is going to be challenging to all of us, producers have committed to the world and to those who are engaged in the market that we mean business. Now talking about saudi arabia, i think we have record [inaudible] first to sign up and that we are the last to leave commit commitment. Its going to be there for quite some time. People know exactly what we are doing to halt lack of performance. [inaudible] we have a system that enables us to see how everybody is the other side of the story, we still, for example, eia and good members, and we have g20 and we have just assigned another to continue monitoring and continue [inaudible] so not going to be left for a chance here or a chance there. Maria if you dont see the kinds of cuts that youre expecting from russia, mexico, even the United States, are you going to keep your commitment . Well, i think we are in maintaining our commitments. None of us will gain if we dont continue with our commitment. We we would not have signed to it. Maria okay. We are the last to leave. Maria your production cost is 10 a barrel. Thats, of course, obviously one in the world, where exactly you need to be at to balance your budget . When you look at fiscal budget elsewhere you need much higher prices for the Shell Companies to make money or this. Do you need 70dollar a barrel oil . I have a story to share with you and share with our friends. Always as producers even saudi arabia. Weve been cutting budgets and weve been doing like every other producer is doing. In fact, exposed to arabs. That doesnt mean if you have budget that you cannot have the liberty to reconfigure to make sure that you become an official producer and being prudent [inaudible] maria people go through these situation. Look at exxon mobile, shell. Shell agreed [inaudible] several countries go through these processes. We have resilience. I would refer you to modi and maria the ratings agency. Absolutely. I understand what youre saying. Let me ask you this, this whole covid19 situation, coronavirus has stopped the world in its tracks and, of course, we are expecting a severe recession if you listen to jamie dimon this week saying its likely we will see a severe recession. Oil is telling that as well certainly with where the price is. When would you expect Global Demand to start increasing again, when do you expect the world to be back in business and the price of oil to start moving on just supply and demand fundamentals like the airlines needing to buy more oil . You know, this is one of the fundamental issues that people have not yet probably the Energy Sector is the most hit sector. Why because of mobility. I had spoken to some journalists yesterday and i was telling them that these because of [inaudible] so if you look at all the sectors and how much of an impact this this is making over the economy, even within the economies, we see the Energy Sector being hit the most. Maria yeah. I think the more you see the lockdowns being released and more movement happens and mobility start to thrive, i think you will see [inaudible] maria yes. Short of that will be in the end of custody of that situation. Maria i see. Final question, your highness. I know that the u. S. Shell industry has been doing very well and reports that russia we wanted to put the industry out of business, this does represent competition for Oil Producers in the world, were you looking to put the shell business out of business, your highness . Never. I have friends that are part of we have Good Relationship with them. Many times saying we like them. We want to prosper with them. We never get engaged in serosum game and therefore therefore, they might get impression but if they look at how we behave, i dont think they will find a better partner than saudi arabia. Maria well, i know that the president thinks very highly of you, your highness, and has talked to you a lot during this period. Can you tell what you say the president said to you . He was talking to majesty the king and highness. It would be a privilege. Maria your highness, i so appreciate your time today. My final question here as the president and people try to speculate and what is going to happen in terms of these Production Cuts, do you think russia will keep its promise to cut . I have no reason but to believe them. I have no reason to believe the president. I think hes doing a great job. I said a president is doing what a president should do. Its creating communities and contributing to gdp and growth and creating issue when it comes to Energy Security and prosperity within certain states. I wouldnt say anything but [inaudible] i salute him and salute our friends. [inaudible] again, i would repeat that. Focus and look around and see who are your two partners. Maria my very special thanks to prince abd, lazin bin solomon. Markets are lower, we will take a short break and come right back. Stay with us. Ing forward. With coronavirus spreading, people at higher risk must take extra precautions. Ing forward. You are at higher risk if you are over 65, or if you have an underlying medical condition, like heart disease, chronic lung disease, diabetes, or if your immune system is compromised for any reason. If youre at higher risk, stay six feet or two arm lengths away from others. Better yet, stay home if you can. The choices you make are critical. Please visit coronavirus. Gov for more information. Yothats why kubotasl. 1,100 dealers are working to keep you working. Call or email your kubota dealer about 0 financing. No payments for 90 days offer expires 5 31. Together we do more. Maria welcome back now, reaction to my interview with prince abdulaziz bin salman. Thank you so much for joining us. Amazing that the numbers are so much more than the market thought, Dagen Mcdowell, in terms of Production Cut and the markets are not responding, still skepticism as far as players are going to keep the promise, i guess. Dagen indeed, if you cut production by 20 millionbarrels a day that would offset expected decline in demand because of the literal global shutdown to fight the coronavirus, but some things that you did point out, saudi arabia needs much Higher Oil Prices to balance its budget. You pointed that out in the interview, so does russia. Russia can balance its budget half of the price roughly of what saudi arabia requires, but its significantly higher than where we are right now, but this is an incredible feet of diplomacy on behalf of President Trump to eventually save a lot of shell producers from bankruptcy and extinction and im sure the president provided that we are great supporters militarily of saudi arabia and we create a lot of stability in that region, so that was a stick the president surely used with saudi arabia. Maria it sure is and, you know, the oil shell sector, steve, has been under tremendous pressure. Weve already seen one shell operator declare bankruptcy and at these levels you have to believe thats going to pick up steam unless the market turns around on the idea and the belief that they will, in fact, cut. Steve even if they do cut if the economies dont pick up here and around the world, they will be under still tremendous pressure which is why i hope the Federal Reserve and others will open so they wont go down and as dagen said, the skepticism, all have budgetary pressures, but the key thing is getting demand up and the companies and the restaurantors and travel Companies Need lifeline now. Thats right the Federal Reserve main Lending Program which many Shell Companies would get off the ground and get the money out so they can survive for revival. Its find to talk about stimulating the economy but something there to stimulate. Maria youre absolutely right. We will talk about that this morning. The ppp program and where the economy is going. Ryan, do you see oil bouncing back when the crisis is over . This morning that the banks have done a deal, agreed upon deal where the treasury is are taking takes as well as lending out this money. We will talk about that coming up as well as all the conversation turns to when the economy will reopen once again. Ryan the prince made a good point, oil got hit the hardest here because of lack of mobility. I have to think on the other side of this, Oil Producers will go out of business unless we forget. At some point here the economy does mobilize. I could see a supply shortage and at that point you see Oil Prices Spike dramatically. This is going to clean out as the old saying goes, Lower Oil Prices solve the problem of Lower Oil Prices so i see Oil Prices Going higher at some point. Maria all right, we will slip in a break on that note. Big bankrolling out earnings, a lot of numbers to look at an impacts of markets, watching that, we will bring you the numbers as soon as they hit the tapes. Stay with us. We will be back in 2minutes time. Some Companies Still have hr stuck between employees and their data. Entering data. Changing data. More and more sensitive, personal data. And it doesnt just drag hr down. It drags the entire business down with inefficiency, errors and waste. Its ridiculous. So ridiculous. With paycom, employees enter and manage their own data in a single, easy to use software. Visit paycom. Com, and schedule your demo today. Maria welcome back, futures pointing to selloff at the start of trading, dow futures down almost 400 points and the s p down 53 even though the conversation has shifted to when the economy will reopen and plans to do that. Markets closed higher yesterday. The dow up nearly closing at 24,000, take a look. This number, this coming as the number of big banks expected to report firstquarter earnings before the opening bell this morning. Investors are watching march retail sales, all those banks out this morning as you can see in front of you, citi, Goldman Sachs, bank of america, you have retail sales coming out at 8 30 a. M. This is what will move markets this morning. Joining us right now main state capital chief Investment Strategy david kudla. Thank you very much for being here. In this incredible moment in time, i guess you have to write off the First Quarter, right, in terms of the earnings that we are getting from the big banks, what are you watching and retail sales as well, we know what happened in march . David yeah, its maybe difficult for investors to do that and, good morning, maria. Its difficult for investors to do that but this backwardlooking data whether its the jobs numbers, some of the economic data, you know, whether the numbers are no matter how bad they are, we know they are going to be bad and really what we need to do is look forward to the recovery of the economy, the continuing ideally improvement numbers and how the country is continuing to heal and how the eventual economic rebound will occur as we get back to work as businesses begin to reengage and the economy restart. Thats what we are looking forward to in that data in june. Maria yeah. In the face of that you remain bullish on technology. Lets talk the tech sector for a second. Its holding through market declines. Amazon reaching alltime high despite coronavirus slowdown. Up better than 20 so far this year on amazon. David, do you want to allocate money to stocks in this environment where theres so much uncertainty . How do you invest today . Yeah, we think you still do. Technology is still our favorite sector and when we look at, you know, the cycle weve been through with this fair market, as you said technologies held up very well. Theres been a period of time, a long period of time where people looked at Big Cap Technology and retailers that are enabled by technology. The fang stocks as house of cards that would crumble and its been the opposite. Retailers like netflix and amazon that are enabled by technology that are changing the world and have been very important through and have done quite well through this pandemic and we think that these Technology Companies will continue to do well. Maria all right, david, we will leave it there. Thanks very much for stopping by this morning, we will see you soon. David, mainstay capital. We will take a break, when when we come back President Trump cutting funding to the World Health Organization, we will take a look at what has transpired there. Stay with us. Maria welcome back, good wednesday morning, im Maria Bartiromo and it has wednesday april 15th. It was supposed to be tax day, top stories 6 32 a. M. On the east coast. The white house is working with the private sectors now to reopen the American Economy and allowing governors to take action in their state. Meanwhile futures pointing to lower opening this morning. We have a lot, dow industrials down 280 points. The s p down 51 and nasdaq lower by 114 this after hopes of u. S. Reopening push ad strong rally yesterday. In fact, markets closed near the high up 558 points on the dow industrials, nasdaq 323 and s p was 85 on the day at 4 00 oclock on wall street yesterday. In europe is red across the board. Take a look at ftse 100 down 125, cac quarante down 80 points and dax index in germany lower by 217 points this after you heard us yesterday to imf predicting that the euro zone economy wills contract by 7 and a half percent this year. The imf taking a Growth Expectation weigh down going way down going into this quarter. Voters being handed masks and gloves and having their temperature taken before entering Polling Centers. Korea up 1 and 3 quarters percent. U. S. Airlines reaching an agreement with Treasury Department yesterday to soften the blow from the coronavirus, Cheryl Casone with the details, good morning, cheryl. Cheryl good morning, maria, american southwest, delta among the airline that is have applied for portions of 25 billion in grant money. Now this the largest government aid package for this industry. Cash is part of the 2 trilliondollar stimulus package sign intoed law last month. Airline stocks getting a boost on that deal. Every single name in the group is despite general market negative kicking off. Futures down 386. Boeing taking a major hit from the pandemic as airlines respond from air travel. Lost 150 orders of 737 max in march, this is the most in decades. Boeing still working with the faa to get the troubled jet back into the air after two deadly crashes. More information expected april april 29th. Boeing will report earnings on the 29th, the stock lightly higher more than half percent in premarket. Of course, boeing a dow component. Former president barack obama trying to unit the Democratic Party with the endorsement of his Vice President joe biden to be the democratic nominee. Im so proud to endorse joe biden for president of the United States. Choosing joe to be my Vice President was best decisions i ever made and became a close friend and i believe joe has all the qualities we need in a president right now. Cheryl well, obama had declined to endorse biden early on and obamas endorsement one day after former challenger senator Bernie Sanders endorsed biden as well. Well, finally, theres a new streaming service to help pass the time while everybody is stuck at home, peacock for Nbc Universal available to comcast customers at no extra cost. Noncomcast subscribers can expect rollout on july 15th. Peacock got plenty of classic nbc shows, not much new content for at least another year. The coronavirus has put hollywood productions at full stop, taking a look at shares of comcast in premarket, just a fraction there, maria, those are your headlines, back to you. Maria all right, cheryl, thank you. Meanwhile the president cutting off funding to World Health Organization. President trump announcing yesterday that the u. S. Plans to suspend paying dues to the World Health Organization while the white house reviews the groups response to the coronavirus. Watch. Today im instructing my administration to halt funding of the World Health Organization while a review is conducted to assess the World Health Organizations role in severely mismanaging and covering up the spread of the coronavirus. Had the who done its job to get medical experts into china to objectively assess the situation on the ground and to call out chinas lack of transparency, the outbreak could have been contained at a source with very little death. Maria meanwhile Chinas Foreign Ministry responded slamming the decision early this morning. Joining me right now Atlas Organization founder and author of the book the chinas vision of victory, jonathan with me now. Jonathan, thank you so much for being here. What do you think is going on here . The World Health Organization comes out on january 14th and says theres no human to human transmission of any coronavirus, and that was had to be 3 weeks after taiwan already told the w. H. O. That they were concerned about the virus coming out of china, your reaction . Right, good morning, maria, great to be back. So the w. H. O. Has really been i think at this point infiltrated by communist party. Peoples republic of china has been successful in gaining much of this is just travesty in general. But that level of influence clearly has consequences. W. H. O. Is complicit in the communist party disinformation, talking points around globe and right to cut off funding. Taiwans response to the virus should have been known to the world. This was blocked on political grounds and other conditions for refunding the w. H. O. To be taiwan being instated as a member. Maria you know, the origins of this virus remain elusive, the cdc wanted to go into china to check the severity of this, check the origins, china would not allow the cdc in there. We know that china down played this from the beginning and senator tom cotton has been with me a number of times which continues to point out the fact that theres a wuhan, level 4 super lab, the only level 4 super lab is located in wuhan. Even the Washington Post publish ed report talking about state Department Cables from 2018 claiming that the u. S. Embassy officials were worried about the safety procedures of Wuhan Institute of technology that bats could infect humans. People call this a conspiracy theory. How do you think this coronavirus originated . I think thats right. What we have to realize is by bringing communist china over the last 20 years, the failures of their system become the failures of the world. We may enter a massive global recession. 25,000 deaths in the United States already due to this and the coverups that go on in china. Its a world problem. What i think you really need is Something Like a 9 11 Commission Style report investigateing the origins and wuhan is the epicenter. We have been learned about that in the state department and the cables are significant and appears theres some talk, gain of function studies on that, you know, essentially that coronavirus, so that sounds a whole lot maria yeah. To get to the bottom of this hold the peoples republic of china accountable for this and understand what their Research Look like and how it could have spread in the world. Theres been a lot of maria your book really lays out chinas goals. Chinas vision of victory. They want to be the number one super power. They want to be the number one economic power. Yesterday on this Program Lindsay graham said china must pay and must be accountable for what has taken place here and i wonder if one of the accountabilities is just going to be people move the supply chain. Look at the medical supply chain issues m are worried as china manufacturers and provides much of the personal protective equipment and pharmaceuticals that americans needs amid the crisis, take a look at the numbers. China provides the United States with most of its antibiotics, ibuprofen, vitamin c supplements. One common drug was in short supply due to due to manufacturing issues, so i mean, we are going to get 90 of our active ingredients from prescription drugs, you know, and we will rely on china, but in the middle of this crisis you had a threat from china from the Chinese Government coming through, you know, state media saying, oh, well, maybe beijing will hold back the drugs, is this what we should be doing, relying on china for so important things . Maybe thats one of the changes that comes out of this, jonathan, somehow people have to understand that all the ceos who want a foothold in china will do it with your eyes open. Thats right, one thing that americans need to understand about china is that this is our greatest threat. This is whats going on right now. The contest of our lifetimes, this country and regime seek to surpass us and seek to replace the United States as dominant super power and even living in the moment of covid19 givers us a taste of what it might be like. Shortages of mayor major supplies. If this country were, indeed, become dominant super power over the coming decades, these are their plans. I lay out all strategy documents in their own words, the communists partys plans. That would be the end of American Life and end of kind of freedom that we enjoy and the American Dream that we aspire to. That can all change if this regime is able to continue the course. We have to stop it. The first thing. We should not be doing business with china the way we are today. We should not be building factories there. The ceos are thinking whether or not to put the next factory in china, think of what youre dealing with, not just hostile regime but the risk of simply being there are expressed in the coronavirus and Global Pandemic. So we have got to change our thinking about china. Maria all right, we will leave it there, jonathan, great to get your insight as always. Come back soon, thank you. Jonathan ward. We will be right back. Edward jones. Its time for investing to feel individual. 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. Maria welcome back, alternative testing. Today new jersey will begin using the first salivabased test for covid19. Has been approved for food and drug administration. This test is less invasive than the swab test currently being performed. Its accelerating the rate of testing and helping protect protective equipment. The fda has authorized the first test developed by researchers that can use saliva from patients. These tests can be selfadministered by patients and Healthcare Settings which will reduce exposure for medical workers. Maria joining me right now Family Medicine doctor mikhail varshavski, aka to see you, dr. Mike. Tell us how the test is like and whats your reaction to it . Good to see you, maria, im particularly excited about this test because i have always worried that healthcare frontline workers have been really putting themselves in danger by being in a room with patients who have covid19 or potentially have covid19, but we do not have all the personal protective equipment weve needed because of the many shortages that have been out there. With this new test we are able to test patients without making direct contact with them, so while they still need to be seen by a doctor or nurse or other healthcare professional, they do not need to be swabbed so we do not need to be making physical contact with the patient in order to make this test happen and right now any personal protective equipment we can save on is a big win in my book. Maria yeah, youre right. We want to keep talking about this. Market down 423 points because we did get bank of america earnings out. Stay with us. We want to get to Cheryl Casone because bank of America Numbers are out. It was a miss, thats what we expected, cheryl, given the First Quarter and the shutdown. Cheryl it was, first off to earnings per share, estimate 46 cents, they come in at 40 cents. Revenue 22. 91 billion, came in at 22. 8 billion and almost in line. One thing that this is coming out from ceo brian, he say that is this reflects the strength of the Balance Sheet despite increasing loan loss reserves. We earned 4 billion for the quarter and also say customers have trust with 449 billion and deposits since year end. Hes talking about liquidity. A couple of things here. 3. 6 billion, this is the reserve bill that they announced. 3. 6 billion, we heard that from jpmorgan yesterday and wells fargo and also the Small Business applications, maria 279,000 business applications, that totals 43 billion. The other questions, of course, for bank of america is going to be net chargeoffs and net interest which obviously fell. A lot of numbers are coming in in slight misses. But positive comments saying the bank is well positioned and the stock down about 3 in the premarket, maria. Maria all right, thanks so much, cheryl, we are talking with dr. Mike this morning and dr. Mike, we were talking about the new test. You said you liked it because of the approach where you dont necessarily have to touch patients. This is a new normal, i guess, maybe a reality longer than we thought. We have new research this morning from the Harvard School of Public Health that finds the u. S. May need to endorse social distancing guidelines until the year 2022 if we do not find a vaccine. I know that there are what 70 potential drugs in trials or being looked at right now. You think we will find a vaccine . Im very hopeful that we will find a vaccine sooner than later. We actually heard from the nih that theyre aiming and this is their potential timeline being cautiously optimistic to have a potential vaccine by the fall of this year that can be used under emergency settings for Healthcare Providers on the front lines and, again, potentially having a vaccine ready early spring or at least springtime next year for the entirety of the United States. Now, that doesnt mean thats exactly when its going to happen and also doesnt mean that its going to solve all of our problems. We dont know effectiveness to have vaccine, we dont know the safety of it and, maria, we have to Say Something thats really important here. We need to stop throwing out timelines and assuming that theyre all going to be accurate. You know, the president came out a few weeks ago and said we will hopefully have everything reopen by easter and Harvard Research is saying 2022. Models are great but at the end of the day the virus doesnt have a timeline. We have to consistently look at information and look at the numbers, test patients and find out whats happening in our communities. Once those numbers speak to us, we can make better decisions. We want to jump to ai to solve our problem because we think thats the future. The reality is we just need i. We need information, we need to know how many people are sick, we need to do proper testing and protective equipment available and until we do that we dont know when we will reopen the country. Maria ryan, jump in. Ryan dr. Mike, how about Antibody Testing . That seems like a big push forward to get the economy mobilized again. Thats a really glad you asked the question. For Antibody Test theres one fda approved while theres dozens on the market. When a virus infects our bodies our immune start to attacking it right the way. When we do Antibody Test for a condition like measles, we dont just get a yes or no answer on the test if the person is immune, we get a numb real value. We have reference ranges, number cutoffs that if its above this number, this person is immune. If its somewhere between these two numbers, somewhat of an immuneing immune and maybe someone had covid19 but we dont know for sure if theyre immune. Maria all right, dr. Mike, great to see you this information. Great information. We so appreciate it. We will see you soon. Dr. Mikhail varshavski. Coalition of conservative political leaders are voicing dismay of environmental social and governmental shareholder proposals amid the coronavirus outbreak. The group sending an open letter to blackrock ceo. Joining me right now is the General Council of the National Center for Public Policy research and justin great to have you here this morning. First tell us about the coalition and the letter you sent to larry, have you heard back . Not quite yet. Thanks so much for having me onto talk about this, maria. You know what, i wish i didnt have to be on but what we are witnessing in the corporate arena is what we are witnessing in the political arena where nancy pelosi and her friends are taking rock Rahm Emanuels advice. The same thing is happening in the corporate arena where the liberal activists that file over 400 shareholder resolutions annually are pushing the environment, social government issues to corporation that add a cost to doing business and larry indicated that in 2020 he will start supporting resolutions and that the largest asset manager in the world thats concerning to us as a coalition. We have decided to send mr. Finc a letter and said its time for you to reconsider. At this time should marriott, for example, be putting solar panels on the roofs of their hotels that are empty and their headquarters is also empty because most of their employees are furloughed . We dont think thats a wise use of finite resources. We think they should be paying for employerss healthcare and should bank of america be spending their finite resources, we allocating their funds to match greenpeaces and divest from fossil fuels and Mike Bloomberg not to work with gun manufacturers. Maria what gets to me about this is they are pushing the environmentally safe things and yet they are all about setting shop in china. Where is the push back to communist government about a million uyghurs being locked up. Thats a human rights issue. Exactly. Read more about this i was overwhelmed. And i didnt know where to begin. I came across sofi and it was the best decision of my life. I feel cared about as a member. Theres no extra costs for it or anything like that. Its all kinda like, through the app. Were getting a super competitive Interest Rate on our money. Were able to invest through the same exact platform. I really liked that they didnt have any hidden or extra fees. Sofi has brought me peace of mind. Truly thank you for helping me prepare for whatever the future has in store. Its all because sofi let us see light at the end of the tunnel. So thank you. Thank you. Apps are used everywhere. Except work. 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 confident Financial Plans, calming Financial Plans, complete Financial Plans. Theyre all possible with a cfp® professional. Find yours at letsmakeaplan. Org. Maria welcome back. Good wednesday morning, everybody. Thanks so much for joining us. Im Maria Bartiromo. It is wednesday, april 15th. Your top stories rights now, 7 00 a. M. On the east coast. Getting america back to work. The white house is talking about when the economy will reopen. It is working with the private sector to reopen the economy. Meanwhile, President Trump is halting funding to the World Health Organization. He announced an investigation into what he called chinacentric decisions that were made on the Coronavirus Response on behalf of china and against the rest of the world. On the earnings front, bank of america missed expectations butt ending the First Quarter with more liquidity than it began, similar story at jpm. More banks are coming out this morning with Quarterly Earnings, Goldman Sachs, citigroup, we will have all of those numbers as they hit the tape and tell you the impact on markets this morning. Futures pointing to a lower opening this morning with the dow industrials down 366 points, nasdaq down 104, s p lower by 50. This after hopes that the u. S. Economy reopening fueled a pretty good rally yesterday. Dow industrials was up 558 points, the nasdaq was up 323, s p up 85. Oil this morning under pressure. The International Energy agency warning that demand could plummet to levels not seen in 25 years. Heard from the Saudi Arabian oil minister who said theyre going to cut up to 20 Million Barrels of oil. Airline stocks are rising this morning after the airlines reached an agreement with the treasury for Financial Aid. Take a look, weve got a rally across the board there. Turning to the 2020 race, together again, former Vice President joe biden picking up a big endorsement from former president barack obama. Mornings with maria is live right now. Global markets this morning are lower. In europe it is red across the board. Take a look. Fq100 down 126, cac in paris down 90, dax in germany lower by 225. The International Monetary fund, imf, predicting the eurozone economies will contract by seven andahalf percent this year, 2020. In asia overnight, markets were mostly lower. South koreas kospi index bucked the trend as parliamentary elections were held under strict guidelines and conditions, voters handed masks and gloves and having their temperature taken before entering Polling Centers in cree y joining the korea. Joining the conversation, Dagen Mcdowell, ryan payne and steve forbes. Great to see everybody this morning. Dagen great to see you. Good to see you. Maria here we are talking about another reopening of the economy. It was all about the governors and now the president as well. It looks like we are going to see an opening. The president delivering a blow to the World Health Organization first, though. Cutting off funding and launching an investigation into the whos mishandling of the coronavirus pandemic. The reality is that the who failed to adequately obtain, vet and share information in a timely and transparent fashion. The whos attack on travel restrictions put Political Correctness above lifesaving measures. Maria the president says that the World Health Organization inaction likely caused a 20fold increase in cases worldwide. He criticized what he calls misinformation, particularly in regards to china. Beijing slammed the move, saying the decision will weaken the World Health Organizations capabilities and undermine international cooperation. It also says that the u. S. s accusations that china was not transparent are, quote, unfair. The United States is the World Health Organizations largest single donor, contributing roughly 400 to 500 million a year compared to china who offers about 40 million for the World Health Organization. Meanwhile, President Trump is taking steps towards a Major Economic reboot, this as many businesses across the country remain closed due to this outbreak. The president announcing yesterday the creation of an Advisory Group that will be made up of major ceos from across the spectrum, some of which include jeff bezos, tim cook, steve forbes, on our panel today, Mark Zuckerberg and mark cuban. The president says he will consult with Union Leaders and trade groups as well. Covid19 survivors thankin thang President Trump for pushing for the use of hydroxychloroquine to treat the virus. The president met with several survivors at the white house yesterday including michigan lawmaker karen whitset, the democratic representative says the drug treatment saved her life. The fda has yet to approve any covid19 treatments so far. And help is on the way for americans struggling from the Economic Impact of the coronavirus pandemic. The Treasury Department says more than 80 Million People will have stimulus checks directly deposited into their Bank Accounts by today. The money part of a 2. 2 trillion relief package signed into law last month. Today, april 15th is traditionally the deadline to file income taxes. Thats been pushed to july 15th because of the covid19 outbreak. And then this, jc penney reportedly planning to hire advisors to help manage debt as it struggles to meet challenges from the covid19 pandemic. They have been speaking with lenders about a possible deal to restructure obligations, facing intense competition from discount retailers and amazon. The company has already furloughed most of the hourly and corporate workers. We will watch that to see if we actually do see a bankruptcy filing from jc penney. Helping the airlines, the Treasury Department and the countrys top air carriers reaching an agreement over federal assistance, this in an effort to stem layoffs in an industry hardhit by the kik pandemic covid19 pandemic. President trump weighed in yesterday. The agreement will fully support workers, preserve the vital role airlines play in our economy and protect taxpayers. Our airlines are now in good shape and they will get over a very tough period of time that was not caused by them. Maria joining me right now is the Senate Budget committee member, north dakota senator, kevin kramer. Thank you for joining us. My pleasure. Maria the airline help, relief, tell me how you see it and whether or not this is going to be enough to keep demand coming back for the Airline Sector while we are in a shutdown. Well, maria, good morning and i would say with regard to the Airline Industry, demand is not going to come back until we fix this virus, until we figure out whats wrong and reopen the economy. The goal really of the assistance is to make sure theres an Airline Industry to meet the demand when it does come back and thats really true of the entire cares package and whatever assistance the federal government can provide as a safety net and a bridge to the other side of this awful pandemic. Maria senator, you recently led a call with other lawmakers, speaking with saudi energy minister, prince abu ibrahim alhashimal saud. When were yoe shale industry out of business, your highness. Never. I had friends that have they are part of we have Good Relationship with them. Many times saying we like them, we want to prosper with them. Maria well, senator, they may like each other but this definitely created competition for saudi arabia and russia and already we saw one bankruptcy from the shale sector. How bad is this going to get with prices where they r senator . Well, i think if prices remain where they are and certainly appears they will be for the short run and maybe for the immediate run because obviously theres so much supply out there right now, due in large part to the actions of awesaudi arabia and russia whics why you saw such a strong response from senators and others from Oil Producing states. I would like to think we would have found a floor as a result of the deal that was struck last week that was brokered by President Trump and our energy secretary, Dan Brouillette but i will tell you that i worry that theres still more downside to come. So again, similar to the Airline Industry, we have an oil and gas industry that we do not want to lose. I think it was the goal of the saudis and the russians to compete with the shale industry. We will out last them. It may be more consolidated but were trying to keep it all together so, again, on the other side of this when the demand does come back, such as the Airline Industry and we need to produce more jet fuel, well be in a position to that and not be dependent again, another supply chain, a critical supply chain thats dependent on other countries. We need to avoid that. Maria yeah. Very critical. Steven mnuchin said the airlines are looked at as National Security right now. I would argue the Oil Companies are probably National Security as well. Steve forbes, jump man in here. Senator, steve forbes here. In terms of a political issue, theres worry that the independents are going to be crushed in this downturn, were going to have happen what happened in 1980s, the majors are going to come in and scoop up these assets on the cheap. There seems to be a die co dik. What will it take to keep the little ones alive. Steve, thanks for that. I think you hit the nail on the head. We can view this as sort of american oil versus everybody elses oil. Youre exactly right, especially in places like north dakota where its the smaller independents that have been the entrepreneurs, that have discovered and are producing these jobs. And its by the way the entire supply chain is made up of Smaller Companies and these are highly leveraged companies. They dont have a lot of cash. I think one of the things that the federal government needs to do is through the cares act and through those Credit Facilities that are part of the treasury Federal Reserve Leverage Program is that we need to make sure that those funds are available for some restructuring, things that will help the cash flow if you will of some of these Smaller Companies and these independents so they dont get scooped up because at the end of the day the companies, the big multinationals, we love them, dont get me wrong, theyre vertically integrated so they control all ends of the supply chain, the value chain and they can either make money or lose money on high or low prices. So i think were best served as a country with a number of Smaller Companies as opposed to the consolidation to just a few big ones. Maria so lets stay with steve forbes for a moment, senator. Steve is a member of the task force for the president in terms of reopening the economy, so steve, talk to us about what youre looking at in terms of the most important metrics, how you would look to reopen the economy and what would be realistic on a timeframe, steve forbes . I think its going to have to be done in a matter of weeks and this is where testing like a saliva test is going to be absolutely crucial to do it in a way that you dont get a resurgence which happened in singapore where they had to shut down the economy again because it came roaring back for a viewerly at this of reasons. One of the things im going to be pushing is a suspension of the payroll tax for one year. That lowers the cost of labor for employers and also gives, say, a 40,000 worker annual raise of 3,000. That would be cheap. They could do it right away. That would be across the board and keep the politics out which unfortunately some members of congress as weve discussed want social programs involved in these rescue packages which is not the place to do it. Maria yep. Senator, would that fly and are you expecting a fourth package . We spoke with your colleague yesterday, Lindsey Graham and he is up in arms about the Paycheck Program, says its not working. Are you going to be on the call this morning with at 10 30 a. M. With the labor secretary to discuss whats next in terms of relief. I agree to some degree with senator. The Paycheck Protection Program is wildly popular. I have to hand it to secretary mnuchin. He knew the money had to get out. To steve forbes point, i think youre exactly right. A payroll tax holiday provides instant liquidity, both to the employer and to the employees and its easy to administer. You just simply stop doing something that the irs has been doing on a regular basis for decades. To me, the mechanics of that as well as the instant liquidity make all of the sense in the world and i think would have a positive impact right away. Maria and do you think well see a fourth package . I think we probably will, maria. But im not anxious to get at one right away. I mean, remember, we just appropriated 2. 2 trillion. Maria lets see how this one works. Im anxious to see how the Leverage Program works with the additional 4 trillion from the Federal Reserve. Thats just getting kicked off, just starting to be implemented. Maria absolutely. Were talking about, what, 7. 5 trillion in stimulus, whether the central bank of the government, 35 of the gdp. Lets see how that works. Senator, good to see you this morning, thanks very much, sir. Nice to see you as always. Maria well see you soon. Well be back in two minutes time. Stay with us. Has stood strong through every dark hour and bright dawn our country has endured. 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. 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. Maria welcome back. Senator Lindsey Graham gearing up for a call with labor secretary Eugene Scalia this morning. It takes place at 10 30 a. M. To discuss the Small Business Paycheck Protection Program. He told me incentives could urge employees to not return to work. How are things going, senator . Its getting better. There are more loans going out the door. Its a good program. The goal of the program is to keep Small Businesses from going bankrupt because theyre having to be shut down to deal with mitigation. And the forgiveness comes if the employer borrows the money and keeps people on the payroll. The goal of the program for forgiveness sake is to keep people from going on unemployment. Heres the problem. In South Carolina youre giving 23 an hour to be unemployed. A lot of these businesses pay 15 and 16 and hour to their employees. Maria senator graham says the program will run until july 31st so why would anybody go back to work at a restaurant, bar, hotel and other businesses once the economy reopens if theyre going to be making more money by staying home. Another issue of note is the eight week timeframe to take a loan to business toses to give employees. It is forgiven for the eight week period. Dagen mcdowell, weve been going back and forth about the Paycheck Program. I know its gotten a lot better. But there are issues. Senator graham says we should not be giving another 250 billion to the plan until some things are tweaked like the things i just mentioned. Your reaction . Dagen people in Congress Need to get up off their you know whats and get this money funded and they can make some changes to this program. Things that youve been highlighting. You could broaden how you can spend the money to have these loans turned into grants and forgiveeforeforgiven and not ree that 75 be spent on payroll expenses. As you pointed out, restaurants, for example in new york city and the surrounding area they have costs that are far in excess of their payroll like suppliers, contractors, again, the rents that they pay. They want to spend money on that. Secondly, that they need to extend the time over which this money has to be spent. Eight weeks as you said doesnt mean anything if youre shut down. And a lot of people certainly in this part of the country, even out in california, dont expect to be reopening in two months. And also just one other thing, they need to fund the Economic Injury Disaster Loan Program because money has been piling up for that. That makes a lot of sense for people that dont have a lot of employees, Small Businesses. 4 million businesses had applied for 383 billion in those Economic Disaster loans. 17 billion is the amount of money that was available for them. So a lot needs to get done. They need to get back to work, down in dc. Maria well be watching what comes out of this call today. Its happening at 10 30 a. M. Eastern with the labor secretary. Senator graham will be pushing for change in that 75, 25 layout where 75 of the loan must go out the window to employees, 25 can be used for rent and other things. He wants that a little more even. So that businesses can pay their expenses and not go bankrupt once the economy reopens. Futures are pointing to a triple digit decline this morning at the open, a lot of questions on when this economy will open once again. Well show you whats moving when we come right back. 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. Yothats why kubotasl. 1,100 dealers are working to keep you working. Call or email your kubota dealer about 0 financing. No payments for 90 days offer expires 5 31. Together we do more. These expect and way more. Internthats xfinity xfi. U 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. Goldman sachs earnings are out. Lets get right to Cheryl Casone. Shes got the numbers. Cheryl looking at these numbers, its interesting. First to the earnings per share, the estimate was 335, the bank coming in at 311. The revenue story is interesting here, though. The net revenue estimate was 7. 92 billion. They came at 8. 74 billion for the net revenue. Theyre talking about Global Markets right now as well saying that Global Markets were a big boost in the First Quarter. Also, we should say the stock was actually down about 1. 8 in the premarket. Lets take a look at the stock now because its certainly got to be of moving on this information. Theyve only missed really earnings per share twice in revenues, twice in the last eight quarters. Theres the stock right now, down more than one andahalf percent. Again, they did miss on earnings per share, maria but the revenue coming in, net revenue at 8. 74 billion, so obviously were looking at the stock and it is slightly lower in the premarket. Sending it back to you, maria. Maria all right. Thanks very much, cheryl. We are looking at chinese misinformation and the origins of the covid19 disaster, questions still swirling about whether china underplayed the number of cases or the dangers covid19 could cause. For now, President Trump is halting funding to the World Health Organization for taking chinas reporting at, quote, face value. Today im instructing my administration to halt funding of the World Health Organization while a review is conducted to assess the World Health Organizations role in severely mismanaging and covering up the spread of the coronavirus. Had the who done its job to get medical experts into china to objectively assess the situation and to call out chinas lack of transparency, the outbreak could have been contained at its source with very little death. Maria Chinas Foreign Ministry meanwhile slammed the decision earlier this morning. Joining us right now is fox news senior strategic analyst, general jack keane. So much to discuss with you about this. Was this the right move in terms of suspending funding to the World Health Organization . We know that the cdc wanted to get into china early on, as soon as we found out about the coronavirus but china said no, they would not allow the cdc to go in there, see the severity of the covid19 disease and to investigate its origins. Yeah, absolutely, i mean, it seems the evidence is pretty clear that the who is in the orbits of china and we have director pedros of the who traveling to china in midjanuary. The chinese brief him and they convince him that theres no human to human spread of the disease. At the end of december the chinese, we know now, had 105 cases in wuhan and 15 deaths. Dr. Pedros puts it out that theres no human to ha human transfer despite the fact that taiwan is telling them there is. On july 23rd, after the announcement theres no human to human transfer, china shuts down Hubei Province and doesnt permit any flights out of it throughout china and shuts down all transportation that isnt screened. Why would they do that if there wasnt human to human transfer. Of course, there is. Unfortunately, china does not shut down International Flights out of the province. Is this investigation necessary . Yeah, absolutely. Holding the funds back until the facts are determined, absolutely. Maria yeah, and ive got an article in front of me from the New York Times where 433,000 chinese traveled from china to america after the coronavirus was known about. 433,000 people traveling from china to america after the coronavirus was known about. So i mean, its pretty clear. Whats not clear is exactly how this originated and there is a level four super lab, the only level four super lab in china is in wuhan which is why senator tim scott has said a number of times, well, tom scott, rather, a number of times, well, maybe this was an accident or Something Else that it got out of that lab where they study coronavirus. Yeah, i mean, its two Infectious Disease labs outside of wuhan and it deserves investigation, to be sure. And certainly it arouses everybodys speculation that it may have happened here. But heres the problem. I mean, finding where the disease started, the origin of it has all to do with hoping also to find a vaccine to deal with it and maria thats right. The World Health Organization should have demanded for china and still should be demanding from china the ability to go into both of those laboratories and conduct their own investigation by interviewing the doctors and scientists there to get to the bottom of did it originate there and that is not happening and why isnt it happening. Maria general, at the end of the day, look at this impact. Someone said to me this week, maria, they destroyed our economy and they crippled our military. Do you agree with that, they crippled the military in some corners . I mean, there is covid19 ripping i know throughout corners of the military. By the way, its also ripping through the prison system an thats why youve got inmates being let out. Well see what that where that goes. Youve got 20 of the inmate population being let out in florida, youve got a lot of requests throughout the country in terms of inmates because covid19 is ripping through the prison system. No, i mean, i think its outrageous that china did not control this virus. When they shut down Hubei Province, they shut down flights out of that province throughout china. They did not shut down International Flights. Fortunately, our president a week later shut down all flights coming out of china. But those flights were going to italy, three a week from wuhan alone, all over europe. Maria thats right. And thats why weve got a pandemic. Our military is not crippled at all as a result of this virus. Are we balancing readiness and taking care of our troops . Absolutely. As general mille said two days ago, this military is ready to do whatever it needs to do to protect the american people. And ive looked at this very closely. Yes, do we have an Aircraft Carrier that has a spread . Yes. But weve got 10 Aircraft Carriers, maria. The chinese have one and a new one coming. No, we are not crippled. Not even close to anything like that. The military is ready to respond. Maria okay, good. Im glad to hear that. I just throw one more thing out. Does it surprise you that nobody in beijing has contracted covid19 . I mean, you know, wuhan and the Hubei Province closed down, the rest of the world is getting impacted. Everywhere in every obviously county and state in the u. S. And every country as well but not beijing. Their strategy, maria, when they shut down Hubei Province in my judgment was not just to protect the rest of china. Their strategy by shutting that province down was to protect their Power Centers. Their Power Centers are shanghai financial and beijing political and they did it. Maria bingo. Thanks, general. Good to see you, sir. Well be right back. Every Financial Plan needs a cfp® professional confident Financial Plans, calming Financial Plans, complete Financial Plans. Theyre all possible with a cfp® professional. Find yours at letsmakeaplan. Org. Maria welcome back. Record setting unemployment, it is only getting worse. A second wave of layoffs headed our way. Cheryl casone with details now. Cheryl. Cheryl thats right, maria. According to 57 economists surveyed no one is safe in the second round. On the chopping block, white collar workers like lawyers and advertising professionals, all of this in the wall street journal this morning. We may see layoffs for government workers, members of the media, those in healthcare that are not working on the front lines of the pandemic. These economists predicting another 14 million americans will lose their jobs in the coming months. That would send unemployment to a record 13 by june. They also warn the longer shutdowns, the bigger the second wave could become. Airbnb has secured a 1 billion loan to help it survive the sudden drop in demand for travel. The new round of funding comes days after the Company Closed on another 1 billion debt deal. Airbnb had planned to go public this year. And finally, maria, one new jersey rock star turned an online kindergarten class into one these kids will never forget. We have extra time for family and days of having fun, even though its kind of scary, together we are one. Cheryl jon bon jovi joining the florida class, he sung lyrics the students wrote about thivtheir lives in quarantine. He wanted to surprise the students. Did the students know who jon bon jovi is . Im not sure. [ laughter ] maria that was great. Love it. Youre right, good question, cheryl. Thank you, Cheryl Casone. Backing biden, former president barack obama finally delivering his long awaited 2020 endorsement throwing his support behind his former Vice President , joe biden. Im so proud to endorse joe biden for president of the United States. Choosing joe to be my Vice President was one of the best decisions i ever made and he became a close friend and i believe joe has all the qualities we need in a president right now. Maria the endorsement coming after vermont senator Bernie Sanders suspended his campaign, leaving biden as the last man standing in the democratic primary. Joining me right now is fox news contributor, 32 advisors founder and ceo, former Economic Advisor for president obama, robert wolf. Good to see you. Nice to see you. Maria its about time, right, robert . Well, i would probably say it a little bit differently. Its about three months before in 2016 when he endorsed hillary clinton. I could say everything has been sped up. Its months before bernie endorsed hillary. So i think as a party were glad were getting an extra three months of the most popular guy in the country today. So its a good thing. Maria ryan, jump in here. Just curious right now, given the fact that coronavirus is obviously the thing we most care about, we care about the election right now, not top of mind. Do you think because were in a wartime situation, you dont typically change your leader, that the coronavirus is actually helping President Trump to solidify this election, just because why change Something Else when you have so much change right now. Well, you know, i would say thats not always true. We saw that in 91, that bush 41 lost after the situation in the gulf to clinton. You know, i think this is a crisis we dont know. We dont know how long the pandemic will be. We dont know what the recession will be. We dont know if there will be time for this country to think there should be new leadership or not. We cant predict the future. All i can tell you is were hopeful that this pandemic resides and were all hopeful that this recession is quickly over. So i think that every crisis people make decisions whats important to them. I think right now politics is not at the forefront although were talking about it all the time. The two book ends of the pandemic and the economy. And i know were going to talk more about the banks, stuff that happened today but obviously were in a situation that maria was talking about before with cheryl, weve never seen unemployment at these levels since the Great Depression of the 1930s. Were not talking about the recession of 08 when we were at that lehman weekend. Were talking about this is light years different. Maria were also not talking about were also not talking about something that was caused by policy, because this was a selfimposed shutdown. This is the government telling businesses to shut down and telling individuals to stay home because of this virus. So what about your response to this, robert . When do you think the economy should open and how should it open . Youve been in business before you turned to politics for a long time, youre a great student of the economy. How should the economy reopen . Yeah, thats interesting. I mean, we have investments in 35 businesses now and so were seeing it all over the place. You know, i would to me its going to be much more like a dimmer than a switch coming on. If you look at what the banks have said the last two days, their reserves went up big. Thats because theyre nervous about a recession. The positive thing is that they have high liquidity. Its clear that this recovery is going to be a debate about is it an l, a u or a v. My view, its going to be a u, but its going to be longer than we thought coming out of it. I dont think were going to see this v shape. I think getting Small Business back going again is going to be more difficult than we think. And when you saw the governors over the last 24 hours talk about how they look at the opening, this is i mean, no disrespect to the president. This is not going to be a powerful opening as he mentioned yesterday. This is going to be a very staggered opening and so im very nervous about how our economy comes out of it and the banks are telling you, the banks are very good at seeing whats going on in the consumer and what theyre telling you, maria and you and i have talked about it for years, the minute everyone starts pulling their credit lines and the minute everyone starts moving cash to deposits were seeing a situation right now that their reserves are going up. Jp morgan went up by 6. 8 billion. Thats not because theres losses already. Thats because they think theres going to be losses. Maria theyre anticipating it. Absolutely. Dagen, jump in here. What needs to get fixed to we talked about the payroll protection change thats need to be made there to get money to Small Businesses in a way that is effective in saving businesses and ultimately saving jobs. But talk about this main Street Lending facility that the Federal Reserve has announced and its quite onerous. Frankly, its still out for comment until tomorrow. That money wont get flowing for weeks, potentially. And its got restrictions on those lending facilities for businesses with up to 2 andahalf billion dollars in annual revenue that are on the that come out of the treasury. Its similar to the treasury. How is that going to be effective and whats the impact if the fed cant get its act together on those businesses going out of business . So dagen, this is what you and i have been going back and forth together on text on this, the clunkiness of the execution. In 08, 09 this was based on the recovery act. We are taking what happened in 08 and 09 and proliferating it by trillions of dollars. Were seeing things the fed and treasury have never done before. The problem i have is as maria was pointing out, this is not a this is a technical recession. Premarch 1st we were doing amazingly well. All of a sudden were in this deepdive recession, were talking about a Great Depression. The problem is, its all about Small Business and in my opinion credit and wage continuity and we need to make sure that we can execute these programs. Thats been the biggest problem. Everyones raising excitement, ringing the bell about the Paycheck Protection Program but we dont even know how much has been disbursed. And now congress is still delaying the next phase. I mean, what right now has to happen, we have tens of millions of Small Businesses. The key is to keep them open in the sense that we continue payroll, we continue to keep make sure that theyre paying the bills they need to be so when we do see this curve, were going to be ready to go. Maria robert great insight. Thank you so much, sir. We will see you soon. Robert wolf. Maria welcome back. The Justice Department siding with a Mississippi Church after its worshipers were fined 500 for attending a drivein service last week. The doj says that yesterday the city cannot single out religious services while allowing people to attend nearby drive in restaurants. Joining us right now is senior judicial analyst judge Andrew Napolitano. How i wish this were the law everywhere. Out in new jersey, even drivein church is unlawful. In mississippi when the governor declared his state of emergency and defined what was essential and what was nonessential, contrary to most governors in the union, the governor of mississippi declared houses of woreship to be essential and that declaration was in fact defied by a local Police Department which decided on its own to shut down a drivein church. So the doj was basically saying you have to be neutral and consistent. If the governor says that drivein churches are essential, then the police cant pick and choose which ones theyre going to close down. Thats a remarkable achievement on the part of the department of justice and its what the 14th amendment was written to assure that the states could not violate equal protection that they apply their laws equally and neutrally. Maria especially since they had drivein restaurants pretty close as well. And that was fine. Right. Right. Look, the whole concept ive been writing about this as you know and have been talking about it on your show and others. The whole concept of the government deciding what is essential runs again the grain of american individualism and american independence. So its essential to go to church in mississippi. Its not essential to go to church in new jersey. There should be a little bit of flexibility, particularly when people like the pastor and the parishoners in mississippi who went out of their way to assure that they werent anywhere near each other. Maria unbelievable. Judge, great to see you this morning. Thanks very much for your insights as always. Stay safe. Pleasure. Maria judge Andrew Napolitano joining us. We are standing by for citigroup Quarterly Earnings this morning, all the numbers as soon as they hit the tape and well show you the impact. We heard from the others this morning and were waiting on citi which is down going into the report. Stay with us. This is an athlete, twenty reps deep, sprinting past every leak in our softest, smoothest fabric. Shes confident, protected, her strength respected. Depend. The only thing stronger than us, is you. Shes confident, protected, heryoall this grass. D. All this mulch. All these projects to do. You need a tractor that can do it all right. Mowing. Hauling. Mulching. Trenching. If its on the todo list, the 1 selling subcompact tractor in the u. S. Can do it. Versatile performancematched attachments. Legendary durability. Affordably priced. The kubota bx series. 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. Well, the coronavirus bringing the world of sports, professional sports to a halt. The National Hockey league hitting the pause button on its season more than a month ago but it is still up in the air whether players will return to the ice this season. Joining me right now is the commissioner of the National Hockey league, gary beckmann. Thank you for being here. Youve been tapped to help reopen the economy on the Advisory Board for President Trump. What are your ideas in terms of reopening the economy, gary . First and foremost, from our standpoint, we think people need to feel safe and we dont want to put anybodys health at risk. And that applies to our players, all the personnel who put on a game and ultimately fans. So, you know, part of this is going to be a determination as to how to best understand when its safe to go outside. Maria right. So thats really going to be the word from the Health Professionals on the panel. Now, you Just Announced that you are extending the nhls selfquarantine period for another 15 days. Do you have an update on when play could possibly resume . Were focused on being as flexible and as agile as possible and when we get the opportunity from a health standpoint to bring our players together, to let our teams reconstitute themselves, to get operations up and running, well be in a position to do that whenever it makes sense. And we believe that we can be fairly flexible in terms of the calendar and my guess at this point is were probably going to be playing into the summer which is something that we can certainly do. Maria rob manfred was with me yesterday, the commissioner of major league baseball. We talked a bit about Antibody Testing and what its going to take to actually get people confidence that the economy can be open again. Are you looking at Antibody Testing or any kind of temperatures being taken for players or anything like that in terms of the reopen . Were checking all of the above boxes because ultimately as you and i have just discussed, before we can begin as a business standpoint, weve got to be comfortable that we have the appropriate medical protocols in place because keep in mind, were going to have to have our players travel from virtually all over the world. We have lots of our players certainly in canada, not just the United States, and we also have a fair number of players in europe. And so when we decide its time to play, weve got to be able to get everybody back and be comfortable that not only are we not infecting the population of players, but that were not bringing the coronavirus from other places into jurisdictions where the players and other personnel are going. Maria does this change your expectations in terms of the International Expansion now that we see what has taken place in china and how this virus has sort of been exported across the world . I think its probably a little premature to make that judgment. Obviously, youre raising the right question but i think were all going to have to know a lot more about how this pandemic started and how it spread before were going to be able to make those judgments. Maria so gary, when the season left off not every team had played the same number of games. How would you end the season fairly and determine who makes the playoffs and do you see a playoff at some point or whats your timeline in terms of the rest of the year, gary . Were focused on those issues and we have been and we get a fair amount of lobbying from the clubs because theyre extraordinarily competitive. Youre exactly right. Our competitive balance is so extraordinary, there are at least seven teams that were on the bubble of making the playoffs. And not all the teams had played the same number of games. Whatever we do to come back and this is where im talking about being agile and flexible, were going to have to do something, whether its complete the regular season in whole or in part, whether or not its expand the playoffs, were going to have to do something thats fair and has integrity. Thats going to be very important no matter what it is we do and were considering all of the alternatives and nothing has been ruled in and nothing has been ruled out. Maria its a similar conversation that i had with rob manfred yesterday about what do you do in the interim and we talked about arizona and the possibility that maybe they would play ball in arizona. Would you consider having the players theyve had their skates off now for a month. What about taking the players to an area where you havent seen that much infection . Would that be one of your options as well and how are they going to get training in time if the season does pick up . Again, another great question. We have been considering all of the alternative as ive indicated, not just in terms of the structure of play, but where we actually do it because, you know, we are all over north america, canada and the United States, and lots of different locations and not all of them may be in the same condition in terms of the coronavirus. Maria right. So weve been exploring the possibility of some neutral sites and first and foremost, though, our players who keep themselves in great shape havent had access to their Training Facilities and as important, havent had an opportunity to skate and weve been talking to the players and the players association. Its been very, very cooperative. And one of the things we know were going to need is two to three weeks for the players to get themselves in gameready shape. So our health and safety concerns are first and foremost about that and secondly we dont want our players risking injury prematurely and thats part of the mix that were maria of course. Gary, were all waiting to see your players back on the ice real soon. Great to talk with you this morning. Thanks so much. Gary beckmann joining us there, commissioner of the nhl. It isto Cheryl Casone has the earnings from citigroup. Just got this across on tape good morning to you earnings per share estimate 1. 04 beat a penny 1. 05 double beat for citigroup the revenue estimate 19. 01 billion they came in 20. 7 billion the stock had been done 3 and quarter going into this saying 80 workforce working from home, they also are talking about reserves there was net credit loss more than two billion, they also say that that reserve 4. 89 plan First Quarter robert wolf talking about reserve, 4. 89 billion a company saying we are getting ready for what is to come. So again that is citigroup right now, again, a double beat 20. Plan on revenue 1. 05 earnings per share those are citi numbers down more than maria. Maria and more provisions for losses, on that Balance Sheet as well, just like bank of America Jpmorgan increasing credit losses because of anticipation of things getting worst cheryl thank you, getting america back to work is headline 24 week in Washington White House working with private sector to reopen the economy, President Trump is halted funding to World Health Organization announcing investigation into what he call chinacentric decisions, made on part of the w. H. O. On coronavirus sponsor earnings front Citigroup Bank of america out this morning expectations setting aside 3. 6 billion dollars for potential losses tied to coronavirus Goldman Sachs missing estimates steeped purposes common stock to did he ploy more capital liquidity to meet needs of clients, citigroup raising money for credit losses half an hour more into the Economic Impact of coronavirus, when we get retail Sales Numbers for march released in 30 minutes time we will have numbers for you, ahead of the numbers markets lower futures indicating a triple digit loss once again, dow industrials down almost 400 points 389 lower on dow again 103 s p lower by 52. Oil prices under pressure the International Energy agency is warning, demand could plummet next month levels not seen 25 years pricing of oil below 20 dollars a barrel 19. 62. Airline shears up reaching agreement with treasury for Financial Aid with a look at Airline Stocks up across the board mornings with maria is live right now. Dagen mcdowell ryan, steve forbes on the Advisory Group for President Trump who is looking to reopen the economy steve forbes give us a line or two, of what is most important in terms of reopening the economy, do you see that happening sooner rather than later . Going sooner rather than later i cant let economy contract taking risks president realizes the question becomes what is best thing we can do, to get the economy back on feet as we do this why i have been advocating having the payroll tax 15 suspended for a year that gives workers, 3,000 dollar annual raise, lowers costed of hiring labor, and easy to do administratively dont collect tax weve got to do things get this economy back on feet as well as getting risky packages out getting the glitches out, but put in place something that is going to help the economy grow again. Maria speak abouting of taxes today april 15 would normally be tax day but was pushed forward to july, because of coronavirus. Delivered a blow to World Health Organization cutting off funding launching investigation into mishandling of the pandemic. The reality is that the w. H. O. Filed to equality object obtain that and share information in a timely transparent fashion the w. H. O. s attack on travel restrictions put political correct ingestion abo. Correctness above saveings looifgs. Beijing saying will weaken capabilities u. S. , accusations china not traint are unfair United States World Health Organization largest single donor contributing 400 to 500 Million Dollars a year china, about contributes 40 millions. Social distancing normal the new normal that may extended couple years according to study from haefrd university we may need to practice on and off until 2022 unless a viable treatment or cure becomes available. That study this morning. Minister sharing thoughts on Historic Deal world Oil Producers to cut output ryal highness princess ab zeus bin salman telling me more than double nearly 10 Million Barrels a day cut confirmed President Trumps comments this week, watch. I think that country and the world that and around the president s, the country i also need to mention other factions that. The International Energy agency issuing a [bleep]ing outlook for oil this year saying Global Demand will fall a record amount due to lockdowns cumulatived 19 oil traded down below 20 dollars a barrel 19. 16 as you see there President Trump announcing plans to reopen economy the president says that he would be holding calls with major executives Business Leaders from cross the country, to consult on how to pick things up the names mentioned apple tim cook former secretary of state Condoleezza Rice mark cuban joining me counsel to President Trump Kellyanne Conway great to have you thanks for being here hope you are strong and safe. Yes, i am, thank you. Thank you. Maria so tell me how the president is approaching the reopening of the economy he has great advice from biggest leaders from politicos, his experience what is most important. Most important to recognize that is the most suited best person to rejuice the economy is donald trump businessman in white house led to rebuilding Energy Infrastructure energy dominant we have seen taxes regulations completing trade doolz americtrade deals reachint to captains of Industry Leaders across private sector to complement what he has been doing in Public Sector working with Health Professionals Emergency Management coordinators to figure out what we need Health Medical wise scientifically to be ready feel about comfortable reopen pieces of the economy and secondly the economic track to recognize, one third of renters did not pay rental 17 Million People claimed unemployment about his more for unemployment of insurance, so president made clear from the beginning not looking at specific date so much as data ongoing starting to do that we need Testing Available to make sure that places have hospitals beds capacity they have Surge Capacity in case end up being a hot spot we have 24 counties in this country, sorry 24 different in this country no outbreak, well suited to reopen pieces of the economy depending on industry location, depending on infection rate exciting coming together the president has scheduled four major calls different sectors sports leagues, science headline banking technology, financial services, so working the phones with new group i am glad mr. Forbes is part of it that list i think probably, not exhaustived so much as illustrative many saying let me give my best practices see how i can help reopen the economy. That is good, i got to say i was, i was waiting for this love affair between President Trump and Governor Cuomo to reverse course i wasnt buying from beginning they were working together the president said up to me to open economy the governor said no, no, no no. We have a whole group of state governors together in coalition we are going to decide when to open economy i mean, the governor feels it is on him to do that you have spoken with Christopher Cuomo a lot you know Governor Cuomo. At this point do you think come november a faceoff between President Trump and Governor Cuomo. No, i dont may be ideologically this president has a success record and people unfortunately businesses people individuals have been exiting new york for many years because taxes are high regulations are draconian, intrusive i think Governor Cuomo the president Vice President task force everyone worked very well together the point the president making yesterday, is you want 40,000 ventilators sent 10 nobody went without a ventilator according to all reports, we hope the president making the point the president said yesterday maria quote, it was worst moment worst moment of my life first worst day of my life when i heard we need hundreds of thousands ventilators across country we didnt have that in stockpile how are we going to get manufacturing plants up and running as now to make ventilators that was not the need this was ask thank god need is much less we are able able to supply that need, no, it looks like joe biden is nominee, barack obama president that he serves yesterday gave a very half hearted quote endorsement took one year to do that i think joe biden about deserves better, earlier from president obama i look at relationship President Trump Vice President pence have, trust you so much, some highest compliments for the Vice President said from podium look at all this man has done for this country everything he is doing the task force, was asked by colleague bret baier in march 5 scranton town hall in pennsylvania who friends in washington started mentioning Vice President the Vice President was put in charge of the task force because he is the other politically accountable person in the building, look you mentioned let me get to two more issues with you Kellyanne Conway, i want to ask about World Health Organization, bill barr in last couple seconds, President Trump says the u. S. Plans to suspend taking dues 400, 500 Million Dollars to World Health Organization while white house reviews Group Response to the coronavirus after claiming took chinas reporting face value we know china has been downplayinging this from getgo, we know, that the World Health Organization is basically a proxy for china, is president going to at all resume the payments or is it done now . No more money from u. S. To the World Health Organization until we get a new leader there . The president is putting a pause on it while his experts review, what happened, with the coronavirus and china and w. H. O. Maria you said earlier let me say last two years, the United States taxpayers paid 830 million w. H. O. China paid 10 yind eighthly france china agained, 10 what u. S. Paid i think return on investment at minimum should be w. H. O. Coming clean they said no human no human to human transformation deride bold action to shutdown down china travel it is called cumulatived cumulatived 19 took w. H. O. Until march to call it a Global Pandemic i think layperson would i say that before they did we need to know taiwan, told the w. H. O. , told w. H. O. In december, so if you listen to taiwan but of course the World Health Organization did not listen they said taiwan part of china. Bill barr i have been calling for accountability a couple years the attorney general bill barr told Laura Ingraham the investigation into President Trump one of the greatest travis tooes in American History origins show there was no predicate whatever to launch this investigation, something that i have said literally for three years now, i have been slammed for it, are we going to see accountability for the leadership fbi, cia launching investigation into donald trump for no reason other than they wanted to take him down . Well they have been trying to do that since moment he came down escalatedor moment he beat the woman who was supposed to win i dont say any more about that saying her name, her i think accountability, attorney general barr made very clear durham Investigation Continues we dont have visibility here about that when people say it is a Global Pandemic move on they dragged us through this over two years. All these depositions taxpayer money for ng produced nothing but heartburn i think there is going to be accountability i think some people should be very concerned with their roles. Exactly thank you so much good to see you this morning Kellyanne Conway. Well be right back. 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. Treasurer Department Top airlines reached 25 billion dollars bailout detail cushioning blow to industry hardhit by pandemic sending Airline Stocks skyhigh take a look higher across the board, want to get in with this on this with the panel here, because, steve forbes i think traffic was down was it 90, 96 in the last couple weeks on airlines, they are in serious trouble, there is no demand. Absolutely, you can understand it even when economy opens up, are you going to want to be in coach with three people in front of you three people right in back of you two people sitting next to you . So they are going to have problems in the future i think that 25 billion is really just going to be a down payment, the key is are packages designed in the future in a way airlines can recover that eventually will, will they the true independence or become in effect wards of the government . That is critical but they are going to need more than 25 billion here. Maria that is the question steve how do you feel about the government taking equity stakes here i was you know larry kudlow good friend of yours good friend of mine i was shocked stunned to here him say yeah taxpayers getting something from this yes, we are going to tell airlines no excessive compensation no stock buybacks you have got the government being investor here equity holder in airlines going to have a say of how companies operated their businesses how do you feel about that . I am very i am really against equity positions because that is very hard to unwind we saw that with Auto Industry a lot of politics involved dealerships got saved didnt get saved politics comes in i like a good straight loan program can charge appropriate rate of interest gives airlines, 2 incentive to try to get back in their feet, and they will. But equity positions, no, going to be bad enough to have the government involved and also prevents competition in the future we also a have new Airlines Starting up five to seven years. It pushed bark doesnt want equity dagen deltaa getting 5. 4 billion including 1. 6 billion 10year loan government gets warrants to acquire one percent delta stock over five years southwest going through details warrants not direct equity position, airlines got bailed out less than 0 years ago they have done a poor, poor job, of managing their finances with delta paying out more than a billion and a half bonuses to employees just last month, where that cash cushion go . Byebye now going to the federal government, you know people hate ierlz more than they hate the banks because the way flyers have been treated, year after year after year many people in the corner offices are got rich. I dont hate airlines i Like Airlines for me i have been before this i had been traveling a lot but, you know, we will see i am uncomfortable about warrants equity stakes, but they needed money, taxpayers should get something for it i guess. This is a debatable subject keep talking about it short break futures pointing to triple digit loss start of trading watching markets closely. Stay with us. You doing okay . Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Maria welcome back, nearly a third of all coronavirus deaths in new york city, the number deaths spiking yesterday in new york state to nearly 800, 2 number of new hospitalizations down a sign gd andrew cuomo said hopeful joining thank yous president ceo of market medicine operates several hospitals in new york city dr. Philip, thanks very much for being here great to have you here tell us what is going on medical staff on front line this have crisis of course we know that you have 11 hospitals bronx Westchester Rockland you are on frontlines are hospitals on brink of breaking . Thank you very much, for having me, maria. Right now, we have reason for optimism, we can see the light to end of the tunnel. The curve is definitely flattening as an example 10 days ago we were seeing a nine percent daily increase in the number of icu Critical Care admissions that we have had last five days has been a 3 daily increase, definitely improving still a lot of suffering, and still too much death and dying. But there is a light at the end of the tunnel. Maria so are the hospitals able to take on other cases . Like heart attack victim a stroke victim . Or are we pretty much still overrun with coronavirus cases, we have consultations all that we are over 90 everybody in the hospital is covid19 not just outbreak but cross the city, but we have also increased our bed count dramatically, for example, in intensive care. We have increased our bet count by 200 percent astonishing number not easy, but nothing about this pandemic has been fantastic that you are able to do that Dagen Mcdowell jump in. Dagen dr. , talk about what the nurses and Doctors Health care professionals are going through in hospitals, one of my closest friends, works in an emergency room in the bronx the level of suffering is like something you only see in a in terms of crying for help drowning in fluids, in many cases there is nothing that can be done to save their lives. You said it perfectly, this is this is very difficult situation. We have frontline workers unusual circumstances doctors respiratory therapists come into work go into a building where 300 people everybody, in that building has covid19. And they stay there 12 hours, 18 hours breathing that air worried about them selves families babies at home the next day they get up and they do it again, and you are right. Patients who are suffering we cant allow visitors, and that takes a toll. We are Health Care Workers we move on from patient to patient, but, you know, our human beings as well yeah. It does i hope you will tell your staff, our gratitude how grateful we are for what they are doing tell me about supplies for medical workers we have heard about shortage of ppe china is he cornering the market for things like masks does everyone of your doctors, nurses protected do you feel a shortage in the protective gear that you need . The battle for ppe is real it changes by the day as you pointing out on the show before alluded to now there is a supply chain a global shortage of certain we are literally scouring the globe sourcing everywhere that we can find the supplies from the authorities, that has been helpful, at a premium from around the world, we are lucky, that we have a board has been extremely, extremely helpful supportive, for example, one of our Board Members is a chairman ceo manny, this puts the entire Companies International sourcing at our Service Helps procure millions of pieces of ppe, we have what we need from time to time but do not always have everything. , of course, thank you very much, you have given me some reason to be hopeful even though we understood the severity of this situation please give us an update soon, the Health Care System in general, retail sales hit tape to Cheryl Casone has numbers right now cheryl. Cheryl weve got a few numbers to go through lets get to first march retail estimate monthovermonth loss 8 more than that 8. 7 steepest fall in history since income tracking 1992 if you tick out auto sales for retail sale estimate 4. 8 downside came in better 4 1 2 i got to point out the new York Fed Manufacturing index, the estimate was for a negative 35. We got negative 78. 2. For aprils new York Fed Manufacturing index that is a brutal number retail sales 8. 7 a little bit higher excuse me more downside than expected, excluding autos a little bit better, so we are seeing futures trying to trade lower than a few moments ago, maria. But that new York Fed Manufacturing index is just a brutal number back to you. Maria it is a bruitedal number, down 78. Retail Sales Numbers brutality upside that we knew this was coming, it is going to get worse oto lets get panel in before Stephanie Pomboy has a thingor two to say about all this steve forbes your reaction sharp decline in retail sale probably even worse next month. That is right. And the markets already anticipated that, they are trying to look beyond that. Again gets what kind of environment we create how quickly we get out of this lockdown. They are going to be setbacks in that, then creating environment where businesses can come back again that is why the fed has got others got to get glitches out, loans to Small Businesses so something there to come back with, this is no surprise april is going to be tough too. Maria i think during this phone call that weve seen previewing coming up Lindsey Graham having a phone call with republican conference, and labor secretary scalia wants to go through Paycheck Program wants tweaks in it a lot of republicans want tweaks in it one of the things he is going to say today on at a call is that the Community Banks need more money, that is where main street lives, the Community Banks, when you are talking about that woman who is opening nail salon yeah; go ahead. Banks getmen out better than big banks on it know who is credit worthy who isnt given sourtsdz they will get the job done. He wants more money for small banks. Dagen they need it Community Banks deserve a huge hooray for what they have done to get money, to the their Small Business customers during the show i got a text message from a woman who works in the Retail Industry we see retail Sales Numbers by the way, this is march new york city only closed down completely march 22nd she sent me email saying no word whatsoever on a grant or loan from chase. I have been banking with them a long time, what they are doing in terms of communicating with me is unconscionable, my payroll is due the end of this month i am going to have to lay off all the people on my staff. Boom. No communication from chase. None. Jpmorgan yesterday reported James Jamie Dimon had things to say about Money Lending out some big banks Jpmorgan Bank of america going to give prefrm treatment to customers have been customers years and years the person said therapy customer. Dagen for decades. Maria that is why Community Banks need to get money to Community Banks can be bigger players main street lives i was saying that person opening the studio 2 nail salon they are going to get money from Community Banks bring in macro mavens president Stephanie Pomboy called this for years the credit bubble did not want a pandemic i know that certainly this market has trade the way you expected it to. So much so that actually you got bullish started applying last month your thoughts on point in time program, the Paychecks Program and what where this is going in terms of the liquidity being thrown out this at this market and economy right now. Yeah clearly, i mean they are throwing everything they can, that glitches need to be worked out obviously, we need to get money to Small Businesses, like you are talking about, i am really focused more on not the bad numbers we are seeing right now because as you talked about, this is expected we knew this was a going to happen bracing ourselves for another rally ugly month for april numbers that dagen pointed out, you know numbers in march barely reflect any shutdown, but what i am focused on is what is the longer trajectory right now pretty much everyone is forecasting, not necessarily a vshaped rebound but pretty swift return, to businesses as usual, and i think you look at like fact check had s p analysts, now forecasting 18 gain in s p over next 12 months. Earnings expected to be down, 11 this year going to be up 20 next year basically, we are getting hit now going to return to normal, and i really struggling with that because they think this experience you know weve all never lived through anything like this 9 11 was the only parallel in terms of this kiexogenous event i think it is going to changing behavior on part of consumers and corporation, what were seeing now with banks rushing to, you know, amass liquidity for loan losses, this is exactly everyone had pants down to risk they were so adjusted to this fantastic Economic Growth weve been seeing they had no cash no inventory no reserves for losses that came smashing head long into the worst exogenous event any have ever lived through i think going to a behavior this is activity yeah look at the business activist, the ecke empire state 2i69 coronavirus pandemic shut down pretty much economy across the board in new york across the country the question are we going to see a rebound jump in ryan. The government here, the Balance Sheet is disastrous deficit 50 gdp this year, so i wonder when said and done what dollar looks like do we see inflation again that is probably a real problem, from my vantage point. I agree, i think where we are going with this basically, the question is how big does the fed want to grow its Balance Sheet and how much risk does it want to take on to that Balance Sheet . Right now saying look, we will take some risk on Balance Sheets, but what the alters on thursday greeted with excitement in the market still leave the huge swath of the market untouched that is the problem sector the junk area the headlines blair buying junk not true they are buying fallen angels Investment Grade paper just fell in junk since march 22 companies who by no fault of their own got into difficulties because of the crisis, so i think, that is going to be an issue, going forward, is there are 2. 6 trillion in speculative grade dent going to start to stink, and the fed is going to have the figure out do we start to backstop that market because if not, you are really going to have a knockon effect i would imagine on border credit market then ryans question about dollar becomes central how weak is fed willing to, you know, much is it willing to degrade its Balance Sheet i dont see that being good for the dollar which is why i am bullish on gold i think sending a signal that this is going to be a longer process, this is about going to be much like recovery coming out of 2008, 2009 took a long time to get back to any kind of normal rate of growth. Maria so do you see another leg down in the fall stephanie . Worries about coronavirus coming back slowing down summer months coming back in fall does a selloff come along with that in the fall . I certainly hope we dont get another wave of the epidemic, you know i am not medical expert do i think we get another wave of selling in stocks because i think, the expectations that i talked about where market expected to be up 18 , and all these efforts that the fed and treasury are making to backstop the markets are viewed as being you know eventually will be successful in getting the economy back on its feet, i think that view is going to be tested sorely as we get into the second half of the year it becomes clear that there are fundamental shifts in behavior consumers arent going to spend the way before there are you know Balance Sheets have been decimated same with the corporate sector going to say maybe we should not run operations with zero cash, and zero inventory, because stuff happens, you know, banks say maybe we should actually have a cushion for losses, so i think the rate of growth, coming out of this is going to be much more muted than the markets and analysts they are external, they are pumping up that cushion we heard from jpmorgan, Citigroup Bank of america this quarter, dagen . Dagen stephanie one of the big problems we are talking about lack of speed getting money to smaller businesses medium i sized businesses that make up half jobs in this country if you dont get them money to keep them going those jobs businesses will go away forever. You see the main street Lending Program, not up and running with Federal Reserve, yet that is part of the solution, with the paycheck protection act and other facilities, main street Lending Program is going to be weak before it gets up and running these are it is credit that is four years fed has hooks in these medium sized businesses for a long time if you dont can you them what is the point of rescuing big guys if jobs businesses are gone if they dont get it right helping smurl business it is catastrophe is it not. I couldnt agree with you more i have several friends are not even in small size they are sole proprietors, right now the bottom of the totem pole i talked to a friend yesterday said she you know filled out all applications, and she hadnt heard anything because i guess they are trying to obviously, giving preference to people who are employed other worker, so i understand that, but even people like her how is she going to pay rent is she able to put food on table all of that i mean this is so critical, that they get that part right, and i hope that they can work out glitches, quickly, also, you know from Economic Perspective also personal level because like you dagen i mean we have people in our world, who are really being impacted by all this. So i think that nearterm problem obviously, in administrations best interest to get these out get money out i have confidence that they will be able to do that. But you are right. Time is of essence. All right great to get insights as always we will see you soon founder president macro mavens market down 520 points right now quick break then talking with ceo smithfield. Stay with us. Youve got it all. All this grass. All this mulch. All these projects to do. You need a tractor that can do it all right. You need the 1 selling subcompact tractor in the u. S. The versatile kubota bx series. Maria welcome back, we are once again check america food supply the National Pork producers counsel said yesterday in a industry could face losses up to 5 billion dollars for the remainder of 2020 this is a spokesperson for the group usda to purchase pork to alleviate capacity issues related to production, next guest sending a warning about risks to food supplier this week after his Company Plant was closed from south dakota. Ceo smithfield fields, great to have you on the Program Thanks for joining us. Thank you good morning. I want to talk about what is going on in your industry, really important. And i know that you have said that farmers say they may have to kill and discard baby pigs as slaughter houses close of industry faces the losses explain the issue. Sure. Maria if i could, before i explain that issue would i like to take a moment, to thank all the food workers in the United States they are maintaining continue knew fee of food supply, they are doing in it selfless way we have covid cases across protein sector in ot places retail, and employees keep showing up, and maintaining continuity they are like doctors, nurses i want america to understand they owe debt of gratitude to employees. That said. Maria we do we want we are grateful they are on frontlines i know that thank you for you to your employees all people working in food this is important. It is. After all we do have the eat. And that is really fundamentally what this is about. Let me try to explain the issue, america has an abundance of livestock we have abundant protein supplies always been the case we feed the world in many respects. In normal circumstances what happens is that abundance of livestock is harvested we turn it into a bounty of food so much food in fact we have to export 40 Different Countries around the world, that is good for farmers, good for all those in the food supply chain, what happened in this pandemic is we still have that bounty of livestock some might say weve got too much livestock weve got that bounty of livestock 2 lynchpin is harvest facilities a relatively small number would you be surprised how relatively small that is plants that actually harvest all animals turn it into food. The issue were having that were having covid cases amongst employees, when you get covid cases in a plant, we are having absenteeism, we are having difficulty operating the plant in addition, sometimes we local interdiction mayor, very concerned about the population, in the small town that plant may operate in, they need they want to shut it down, so the issue is, if these harvest facilities dont run we simply cant abundance into food that simply. Is best answer for pork beef producers, to sell the meat to the usda spokesperson for National Pork producers counsel are saying we are calling on usda to buy massive amounts of pork, as one solution to this because fu. Sda would come in buy make purchases a large amount of pork would go towards releasing capacity and being forced to kill the pigs. Yeah, it actually starts before that we actually have to be able to harvest those pigs, we have to be able process those pigs, in plants, when plants dont operate we dont even have meat, to sell. Certainly, if the normal circumstances when plants are operating harvesting the animals we do have excess supplies of meat that is problem for farmers because it drives price levels farewells there is no question about it pork farmers in this country are under heavy duress, and theyve gone through a period here of about two years, where whether trade disruptions and now, this covid19, where every restaurant in the country just about has been closed, their under heavy duress need government support, i spoke to secretary perdue about it i know he is focused on the issue cares deeply about the pork farmers, and i hope they are going to be able to do something for them. I will ask the secretary perdue next time he joins us was on last week quick before you go tell me what this means for americans out there in terms of their pork, and their meat, in terms of pricing, and availability real quick. Well, i dont want to be chicken little here i am telling you there is eye acute crisis that weve got to deal with, we have to operate these these processing plants even when we have covid, if we dont, we wont have meat. 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. Maria lets get some final thoughts from our allstar panel. Ryan, kick us off here with all of the earnings that we saw and a record plunge in retail sales, a lot to talk about this morning. Im going to tell you what i just pulled out in a second. What are your final thoughts . I love the idea of a payroll tax extension. Maria steve forbes, youre up. Well, i will certainly do so. Its essential to get that payroll tax suspended for a year. I also with ryan, looking down the road, are problems going to emer emerge, and thats inflation. Im not sure the fed knows how to fight it when it emerges in a way that does not tank the economy. Maria yep, thats i just want to say, dagen, schwab in its Quarterly Report say clients opened a record 609,000 new brokerage accounts. Isnt that interesting. Thats very interesting. I bet you they are putting a lot of that money in cash. To that point, a payroll tax cut doesnt help anybody if they have no payroll left. In the short run thats a huge concern with small and medium size businesses. Absolutely. Maria we will get your answer. Well be right back. Isnt just a department. Its a voice on the other end of the phone. A note to say youre on our mind. A willingness to come to you. The world and how we interact with each other is changing. But that will never change who we are at lexus. Now, more than ever, you and your needs come first. Find out what Service Options are available in your area at lexus. Com people first maria all right. Just time to say thank you, dagen, ryan and steve. Great show, everybody. The conversation continues tomorrow. See you then. Varney Company Begins now. Stu, take it away. Stuart i shall indeed. Good morning, maria. Good morning, everyone. Back to work. That dominates the conversation. The president says a plan to get moving is coming very soon. The Washington Post today reveals an initial strategy from fema and the cdc for reopening parts of the economy in some parts of the country. It is a threestage plan and it starts next month. The president s talking to all 50 state governors. He will issue guidelines for the country very soon, probably in the next couple of days. It looks like there