Thinks about the issue of negative rates. Then nancy pelosi, she is set to brief the houses Coronavirus Select Committee in less than an hour on the next stimulus proposal that multitrillion dollar proposal. The only doctor that will be on board, Tennessee Republican congressman mark green. He is going to be here. He will join us what he wants to hear when nancy pelosi starts that underway, 3 00 p. M. Eastern time in an hour. Washington is pressuring airlines to next their Customer Service policies. How a new proposal could help you get your money back because they have not wanted to give you your money back. You probably know. A lot more coming up on the next hour of making money. Cheryl stocks falling sharply. The nasdaq is now back into negative territory for the year. As you can see, we are now down 535. The dow at its lowest today, down 605. The nasdaq down 202. Techheavy nasdaq 2. 25 loss. S p down more than 2 . Federal reserve chairman Jerome Powell gave some dire warnings about the economy this morning. The central bank chief said, there will be quote, an extended period of weak growth but we can get back to the 3. 5 jobless rate before the pandemic. I want to bring in Edward Lawrence for more. He didnt really mince words this morning, edward. Reporter exactly. Talking about that 3. 5 . He says unemployment will peak in about a month or so. After that peak, cheryl, he is saying it will go down sharply, not back quite to the 3 1 2 record but getting close to that, he believes. Now powell thinks that we need to start that recovery. Listen. A place we can get back to, we will get back to. It will take some time. The main thing get on the road to recovery, stay on it for a long period of time. I think that is what i expect will happen. Reporter the Federal Reserve chairman says he sees significant downside risks, adding at this moment in time we are in the worse recession weve seen since world war ii. The longer were in a recession the harder to have a robust bounceback. Powell says Small Businesses will be the key to that robust recovery. If they avoidably become insolvent because economic recovery is not fast enough. I think we lose more than that business. I think we lose something fundamental. It wont be able to be replaced, you know, quickly. Reporter to help bridge that gap to reopening the economy he says that we have implemented the fastest and largest fiscal response with swift and forceful action. He has pledged that the fed will do what they have to do. It is not the final chapter own the stimulus in the economy. He says the fed will use all of its tools to its fullest in the crisis until it is passed and we are well on the road to recovery. That is a signal that the federal funds rate could be zero for some time. Quantitative easing will be here to continue. He also says the federal open Market Committee is unanimous in their belief that we do not need to go into negative Interest Rates. He says that is something they talked about and shot down. Back to you, cheryl. Cheryl didnt go so well for japan. We learned that story. Edward, thank you very much. Joining me now former dallas fed visor Danielle Dimartino booth. Kaltbaum Capital Management president fox business contributor gary kaltbaum. Great to have you both here. Danielle, i want to start on comments from Jerome Powell. He is not willing to go into the story about negative rates. You and i talked about that before. I know you dont think it is in the cards but what else can the fed do to support the markets and economy at this point . Were near zero on Interest Rates . You know, we are at the socalled zero bound. So as far as the fed is concerned they want to synthetically create more ease in the economy that means quantitative easing. Im not so sure that the market is convinced as to its efficacy how well it works. To jay Powells Point more needs to be done on Small Business front. That is not what you and i would consider to be a momandpop business on main street. We have fresh data out that show more than 2 of Small Businesses across america have closed for good. 3 of restaurants have gone out of business, and, yet only 14 of the 30 million Small Businesses in america had used those paycheck protection loans because it has been rolled out with so much confusion. That a lot of people have not taken the loans thinking it is not trulily forgivable. Cheryl gary. What do you make of the fed chiefs comments this morning . First off i want to Danielle Dimartino booth for ted chief. I think she would do a 10 times better job. I mean that seriously. Here is the problem. I hear him talking about, he has these tools. Were already at zero percent Interest Rates. All that has done is screwed over the savers. He talked about more quantitative easing. We printed, seven, eight, nine trillion dollars. What if he prints another trillion dollars . That will not do anything for the economy. It may help the markets a bit. He is buying up Corporate Bonds now, which by the way interferes with people buying bonds. They have to pay more. I think theyre out of the bullets. If you have no quantitative easing, you go to one trillion, that can affect things. They have done so much already, the markets are not hearing anymore. I dont think the markets are down because of it today, but i think is part of it. Cheryl what do you think is happening in the markets today, gary . Even before today and the day before 80 of market, maybe even 85 were not participating and markets have a lot of big megacaps names doing well. They finally started pulling back last few days. The rest keep going down. I think earnings are not there. I dont think the economy is there right now. Of course the virus is the economy. I think were getting some reflection of that. The market is logical. You still have cruise lines and airlines down at their lows for obvious reasons. You have oil down at the lows because airlines were going to use 98 billion gallons of gas this year which theyre not going to. It is some logic here. I think there is more on the downside right now. Cheryl danielle, i wonder about tomorrow morning. We get another read on initial jobless claims. Over the last seven weeks weve seen more than 35 Million People file for initial jobless claims. We could get more millions tomorrow. The continuing claims have also been i think worrisome as far as been high and steady. Are we at the peak with jobless claims, do you think . No. You know, cheryl, i dont think that is the case. As we see demand destruction move through the economy, what were seeing is this phenomena of companies that are not directly affected by covid19 beginning to lay off employees, whitecollar workers. Youre seeing it in the earnings reports. Youre seeing it in some of the reports that go out on an individual state basis, talking about North Carolina or illinois or california. You were starting to see larger corporations push through higher income lay offs. I dont think well see the shock and awe multimillion numbers of initial claimants but we will see those continuing claims to your point, continue to rise and stay at a very high level. I would add one more thing and thats we dont have the boost of share buybacks coming out of earnings season that markets have become so very accustomed too, because Companies Start paying attention to their balance sheets. Cheryl that is very good point. Danielle, i would like to mom neat you for fed chief. Well have the discussion too. Gary, give you a shoutout. We know youre doing good work in the community. Youre donating kid baskets for Boys Girls Clubs of central florida. Tell us what youre doing, gary. Ive been with the boys and girls clubs for many, many years. There is a lot of families in trouble here. Typically we do a big thanksgiving dinner for 400 kids. Were not able to. We came up, put together baskets of essentials as well as lot of things for kids. Well deliver between 50 to 100 this afternoon to families in need. I can tell you it makes us feel good. Were doing everything we can to help families that need a big leg up right now. Cheryl gary, that is amazing youre doing that. That is awesome, gary. Cheryl thank you, gary. Thats wonderful. Appreciate it. Cheryl our future fed chief, good is a mayor tan of the year. Guys, thank you very much. In washington partisan lines are already drawn after House Speaker nancy pelosi unveiled a new 3 trilliondollar stimulus proposal. It is about testing. Its about honoring our heroes, and third it is about putting money in the pockets of the american people. What you see in the house, nancy, is not something designed to deal with reality but designed to deal with aspirations. Cheryl well, pelosi will talk about the proposal with the new house coronavirus select task force in less than and our. The only doctor on that committee, republican congressman mark green of tennessee who is with me now. Thank you so much. Thank you for having me, cheryl. Cheryl im curious what do you expect to hear at 3 00 p. M. Eastern time . This committee is already off to a terrible start. The first thing they do is attack job creators with a letter last week to certain businesses about the ppp program. And now theyre going to hold a Committee Hearing and they didnt even allow republicans to call witnesses. Sounds pretty familiar to what happened with impeachment and mueller and all this other mess. It is as if the only thing the left can do is attack President Trump. They have no ideas. I take that back, exempt for this 1800 page, three trillion dollar Christmas Tree for all the liberal pet projects. Yeah, that is whats going on. Cheryl lets go through some of this. We know there is 500 billion for states. 500 billion, 67 billion just to new york. Hazard pay. 175 billion for renters and owners in trouble. 100 billion for Health Care Providers testing. Direct payments to individuals. But also, interestingly enough, i got to flag this for our viewers, 50 million to the epa to study link between pollution and covid. 10 million to hivs. 10 million to Higher Education institutions. 20 million to Howard University . We havent even spent, the money, cheryl, from the last cares act, two trillion dollars plus. Oh by the way in that act we had 765 billion for states and federal governments to for challenges to covid. We havent spent the money n. O. W. They want to allocate 3 trillion. They want to stop the salt act, penalize states like my state. Lowest per capita debt in the nation. One ever the lowest tax states in the country. Ridiculous what they are trying to do. Nancy said on msnbc, speaker said this, is opportunity. Like telling the Vietnam Veterans that the vietnam war was opportunity. We lost more people to covid than during the vietnam war. It is ridiculous what she is saying. Absolutely absurd. Cheryl that is the worry, that we would get this, there would be basically pork spending. I want to ask you about this news coming out of senator warren and senator klobuchars office today as well. They basically are proposing that any company, large company, that takes any kind of bailout money from the u. S. Government would be restricted doing any m a. What do you make of that proposal they put out there . You know, i havent actually seen the proposal. I would love to read it to see exactly what theyre saying. Doesnt make sense on the surface but i would like to dig into it first. Cheryl i know that new york Governor Cuomo is sending a task force to washington. He also wants to see any large company, any company that takes money cant lay off people. That makes sense. That is actually in the cares act. I mean if you actually take the ppp, you have to hire those individuals back by certain period of time. So that is already in there. Cheryl congressman, were looking forward to hearing. Please keep us updated how it goes at 3 00 p. M. Eastern time. Youre the only doctor on the committee. Hopefully you will have a voice. Thank you, sir. See you. Thank you. Cheryl well the government is putting pressure on the airlines to up their Customer Service. But is this going too far . Well dig into the details. As the president meets with more governor this is afternoon amid his calls to reopen america my next guest tells me why the shutdowns were overkill to begin with. Stay with us. 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You know, if you think about it, i dont want to, pandemic experts, theyre brilliant people. They have our best interests in mind but they have been waiting for this their entire life. If you sort of think about it, they have three variables, four variables. How many people have it, how quickly it spreads, how many people die, and how many hospital beds we have to take care of people. That is the only thing theyre thinking about. So when you use these models and then you shut down an economy and they ignore the damage, it makes a as far as out of the whole thing because we know that this damage to the economy is going to cause Health Problems down the road for our kids, for our grandkids. We have, you know, trillions of more debt to repay. And the damage to the economy will be longlasting. Were going to have businesses that never open again because of this. Peoples entire life savings wiped out, and it is all based on models which have actually proven early on to be overkill, to be way off the mark. So, yes, i totally disagree with what we have done. I get it, that people die from this but we die from a lot of things and, you cant just turn off the economy and turn it back on. When you turn it off you create damage that spreads. To your point, here in new york, i cant speak to other states, weve seen a rise in suicides. Weve seen a rise in domestic violence. Right. Cheryl weve seen a rise in crime. The homeless issue is really tough here. A colleague of mine actually, joking somewhat serious, if we left our lives up to doctors, eat kale, never drink alcohol, exercise and drink a fruit smooth at this every day. So where is the balance . I think to your point we have to find a balance between science, protecting lives, protecting the vulnerable but not destroying businesses which are going under every day, permanently. Right. Cheryl not temporarily, permanently. Right, exactly. Believe me, it is hard to find that balance but what i believe what has been missing in this conversation is, is the economic side. You know, the damage, the Small Businesses that do