>> well said. 10 seconds away from the top of the hour. we would normally get the closing bells here. we are looking at a down day. the dow jones down about 4%. by s&p and the nasdaq down similar amounts. we are talking about the dow for the week of 13%. the s&p up 10%. the outperform or this week amongst the large-cap companies, oeing ofup -- beo 71%. some of these were bounce back place. really beaten down stocks that some thought fell too far too fast. nordstrom and kroger and hanes are down on a weekly basis. off oure are still well

high where we were about a month ago but the dow jones industrial average having it best weekly gain on a percentage basis going back to 1938. that is get back into our conversation. tte is still with us. chief investment strategist. scarlet fu is with us and joe weisenthal as well. joe, you want to pick this up? joe: i am struck by a rough selloff once again going into the closing, going into an uncertain weekend. we can be certain we will see a lot of headlines of rising case counts in more cities across the u.s. and europe. they are not slowing down the way we would like to see yet. the other headline is this has been the best week for the dow since 1938. i don't remember the last time, if ever, we have had so many

superlatives in a week going back to the 1930's. brent, back to you. let us get more into the headline vacuum we will get into. we will not get instant policy soonion from d.c. anytime that we will get more stories about rising case counts, rising deaths. headlines that are extremely difficult for people to emotionally digest. does that make it harder in the short-term to expect any reduction in volatility? we need morek clarity on some of those things that you mentioned. get information about how many have been infected and how many cases there are because we don't know the denominator right now. think there will be volatility. in times like these, volatility stays high but i don't think the

market will hit the ultimate bottom until you get volatility stabilized. there is a vacuum. i think of your comments. i think of my role as a chief investment strategist for individual investments. and i think of your opening about different headlines. the superlatives. i just encourage people to not trade through this or think you can trade this event. the market is moving 19% or more per day. i just encourage investors to stay the course and not trade on emotions. scarlet: we have some headlines. the president will be signing the nearly $2 trillion stimulus bill. he has ordered general motors to make those much-needed ventilators. he has ordered gm to make them under the defense law. that has come to pass.

we know there were threats that the president made that he would do so but he was hoping the private sector would pick it up on its own and move ahead. gm and his partner are doing what they can right now even though there has been some confusion over the compensation from the federal government. we will keep you posted on that development. i want to go back to you brent on something that different countries have taken or undertaken following last week's volatility and violet selloff. her has been -- there was a lot of talk of closing the market last week in the u.s. steve mnuchin talked about shortening the trading day. if you look overseas, u.k., france, italy, they banded shortselling -- they banned shortselling. do you think we will come back to this conversation on whether the u.s. needs to take steps to close its markets or put restrictions in place like

banning short sales of certain stocks? are peoplee, there that want to put money to work that,s market, if you do you may not get it out in the future. i do think the ability to get money when you need and put it to work, to trade when you want to and have that liquidity is important. we should do everything we can to keep the markets open. as far as the shortselling rules , that is probably above my pay grade. i am more for open and free markets than not. joe: when you start to look at the folks who are in this market , whether they wanted to stay in or not, what is the guidance that you give folks now that we have gotten more clarity at least about the stimulus coming out of washington -- and maybe to a smaller extent the clarity regarding infection rates and

how long this potential economic shutdown and health crisis might last? aret: when things hit that incredibly uncertain, we are all flying a little blind because none of us are medical professionals and quite frankly, there is even disagreement there. the better plan is to rely on long-term investing. passtoo at some point will . i would not sell stocks. every single way that you look in the past, the math dictates not to sell when there is panic. i would encourage people to keep going back to those and think october 2008, whether we had a bull market or not, that was not the ultimate bottom. people that held then were happy they did so.

as violent as it has been on the be on the it could upside and i don't think you will be able to trade that against people that are set up better to trade than you are. joe: i want to go back to what you said. it has never been a good idea historically to sell into a panic. your ownlso said for client that you don't see a lot of selling and you do see a lot of commitment to weathering through this. what is your overall gauge? who is selling? who is panicking? coolre keeping their heads in deciding -- i can stomach this volatility right now? who can stomach it and who is being washed out? brent: i'm not sure i know who those people are. if they could raise their hands, that would be great. keeping your head is a best strategy going forward.

i have done this for 25 years. ,nce you make the cell decision the decision to get back in becomes that much harder. you have two really hard decisions, make the second one. when i compare these events to the last two bear markets, the one in 2001 involved terrorism. in 2008, the great financial crisis was also really open-ended. this one i do think at some point based upon science and passed viruses -- and past andses, there will be an at some point and on the opposite side will the an american economy that has adopted and pushed forward. joe: a hopeful note. our thanks to chief investment strategist, brent schutte. that does it for "the closing

bell." up next, "what'd you miss." this is bloomberg. ♪

bloomberg'som headquarters, i am joined by scarlet fu and joe weisenthal. they are sheltering in place. i'm looking at stocks finishing in the red following a three-day advance. there was a headline about the fed reducing its daily

purchases. that may have accelerated the losses into the cause but it was a down day from the get-go. that does not take away from the gains this week. looking at the market overall, some say stocks are showing signs of fatigue. credit risk rising after staging its best weekly rebound since 2011. we want to bring in paul, founder and chief investment aticer of the solutions team a investment. it is march 27. we are approaching months and, quarter and, in fiscal year end. we ended the week down, we did have a pretty strong week overall. how much of the rebound that we saw in stocks earlier this week was tied to rebalancing

following the deep selloff in treasuries? and how much more rebalancing is there to go? managerst portfolio see rebounds at the end of the month. general, the closer to month then you rebound the closer you are to tracking your benchmark. people don't want to take unintentional bets. i chalk it up to an oversold market. the news being fully discounted at the moment plus the fiscal package. >> i don't think anyone thinks we are out of the woods. in washington, president trump is set to sign the stimulus package we have been waiting for. the idea that a lot of that money will go to businesses big and small presumably to help

avoid some of the mass layoffs that we had a taste of this week with unemployment claims numbers. when you look at the credit risk , when you look at the balance sheets, do we have enough cash on those balance sheets, do we have enough stimulus coming down the pipeline to help defer a massive amount of potential defaults? paul: the fact that the economy was in very good shape going into this and when you look at investment-grade companies, they do have a tremendous amount of reserves and the ability to weather storms. that is a you get an investment grade rating. those companies have to have done better than high-yield companies which have been hard -- which have been hit harder. investment-grade companies should be able to weather the storm and with the fiscal help,

smaller companies should as well. joe: where do you see or what would you look for in terms of an economic data on the virus itself, policy response etc. to say this is what a durable bottom looks like or at a minimum, this is what -- this is where a case can be made to go out on the risk spectrum instead of hanging out in safe credit or short-term government bond. paul: that is key -- that is the key question. the three things we are looking for is a leveling out of the infection curve. we would like to see at level out from being exponential to flat. we could have more cases but not at an increasing rate. we want to see recession level

pricing in the capital markets. we got pretty close to that last friday when things were down severely. finally, complete washout of any bullish sentiment. thatwould give the signal it is time to start adding to risk assets and equities. it is important to remember that almost 70% of the time in bear markets, we make a double bottom . and in some cases we will make a little -- a new low. it is a combination of the three things i stated plus recognizing that it is likely that we test the lows again before we make a durable rally here. scarlet: to follow up on your comment about recession level pricing, is that the same across asset classes? you mentioned that last week we may have seen it. we know credit leaves. is there an asset class that lags? paul: i will turn that questioned the other way and say we are still in some cases at recession level pricing in some of the credit markets.

there is a lot of opportunity there. a lot of the lower prices are caused by dislocation due to poor liquidity. we look at commercial backed securities which are down 12%-18% from park on relatively good credit quality because people are coming in that have to have a bid. same thing on investment grade. investment etf was down 13% last week which was crazy. tremendous value. there are leaders of value and there are things you can do right now without needing to buy a a lot of equity. you can buy things that are pretty cheap and high-yield. in terms of laggards, the s&p itself will probably be the laggard. i think it is too late for the equity market. and probably too late to get 100% conviction on those things i mentioned. voyaour thanks to paul of

investment management. coming up this hour, steve ballmer speaks with our own emily chang, live. this is bloomberg. ♪

at the end of an extraordinary and volatile week. which is in the middle of an even more volatile period. n, the to bring in been chief investment officer at qvr. when will the volatility slow down? days in ae have a few row of 1% or 3% moves? ben: i don't think it will happen anytime soon. withis a broken market

terrible trading liquidity conditions and equities and fixed-income and commodities all over the place. investors trying to move risk around at the end of the day like you did today with the 3% selloff rate at the close, like yesterday with the 3% rally in the last 10 minutes -- look at the equity futures market there is one future on the bid and when future of the offer. other folks are coming into trade and you can't move the market in incredibly volatile ways. in: there is a cliche, even normal times, whenever there is big movement, people shake their finger and say it was the algorithms or the robots trading the market. can you decompose the move between discretionary, long-term

traditional type investors versus moves driven by more systematic or quantitative strategy? ? ben: there are a couple of different buckets to break down there. ultimately, the problem in some sense given poor liquidity conditions are large block trade. people or institutions who are trying to move a lot of risk in a short amount of time. the category of robot trading algorithmically -- i really need to buy a billion dollars worth of stock and i will do that over the course of a day using a passive algorithm. that is quite fine and that is liquidity enhancing to the market. what we are seeing is for example, a huge market on close. that is investors who have traditionally used markets on close orders because they either want to replicate the close and

often this is real money at institutions. is a market with $100,000 or $200,000 for sale, how does that even work? that is inherently the problem. people need to adapt these market conditions to use more passive algorithmic abilities and they are not doing that. joe: we have seen the federal reserve come in and do a substantial number of things in an attempt to ease liquidity and that has eased some of the pure dollars strain we have seen. the dollar was down substantially this week. a sign of less dollar hoarding. the you sense they will need -- do you sense they will need to do more? how extensive is liquidity hoarding? ben: it is quite extreme.

the types of programs they are running trying to put basic functionality back into deeply broken markets, they are probably going to need to be engaging for a while. the important thing to note and you alluded to this is there are many different kinds of liquidity. is funding liquidity conditions. .hat is not their mandate they're are concerned about market liquidity. nothing the fed does directly has any bearing on the ability of investors to transact and move risk without making the market move in huge, erratic ways. joe: is market liquidity one to one correlated with great appetite? , that willeel better

cause liquidity to improve? ben: the key thing really here is this is very different than 2008 for example. in 2008, the banks were under tremendous stress themselves and their was deep and systemic risk. what we did after 2008 was we systematically the risked -- derisked the banks. dodd-frank. what that means is the banks are in good shape and did not take rig losses at all and generally made a lot of money with derivatives and portfolios. the losers were hedge funds and asset managers providing banks with that tail risk. in some sense we have protected the banks. the flipside is that banks are not taking risks.

they are no warehousing inventory or facilitating financial innovation. you have a stressed financial market. this is what the regulators wanted. the banks are not blowing up but maybe we are finding out that we went too far when thinking about how to keep markets functioning under stress. joe: thank you so much for your perspective. we will continue to watch. qvr advisor, ben. former microsoft ceo and l.a. clippers owner steve ballmer joins us to discuss basketball, the economy, and the coronavirus. this is bloomberg. ♪ [ "one more time" by daft punk ]

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>> welcome to bloomberg television and to our bloomberg radio audience. i am joined by steve ballmer, the former ceo of microsoft and the owner of the l.a. clippers. always good to have you with us. about an ask you important initiative that you have been working on via usa fax. you started this organization to dig into data and you have been digging into data about coronavirus. you are releasing a slew of new facts today. talk to us about what the data is telling you and the surprising trends you're seeing.

steve: let me share a little bit. faxmentioned we started usa -- usafacts focused on taking u.s. government information and publishing it. it has been hard to service and bring together data about the disease all the way down to the county level. we have essentially been sourcing data from the cdc but from county health departments bringing it together and publishing it on a county by county basis. information from the cdc itself and 20 government agencies for this amalgamated view of the information. theink it points to importance of integrated government data telling the story. -- t: emily: we have all been overwhelmed by fax of the curve and the rising number of cases. in your estimation, how much

worse is this outbreak going to get? steve: [laughter] i was someimply like kind of forecaster. we don't do that in general and specifically in this area i would not do it. if you take a look on a county basis at what is going on, you continue to see counties in --ch the lives of new cases the rise of new cases continues on and almost exponential level. the epicenter at the outbreak where i live, we have started to see a gradual, gradual if you well, flattening of the curve made to believe that i can have some optimism. not that people will suffer greatly from the disease but perhaps there is light at the end of the tunnel. similar to what people saw in south korea and china than what people saw in italy. if you look at the data, with the right precautions, there is

opportunity for progress. emily: you were also looking at the industries that will be hardest hit whether it is the airlines or restaurants and food services, where do you think we will see the biggest brunt of this economically? of peopler 8% employed in america actually work in the for -- in the food service industry and what i mean includes restaurants and bars. not just food development and food growing and distribution. food service. 8% of the population. a share is not that big of gdp, and mostly people look at gdp numbers, from an employment perspective where i think the rubber will meet the road in terms of how well people live -- people have to keep their jobs, have sick leave -- with the new senate deal that

was approved yesterday, there is government relief coming and we are diving into that and bringing the relevant data to usafacts. -- low-paying jobs typically with out sick leave. , what is your view of the market going forward? no one knows exactly which way it is going to go but i know you're still a huge holder in microsoft. it has managed to stay up the $1 trillion margaret -- market cap. what do you see in the bigger macroeconomic picture and for big tech? steve: not necessarily a prognosticator but at the same time, i think it is fair to assume that the markets will stay volatile. i think they will stay depressed for some time. i think tech specifically from a

p&l perspective, depending on where you are in it, it will hit be hit lesswill th if you will. zoom, will continue to get used maybe even at a higher rate during this time of crisis. zoom is a competitor of microsoft teams and zoom stock has been almost countercyclical during this time. one of the few stocks that has moved up as we see more people work from home. is speakingresident very optimistically about reopening the economy potentially by easter and you have health experts saying that is too soon. who is right? steve: well, in general, i believe the scientists.

i do think there is a good point here. there is a three-step cadence we need to say. number one, we have to do the things with urgency that the scientists tell us to do to hit the flattening of the curves. number two, we have to take care of people economically right now . the economic hardship is to punishing. -- is too punishing. number three, we do need to restart the economy. but it is getting the cadence of those three that is so important. we are giving people the money. the democrats and republicans have been able to agree on that. we have to be ready, ready for the third step which is to reignite the economy. emily: i have to ask you about basketball. you are the owner of the l.a. haspers and the nba suspended the season.

the league is working on the losses. what projections are you seeing in terms of the loss for the clippers and what is the most likely scenario for resuming the season whether it is in las vegas or otherwise? steve: let me answer the second question first. the office is working on thoughts about where we go from here in terms of a season or whatever may be possible or probable. i will not choose to comment on that. i will say it would be great to place a basketball but only if the time is right and the circumstances are right. in terms of the clippers, we are being diligent about continuing to pay our employees. especially for the smaller vendors, we are fortunate and we are deep pocketed so we are trying to take care of our vendors. to whom t-shirt vendor

we had committed $100,000 for playoff t-shirts. it is important for us to stay committed to him. yes, we will lose money. and i think at the same time, that is going to be true for a lot of businesses. i have been very fortunate in life and i want to make sure of not help take care only our own employees but the population if we can. at staples center where we play our games, we were sure to pay all of the staff, that work during game days. they were counting on that income through the end of the season. emily: any idea how much money? steve: [laughter] well, let us just put it this way -- it will be eight digits. how about that? what we to start with were going to lose before the

seasons target. net, it will be an eight digit loss for us, i.e. $10 million. emily: steve ballmer, thank you for joining us. back to you guys. >> let us get over now to the first word news with mark crumpton. this afternoon at the white house, president trump signed the $2 trillion economic stimulus package that passed the house earlier. it is the largest stimulus package in u.s. history. the massive plan was approved on a voice vote but only after massey -- italy is reporting its deadliest day so far. the number of new cases actually declined today. fidelity's from the disease shot up to nine hundred 69, the most in a 24-hour period since the start of the outbreak. italy has more than 86,000 total

cases, roughly the same as the u.s. and more than china where the disease first occurred. boris johnson has the virus experiencing mild symptoms and had a test yesterday. video on twitter saying he is in self isolation and his downing street offices. let us go to president trump now at the white house. we are is thep: -- they are setting aside their differences and putting america first. this legislation provides for direct payments to individuals

to support small businesses as well. we are going to keep small and big businesses strong keeping our country strong and jobs strong. 300 historic bill includes million dollars and wrecked cash payments available to every american citizen earning less then $99,000 a year. for a typical family of four. $3400. retentionon in job loans for small businesses with loan forgiveness available. for businesses that continue to pay their workers. the workers get paid. $250 billion in expanded unemployment benefits. the average worker who has lost his or her job will receive 100% of their salary for up to four full months. things like this have never happened in our country. $500 billion in support for

hard-hit industries with a ban on corporate stock buyback. and tough limits on executive compensation. over $100 billion to support our hardware away doctors, nurses, and hospitals and you see what is happening. while we are here, i want to thank the incredible job done by the army corps of engineers and ima. it is an incredible -- and fema. it has been incredible. they did several hospitals in new york. $45 million for the disaster relief fund. supporting our state, local, and tribal leaders. 27 million dollars for the development of vaccines, therapies, and other public efforts including to build up the national stockpile.

we have tremendous supplies coming into the stockpile. you will be seeing that and hearing about it a little bit because we are doing a news conference at 5:30 p.m. on what is happening. we have had tremendous results on the respirators. onhave had great results just about everything we are talking about. would just announced they be making the plastic face shields, the actual shields which are hard to come by. they will be making them by the thousands per week and the ventilators. it is like building a car. we will be announcing thousands will be built. we have them under contract. we delivered thousands to new york. they were delivered to a warehouse where unfortunately they did not take them but now they are. we are distributing them around the areas where they need them.

replay $5 billion to states to expand childcare benefits for health care workers. first responders and others on the front lines. and $1 billion for securing supplies under the defense protection act. act and weted the have used it three or four times. i have pulled it back three times because companies came through. i did not need to act. it has been great leverage. we thought we had a deal for 40,000 ventilators. but that number came down to 6000. and they talked about a higher price than what we were discussing. i did not like it so we did activate it with respect to general motors. maybe we won't need the full activation. we need the ventilators. i said -- i called him a wonderful guide, porous johnson. -- boris johnson.

before he even said hello, he said -- we need ventilators. a big statement. i just spoke with angela merkel. she is also quarantined. for a period of two weeks, she is being forced to stay in her house. this is an incredible situation. last night, i spoke with president xi. we talked about the experience they had in china and the things that have taken place. we learned a lot. they have had a very tough experience. they are doing well and the president is doing well. we learned a lot and we have great communication together. we will be sent to great data from china. and information from their early experience. much was already sent to our

scientists yesterday. we will have more on that as well. i want to thank the people behind me. they have been incredible friends and they have been warriors. there is no one tougher or smarter than those standing alongside me. i want to start with mitch and then kevin and then we will go through a few of the folks in the room. love for you to say a few words. this man worked 24 hours a day for a long time and this is the result. the biggest ever approved in congress, $6.2 trillion. we used to get used to the billion. it used to be million and then it was a billion and now we are at a trillion. mitch mcconnell, please. mitch mcconnell: this is a proud moment for our country.

the president, the republicans pulled together and passed the biggest bill in history in record time. i also want to thank kevin mccarthy and our leaders on the republican side and house that helped speed this through to passage. the american people needed this rescue package and needed it quickly and we delivered. it is a proud moment for all of us. president trump: i would love to shake your hand but anthony would get angry at me. [laughter] it is so natural. i just want to shake his aunt. kevin mccarthy: you do your part and we will do hours and that is what is happening today. what leader mcconnell did was amazing. he made it bipartisan and bicameral. i wish we could've signed this earlier this week. tos will put people back

work. i also want to thank secretary mnuchin. you've done an amazing job. and all the team that here. as i said in my speech, the virus is here. we did not invite it. we did not choose ed. we are going to defeat it together and work together. this is the start of it. the hospitals will get the money they need. small businesses will be able to hire back their employees. it is a grant. other businesses get a retention to keep their employees on. and to the task force and the vice president and the work you are doing with this president, this will be the needed resources you need as well. president trump: mike pence? could you please say something? you have been working very hard in charge of our task force. buys president pence: thank you, mr. president. : thank president pence

you, mr. president. that ismplishment reflected in the legislation that you will sign in a few moments. you told the american people that we would do whatever it takes. you called on the congress to step forward and make corona virus testing free for every american. to pay -- to make paid family leave available. leaders stepped forward in a bipartisan fashion and delivered to. today, every american family, every american business can know that help is on the way. i want to thank leader mcconnell for his young men's work -- yeomen's work. i also want to thank the democrat and republican leadership across the house and senate. this is an american accomplishment. and mr. president, this is exactly what you asked congress to deliver to the american

people. president trump: steve mnuchin. secretary mnuchin: you made it clear to us that we should think big and that this was a war on the virus. we should have the resources to protect american workers and businesses. it was a great honor to work with you, mitch and everyone on a bipartisan basis to get this done. this will be a great thing for the american workers. kevin mccarthy, thank you to you and all the house did to get this passed quickly. at the treasury, we are committed to moving forward quickly and get the money into people's pockets. >> this is a great day for the american workers. protecting american workers and jobs have been a hallmark of this presidency. is another important step in that direction including

unprecedented support for american workers who lost their jobs through no fault of their own but because of the virus. it gives them as near as we could the same wage that they would've gotten. i think even more important, it includes three and her $50 billion in loans for small asiness but is structured in way to incentivize them to keep soir workers on the payroll the loans can be forgiven at the end of the pair euro. and this is on top of legislation signed last week for paid leave for workers that have to be home because of the virus. paid leave reimbursed in full to the employer dollar for dollar. that also was achieved on an unprecedented bipartisan basis. this is the third major bipartisan piece of legislation in three weeks. three bills, three weeks to address this virus. want to thank the president for his commitment to the workers and the vice president as well and leader mcconnell and my

colleague, secretary mnuchin. dr. fauci: i want to thank everyone involved in this. this is what america is all about, a bipartisan approach. to do something sorely needed by the american people. medicals and i and our people here are fighting the virus but it has an impact on the american people through illness and death but also indirectly. many of the things we have to do to suppress the virus have a negative impact. to get the relief economically is absolutely essential. i feel really good about what is happening here today. thank you, all very much. >> thank you, mr. president. covered this very

well. i work for him and he was my mentor. whenever you start with one of these very serious diseases, a pandemic, the first goal of the president was ensuring the health of a american people and that is why we put out these very strong guidelines. it is been a pleasure working with the economic team here because they understand the data in the same way. economic and health data are very similar. recognizing the health of the american people is first but the economic value of the nation is also critical. i want to thank all of you for what you of done for the american people. , i don't know ago if anyone could've imagined how hard we would be hit medically or economically. 20 days ago, i don't think anyone could've imagined congress pulling together so quickly and forcefully behind

what the president identified we needed for our country. this is a problem for all of us. an example of what leadership can provide here in the white house and how we can respond as a congress. thank you, mr. president for your leadership. president trump: kevin was saying 20 days ago we had a smooth running beautiful machine . we have the greatest economy and the history of our country. we had the highest stock price we have ever seen. it went up 151 times during the course of the presidency. and then we got hit by the invisible enemy and hit hard. 151as not just us that countries as of this morning. you call germany and speak to angela who is in quarantine. and boris was diagnosed as positive. .nd all these things happening

in such a short period of time. because of the talent behind me and a lot of other talent in government, this is a big part of it but not the biggest part. everyone has pulled together, our nation has pulled together. the spirit is incredible. the people have pulled together better than anyone could've expected. just to show you how life can change, 20-22 days ago, things are looking perfect. i wondered when we would hit 30,000 -- and then one day we are hit with something no one has ever heard of before and now we are fighting a different battle. i really feel in a short period of time because of what they have done, i really think we will be stronger than ever. we will be protected from a lot of this. a lot of this, anthony, that we

are doing now will protect us in the future. stockpilesg and even , the vaccines, hopefully. vaccines, cures, and therapeutics. i think we are a lot of progress on vaccines. and perhaps on cures and therapeutics. anyone else? >> i have never seen you shy away from a challenge. your leadership and policies and this great team brought america this enormous economy. step inl is the next that and we can build back this economy under your leadership. we are doing the right things for the american people. it is not easy. we don't want to shelter in place as americans especially in the northwest. we know we have to do this for

the safety of our relatives, community, and country. >> on behalf of small businesses, the backbone of the american economy. half of the people in america are working for small business. i am from ohio. back there, nonessential small businesses are shut down. without this legislation, it is questionable if they would reopen. they now have a great chance of that. those people that work for small businesses that are shuttered down will be paid. that is really important. this would not have passed without your leadership, mr. president. thank you. trump: this would not have happened without eric. eric, larry, would you like to say a couple of words? >> thank you, mr. president and vice president. you encouraged your team to be

bold, brave, and go big and we certainly delivered today. $6.2 trillion is tremendous. we have major that we can reassure americans that their paycheck is protected and their earnings are protected. we made sure that we can provide significant reinforcement to the american economy as a result of your leadership. finally, looking ahead to address the virus, we have included significant resources in order to ensure the therapies and the vaccine can come online as quickly as possible. the protection of the public health and the economic health of america is what you directed us to do and we worked hard to deliver today. trump: and i know that steve will work very hard to get the money out quickly. hats off to mitch mcconnell

who did an amazing job and house leadership as well. i agree with the bipartisanship. special thanks to my friend, steven mnuchin and though i think did an extraordinary job. we were out there helping in one way or another but he was indefatigable. a few months ago, this economy was roaring. ug,have hit this bo, thi this virus. this assistance bill which does have growth incentives will help lead us back to a strong economic rebound before the end of the year. president trump: i think so also. i think we will have a rebound like we have never seen before. it wants to rebound so badly. you can feel it. we have had the biggest ever stock market surge, two days ago

and yesterday was great. three biggest days in the history of the stock market. it wants to rebound so badly but we have to get rid of the virus. i am going to sign this. it is a great honor. $6.2 trillion. we cannot chicken out at this point. thank you all. [applause]