Congressman Roger Williams. As the nation prepares to unwind the lockdown what do we need to know to prevent a second wave . All that, so much more on making money. Charles all right, folks, the market i think holding up pretty nicely considering everything. It has been making a stand all session long. Just here over the last hour or so, actually trying to rally on news that germany now will infact be coming back online beginning april 20th. But even before this mornings spate of earnings misses, terrible economic data, the market was indicating it would be a tough session. All night long the market was down. Now you could argue that the session was, to the downside, really, that this is overdue. Considering that the s p 500 has rallied 30 from march 23rd, the intraday low of 2191 to yesterdays intraday high of 2851. The question now, how much risk is there to the downside . Has wall street largely changed its tune on the need for major indices to retest the lows . I want to bring in my panel of market pros to talk about the potential reopening of the economy and how all of this data informs their decisions. Lets begin with first and for most, my friend gary kaltbaum, kaltbaum Wealth Management and Rebecca Walser from walser Wealth Management. They came out with survey of Money Managers. Weve seen a surge of cash but heres what, heres what were not seeing is, and question of course is, what kind of recovery do we get . Some think there will be a vtype, a utype, there is the wtype, the ltype. V is short term. U type would grabbed out return and w would be and l shaped would be long term recession. I want to know what you anticipate and how someone would potentially set up their portfolio . Yeah a lot of letters being thrown around, charles. I think well have a real nice pop off the getgo. Thats just normal. I think human nature by consumers and business there will be a heck of a lot of reassessment based own demand, which will basically lead into how much capacity. If you think about airlines, theyre not coming back at full capacity. They will come back at certain level, to see what kind of demand is there. Im also thinking about the health part of it. We got disney world here in orlando. We have parades at night where hundreds, if not thousands of people are Standing Shoulder to shoulder with kids sneezing and coughing next to you. I wonder how much disney will do of that . I think there is a lot of ifs going forward. I think we get a real good pop. We get reassessment, reassessment. Longer term, im not worried. I think we get back to the norms. I dont know how long term it is. People calling for a real sharp vshaped straight back up i think they will have couple things handed to them first before we get there. Charles now rebecca, according to the survey, 52 , majority see a ushaped recovery. So a gradual recovery where we make something of a bottom to garys point and we slowly work our way back up. Im not sure what you see, but tell us what you think may happen and more important i, how your portfolios positioned for it . Yeah. That is a great question, charles. I know you want me to put a v or u on it. I want to say it is a hybrid, right . We havent seen this before. I dont know were actually at the bottom yet. I do see, i wont call it a doubledip, i dont think that is what it is, technically if you want to be honest, by the time the financials and earnings season kicks in, we see the depth of the impact we saw with the financials this week i think well see potentially more downward pressure. Im not necessarily saying weve seen the worst of this yet. I think you have to see the worst of it in order to get a v recovery, right . That is where i dont see us there yet. If we see some more downward pressure, i see more downward pressure, when financials, when earnings season hits in and charles how are you adjusting your portfolio for this, rebecca. Say that again, charles . Sorry. Charles how are you positioning your portfolio for this . Now were definitely more in cash position we normally like to be in. We definitely dont see were at the full bottom yet. Charles okay. There is great information on germany. We need a world leader to step up to say lets get back to normal. That is awesome news, very encouraging. The United States needs to do it, let the economy start to lead and all this medical science completely wrong and totally overblown. We basically committed economic suicide. And it will take time to recover. Once we start to recover and people go out and not die, some kind of medical protocol every one was talking about, then we will actually recover. I think get back to our highs. But that i agree with gary. Were not going to pop back up. We have some medical experts coming up later in the show to talk about that part of coming back. I do want to bring in thousand courtney dominguez, Payne Capital wealth advisor. Im not affiliated with the payne group. Courtney, it was interesting, there is variety of ways the economy can come back. The best will be a vshaped recovery. Most people are discounting that. Most of these professional Money Managers are saying a u shape, in other words a gradual return. I want your idea how we come back, but more importantly people are watching this saying how should the portfolios be poxed . I think portfolios will look a lot different in future than they did in january or february . Very much show. We need to look at this, understand we are getting a lot of bad data coming out. I know we are [inaudible] there will be some negative news. We need separate the fact there will be news showing how the economy is doing and stock markets are doing. The stock markets discounted most of that information. We want to make sure were taking advantage of these things. The markets will not wait for clarity in the data to happen. They will bounce a lot sooner. Charles right. I think there are a lot of optimistic signs. Theyre not receipt acting quite as much to every single data point which is a very positive sign. Making sure everyone has the position to take advantage of these dips as they happen. You dont want to wait too long for. Sorry. Charles to that point, one of the big economic reports, retail sales, off 8. 7 that was slightly worse than consensus. I got to tell you, folks, there were estimates out there to be off as much as 15 . By the way, it wasnt a complete disaster. There were bright spots, Building Materials, general merchandise. Socalled control group which goes into gdp was up 1. 7 . Maybe we talk bin investment take wais. Gary, maybe we come back to you. Retail sales report, informed me on Investment Decisions in the past. I thought home depot would be better on idea that Building Materials and garden supplies were up. Some firms not doing so well. These notes, this kind of data, how does it work for you . First off i thought 8 was a miracle based on seeing so many things shot. I think that is good news. I think when all said and done, home depot and autozone, these types of places will do well. I want to tell your viewers one thing sticking out, i always talk about the sore thumbs, small caps, russell 2000, hardly even budged off the lows. Make sure if youre invested, you are in the larger cap, liquid areas. That is what big institutional money is doing. Theyre realizing just in case, stay with the big, big caps. If you take a picture of the russell versus lets say the nasdaq 100, it looks like two different worlds right now. I would be very careful that way. Charles yeah. I would say out of oils. Stay out of, ultimately i think cruise lines and airlines will be okay. But i dont see any life in them. Airlines are down even though they got big bucks yesterday. It will be very tough, you know longer term i think well okay. We go with the big growth names as i always do. Charles i agree. There is always a tendency, rebecca, to buy losers, assuming they will become winners. I think garys right. The winners to my mind are revealing themselves to Investors Private and clear like knee on lights. We dont have much time in the segment. I know youre a little bit more cautious towards the downside here. Is there a group you middle east want to be overweighted . I still think that airlines are a great buy. I know they dont like like. Even cruise lines. Sounds crazy, well return to some level of normalcy. Cruise lines will adjust. They have beautiful cruises and ships. People are on cruises right now crazy to think. You look at that and say a industry that will recover. All right. Listen, i love contrarian thinking. By the way the Saudi Investment Fund loaded up on Carnival Cruise line. You might be right. Courtney, well spend more time with you next time. Were out of time right now, folks but i do want to announce, im very thrilled to announce next thursday im hosting another virtual town hall, America Works together right here, 2 00 p. M. So if youre an individual, Small Business owner, investor, whatever, were going to have a panel of experts to help you 1 2 gate through these big, tough Financial Times. Plus were looking for your questions to ask mark cuban. Email your video questions to investedinyou foxbusiness. Com. Just send us a video to our fox business facebook page. President trump hitting the World Health Organization where it hurts by halting funding. Remember were the largest donor. The w. H. O. Responds. Plus millions of people are putting themselves in harms way to make sure that we have medical treatments, that we have food, so how should these new american heroes be paid and rewarded . Some say hazard pay. If so, how much . Well be right back. Charles Federal Reserve released beige book report the here with the break down of Economic Conditions, edward lawrence. Reporter charles, this is Economic Conditions across the United States of all the 12 districts for the Federal Reserve. Were hearing that the economy contracted sharply and abruptly because of the coronavirus. This is across the nation. There was one bright spot or a few bright spots they picked out. Food producers and producers of medical supplies actually saw a boost in their industry but they suffer from production issues, supply chain disruptions was a major consequence for them. But other sectors like the energy sector, manufacturing, auto industry, just basically shut down related to this. Employment in this report steeply declined across all of the districts. Inflation was also down severely across the nation which is something that the Federal Reserve is very concerned about. The hardest hit areas in this report, leisure, hospitality. Also retail. When you look at districts, you break down boston. There was a bright spot in boston. Software and i. T. , they had betterthanexpected quarter could be because people getting on zoom working for home but other sectors in boston falling off are the terms. Tourism dramatically falling off. I. T. And software as i said had a boost. In new york Economic Activity deteriorated sharply. Philadelphia, Business Activity severely fell. Dallas, Economic Activity broadly contracted. They said energy and retail were the hardest hit in the dallas district. They, one of the reasons was the low prices of energy. Again with the inflation and in San Francisco out west coast, Consumer Business Services also declined sharply. So you see a trend here that the economy was impacted broadly across the entire nation at the same time and very severely. This is why the Federal Reserve acted. You can see the data here. Back to you. Charles edward, thank you very, very much it is brutal out there although some bright spots. Speaking of which, health care workers, grocery workers, theyre among the many who are putting their lives and their families at risk to make sure the rest of us survive the pandemic. The question now being debated, should they get hazard pay and if so, how much . Tweet me cvpayne. Well hash it out. Announcer wash your hands. Avoid sick people. And touching your face. There are everyday actions to help prevent the spread of respiratory diseases. Visit cdc. Gov covid19. Brought to you by the National Association of broadcasters and this station. Confident financial plans, calming financial plans, complete financial plans. Theyre all possible with a cfp® professional. Find yours at letsmakeaplan. 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Fic news for veteran homeowners Interest Rates have dropped to record lows. Newday usa makes it so easy to refinance that one call can save you 2000 a year. Newdays va streamline refi lets you refinance without having to verify your income, without getting your home appraised and without spending one dollar out of pocket to get it done. It is the quickest and easiest refi theyve ever offered. One call can save you 2000 a year, every year. Charles thousands of americans are placing themselves in danger every single day working through this pandemic. Questions surrounding the idea of hazard pay. Certainly in d. C. Theyre talking about it. In fact President Trump says he supports additional compensation for the Front Line Health Care workers. The Senate Democrats are also saying they like this. They have released a hazard pay proposal, part of what theyre calling a heros fund. Theyre talking about paying a flat rate increase, 13 an hour. The numbers are all over the place. The question, is this a good idea . Many are wondering if government should decide who gets the money and who doesnt . I want to bring in iwf policy director, Hadley Heath Manning. Great to see you, first and foremost. Secondly, during the pandemic we have a new batch of american heroes, and many say yes, they are so underpaid for the risk theyre taking where do you come down on this . My husband is a hospital in full ppe treating covid patients. I have a lot of presecond appreciation for people putting themselves in harms ways putting themselves at risk however i dont think this is something the government decides. With other benefits, industry to industry, employer, to employer, people on the ground can decide what is best for their workforce. That is where the best decisions can be made. The big question when it comes to any benefit, comes to hazard pay in these circumstances where will the money come from . Maybe a story that surprises some people, even our Health Care Facilities are facing big budget shortfalls as a result of pandemic. Theyre not getting elective surgeries and money making treatments done as usual. I think it is an important question. Where does this come from . Charles real quick then, workers at mcdonalds, in chicago, they filed a big lawsuit and other sort of workers are saying hey, were out here feeding people. We dont even know if our coworker has the virus or not. And democrats are saying, you know its nuts not to pay them this money. How do we reconcile that if the businesses dont step up . You know, it is, a pandemic creates suffering for everybody. I will not pretend everyone is suffering equally. We all have our own burdens to bear and people facing a lot greater risk and problems 1 2 navigating their lifestyle. Emh people with nonessential jobs and lost businesses an Small Businesses and life savings wiped out as a result of the economic shutdown related to the virus who would be happy to be working essential jobs facing additional risks. That comes down to the individual level, preferences, desires of each individual worker. My heart goes out to people who feel they have a great health risk related to this. Eastern certainly if they feel they have no choice but to keep working. The question is tradeoffs