back it will take time. but we will get there and be positive things are going to improve. >> speaking of coming back, stocks are certainly trying to do that. dow is down 1% now, but you can see the move well off the lows continuing as we speak really across the spectrum. the nasdaq is positive, by the way. s&p and dow are moving there we're watching the dow "the exchange" starts now. scott, thanks. welcome, everyone. as we continue our special coverage of the market in turmoil and it's been weeking of m turmoil at this point. the fed announced a barrage of new programs to keep the market functioning. that now includes a, quote, open ended commitment to keep buying bonds and other assets the gains didn't hold as investors continue to await movement on this massive stimulus bill. the vote would just bring the bill back to the floor we will also be speaking with

nec director larry kudlow in a few moments. the dow has wiped out all the gains since president trump's election still odd about below 19,000, 18,917 i guess you can say we are off the lows, though, sir. >> yes and i think the important thing is when you are reacting a little bit to schumer's comment about a deal being closed. you can see the markets here still down but well off the lows here i think the important thing was we have been in a very wide day range. 100 points on the s&p 500. the low was in the middle of the morning, about 21.92 we have been hearing senate schumer saying very close to yield. both sides talking about this very close so obviously the market is coming to believe that something good is going to be coming unfortunately the banks are just in terrible shape today. banks are at an eight-year low energy stocks also not recovering much. the real estate investment trust

down capital is getting hit hard. but other spectors of tech are trading up i want to know if the bank is very weak today. even though there are other kinds of lenders like lending tree also noticeably down today. and the mortgage insurance companies all really weak. obviously concerns about their ability to provide all the covers on claims they may or may not be getting. >> that's a big decline. 16%, 18% of those groups, bob. the senate is set to hold a procedural vote this hour. treasury secretary telling cnbc earlier that congress is, quote, very close to an agreement and he emphasized they must get it down today >> to our people in washington, get off your asses, okay

there will be plenty of time to argue philosophy. >> well, where do things stand and the next important steps to watch at this hour and if any progress is made. >> and they did have those meetings this morning, kelly there does seem to be shared sentiment about today being the day that something has to be done as always in washington, on the senate floor, we're about 20 minutes into an hour of debate and debate it is tensions are high. voices are raised. and you are seeing senators from all of these states coming forward in exactly -- saying exactly what's going on on their home front with the financial realities are and what they need to see in this bill in orderfo their vote to be secured you heard the senate from south dakota saying there is enough money for small businesses and the economy is burning and it needs to go forward right now.

hospitals don't have cash flow to operate beyond 60 days stressing the urgency of providing more money to the health care system democrats have been asking for more money for health care, for more money for states and local governments and more climate mandates to be tied to aid for airlines and other industries that burn fuel to that senate majority leader mitch mcconnell said if you let the entire economy crumble, that will lower your carbon footprint all right. this is where the bill that failed in the closer vote stands right now. you could have these $1,200 payments to adults $500 for children below a certain income threshold $50 billion to small business. $500 billion to state and local governments and $100 billion in direct payments and med care payments for hospitals and then a broad bucket of $500 billion in loan guarantees for businesses so that is where it stands right now. a senior administration official tells me the progress behind

closed doors is slow and steady, that the white and house congress are working towards solutions. but clearly today will be key and we expect that vote to happen later this hour. >> thanks for the update we appreciate it in late february, our next guest came on the show to try and reassure the markets about the spread of the coronavirus in this country >> we have contained this. we have contained this i won't say airtight, but pretty close to airtight. we have done a good job in the united states. >> well, a month later we're in a completely different situation obviously. with me right now is the white house's national economic counsel director larry, it is good to have you here do those words echo in our ears? >> well, look, when i said that, this is right after the president boldly put travel restrictions on china. when i said that, it was true actually only about 50 cases now. i don't believe anybody could have predicted or expected the

kind of dramatic surge that we have been doing as this thing takes over i'm just saying i'm as good as the facts. the facts change of course i have changed my view but that's what i was trying to communicate at the time. it was in hand and it was contained. now we're way beyond that. again, nobody could have predicted or expected this and we're working on, you know, we're working on this financial package to try to keep the economy going again. that's the important parent. >> there is two other comments you made that people i know are a little upset about it was in late february saying that, you know, you could look at the market, the stock market, take a look at it, it was cheaper than it was. that was 35% ago, telling david you should go to work, go about your business. america should stay at work. i mean, why -- was there anything that you guys were told at the time that indicated coronavirus needed to be taken more seriously or not? or were you not given that

information? help us understand >> well, again, the situation overtook a lot of things, and we have had to change our strategy just like every other country in the world had to change our strategy so regarding the market, right now i would probably make the same point the secretary mnuchin made at this point if you are a long-term investor, i would bet on america and i would stay in the market and i might want to buy. you have a 30% dow we have been through these things before, kelly 1987, 2008 i think it's -- the market becomes more attractive. multiples have come down that's not the key point now but for long-term investing, i always stay with america and the key point right now, if i can get back to the financial assistance package, this is the largest main street financial

assistance program in history, main street. we're talking about helping individuals and families and small business and the workforce. again, if you are a solid company at the beginning of this year, january 1st, you're going to be solvent. we will make sure you will be solvent on july 1st. okay we will keep that good businesses in place. and in particular, in particular i want the federal reserve lending program, which they have expanded under 313 with the treasury department, they have now done a great job they have expanded this to small businesses, student loans, automobile loans, credit card loans, money market funds, commercial paper and a variety of other points. the key point is this is a transparent program. the treasury exchange stabilization fund provides the equity so the federal can make the funds and the loans will get to main street the loans will get to the maul

business which can continue to pay the workers very rapidly that's the key point i want to make here. i think that's why this bill has got to pass in order to shore up the economy and bolster the economy so we can get through this i think it is a matter of weeks and months it is not years. that's why this package is so important. >> larry, why do you think that -- let me, i guess, phrase it a little bit differently. we hear now this discussion by the president but by others about whether we should keep this economy sort of open, so to speak and functioning as much as possible or whether we need to shut down things entirely in order to contain the human toll, which threatens to overwhelm the health care system can you explain to us what the swing factor is? in other words, at what point do we determine that it's safe enough for the country overall or for region by region to go back to work are we going to quarantine just the most vulnerable population

what does that mean when we say we will reassess and see whether the economy is going back to normal what will make that determination? >> well, i'm not the health expert we're going to look at a lot of things i think what the president is expressing, and i have heard this from a lot of various smart people active in the economy and the market at some point, you have to ask yourself whether the shutdown isn't doing more harm than good. in economic terms, perhaps in health terms i'm not the health expert. i think, as my friend scott gottlieb wrote in the journal today, widespread testing will probably help to isolate, as you say, geographically. maybe that's what we have to focus on i don't want to make any commitments here i'm just saying people are asking whether the shut-downs are not making the patient worse. i can't answer that, kelly

it is not my place to, but i think it is an appropriate question again, i come back to the financial assistance package i want to keep -- i want to keep the small businesses open. i want to keep the workers working. i want to keep the payrolls intact and we're willing to do whatever it takes, working with these assistance programs, wokking with the federal reserve and the treasury programs. this is the essential point. let's -- this is an incredibly difficult challenging period no question about it it's completely different than it was a month or six weeks ago. everybody knows that i don't think we should have to harp on that point the point is from here, can we keep the u.s. economy going? can we bolster the economy can we help the workers and the families and the small businesses i believe this package is incredibly important the sooner they get it done, the faster it's going to start helping it this will hopefully get us through the next bunch of weeks

where we think the worst difficulties may lie. >> absolutely. let me think about the access to this money coming up from people that say how where do i go to get the money is it to my bank or is, as you just referenced, something that comes from the federal reserve? how does this work where should people go >> well, that's a good question. i think the federal reserve lending will run through the markets, first of all. you have got a lot of securities that they're backstopping right now, asset-backed securities secondly, the assistance will probably run through the banks most of it will run through banks that will get it into the small and medium businesses. and they can -- that can be done pretty fast. because, remember, the treasury and the u.s. government is backstopping we are essentially guaranteeing this so those will be the two avenues. now, the other parts of the

package, the $3,000 per family, for example, i think most of that will run through the irs, and that will be a rapid delivery system. unemployment compensation where we, you know, plussed it up so that unemployment insurance will be equal to your wages, that will run through the unemployment system. some of that might run through the irs. i think those delivery systems have to be worked through. could be done fairly rapidly, but i think the banks are going to play a big role i think the reason that the exchange stabilization fund is so important is that provides the equity from the feds lending programs that provides the guarantee for it and that's why talk about, you know, slush funds and so forth, it is just not the case. again, this is the largest main street financial assistance program in history it is covering everybody it is not just a couple of companies. it is going to cover the whole broad-based economy. and it's going to fund small and

medium businesses as much as more than anything that's half the economy right there. so you are really going right after it and it will be broad based it is not going to be limited to a few corporations not at all. >> are there strings attached to the corporate lifeline, as you call them, that have to do with buy backs that have to do with employee pensions, things of that nature? and will the taxpayer see equity because like tarp, we made a ton of money on that ultimately with the government so to speak buying in at the lows. what are the strings that you would attach to this, if any, in this package as this continues to be worked out >> well, i think it's going to be worked out. i think some of those conditions will be attached i myself particularly like the taxpayer taking a piece of equity in these loans, as you

noted. that turned out very well ten years ago or so. and could well be tried again. warrants are a possibility i don't want to get ahead of the story and i don't want to get into too many of the details because those are under discussion other conditions may enter in or it may not enter in. i don't want to get into that. but i kind of -- myself personally, i kind of favor the taxpayer equity because we will get paid back by this as the economy will recover i mean, the prayer here, kelly, is that we are talking weeks and months not years, okay i don't know that. i can't predict that and that's why i said, you know, my containment remarks four, six weeks ago were based on facts. today the facts are much, much worse. i get that on the other hand, a lot of the experts believe it's going to be a matter of weeks and months and if that is the case, then this assistance program will bridge us to the other side, and

there could be a strong recovery there could be a snap back the economy was very strong, as you know january and february were very strong months before the virus took off we're hoping to pick up where we left off, and that's why we want to maintain the payrolls and the individuals working and the small businesses you know, you can't have a good job unless you have a good business to work out so both sides will be impacted and that's the hope that we have we get to the other side of this, we will come back very strong america usually does. >> well, and that's why we're watching so closely obviously all the action on capitol hill this morning one final question is there are smart investors i talk to who look at the credit markets and say it's going to get worse in the stock market before it gets better is there a plan? we have already broken the glass. the feds have thrown everything it has there is there a further plan, a backstock if the stock markets look a whole lot worse in the

near future, or do we have to accept this is part of the process of discounting this hit to the economy which some think could be 30% to 40% in the third quarter. >> well, look, you know what, kelly, i'll cross those bridges when we get to it. let's do this one step at a time let's get this financial package, i'm calling it a mainstream package, that's basically what it is to help the workforce and to help families, okay let's keep the businesses that were solvent at the beginning of the year solvent through the summer let's keep the assistance programs in place. i don't want to make any forecasts on that. we could conceivably come back with more or as you implied before we might have a different strategy right now we're committed to this financial assistance. nothing in my view, nothing is more important than this financial assistance package that is before us. i hope they do get a vote today. >> larry, i just have to ask you

on a personal level before we go, what is your number one regret about this past six weeks? is it the cdc didn't do a better job of telling you guys what was going on or getting the tests ready? so much time was lost. i understand we haven't been through something like this before in the u.s., but asian countries had. what is kind of the one thing you just sit there going, if only we had done this different or someone had just told us? what is that one thing or maybe there is multiple things. >> i wouldn't. this is a hard, difficult decision have we ever been in a to sis like this before no at least not in my time. i have been through a whole number of crashes and downturns and this and that, nothing like this i'm not going to pick apart. i'm not going to second guess. i think we have to look ahead. i think, you know, people in this administration have been working very, very hard. we've got really smart people, the health people are working hard, our economic teams are

working hard we're dealing with the unknown and we're doing the best we can. so i'm not going to single out one thing. this is what it is, and we're trying to cope with it as best we can virtually the entire country is mobilized. the president -- the president has been, in my view, he has been a terrific leader in this he was early with the travel restrictions, and he was early with the task force. and we have been early in communicating and working with the private sector and trying to develop remedies and therapies and vaccines and he was early with the european travel restrictions we have done what we can things turned out to be much, much, much tougher than anybody dreamed possible so i don't want to get into the blame game or the second guessing game. we are doing the best we can, mobilizing america's resources and i think if you look down through history, kelly, america's resources usually work out very, very well and we are capable of dealing with problems

and coming out the other side and even better shape than we started. >> yeah. for me it is not the blame game. it is lessoned learned this is probably not the last time we will deal with something like this. hopefully it is the last for a while. but coming out the worst month of the market. i just don't like these kind of stats, you snow. >> well, you just have to move through it again, i can't predict all i know is we have completely mobilized. it's government-wide, but it's country-wide it's america wide. it includes the smartest people in the private sector, the scientific and medical community. we're just doing the very best we k.i think you have to keep your chin up and i think you have to have a lot of faith that we will get through this i personally believe we will you know i'm an optimist and i work through with you and others when we were broadcasting during '08 and '09 and '10

we came out of that and we got even better. in recent years the economy picked up. i will give the president's policies before this tragedy, the economy was doing extremely well by all accounts. there is no reason why we can't pick it up from there. there is no reason why we can't get through this period. and these large market declines can reverse themselves very rapidly, kelly and over time, that's the history of the u.s. stock market it takes its hits, sometimes brutal hits, but it managed to come back and grow that's why i think long-term investing is still a good idea. >> all right larry, thank you for your time today. we appreciate it very much a big day. larry, thanks. the nation until economic counsel director referring to the stimulus deal, we are awaiting a vote to see if it can back to the floor in the next hour or so. mr. kudlow saying if you are a long-term investor i would bet on america, adding the stimulus

package covers the broadest economy. the fed move today is crucial and will provide a backstop. i'm joined by art hogan and bill smeed. bill, i'll just start with you some thoughts here about what we have heard from larry kudlow but we have heard from the treasury secretary and david temper what's the take-away here? because for all of that, the dow is sitting down 140 points and the credit markets just don't look that great right now. >> well, think of world war ii and think of we're a nation of george baileys we're fighting the battle of bedford falls, right we're fightinga war by restricting our business restricting our movement and

activity each time we have a crisis whether 11% inflation in 1981 and they tightened credit to 18% or whether it was the tarp that you mentioned in '08, $800 billion worth of bank purchases of very unpopular medicine, by the way, and enormously, enormously unpopular medicine that spawned occupy wall street, now the medicine is stop business so the question for investors is will the medicine come off at some point and that's a lot easier than figuring out whether the tight credit will work or the tarp plan will work because we know that when you get done that people will go back to their lives. and so that's why it's so interesting, kelly

one last thought on that in the first gulf war, the popular stock was ratheon because they had a way to shoot down scud missiles i had clients that would call and say, we want to buy it you don't buy the thing doing the best in the emergency because when the emergency disappears in six months or twelve months, you would have over paid for it. >> i imagine you are not a fan of clorox right now. we know how you feel about netflix. art, as we digest all of this, the nasdaq up 1% now heartened by comments from senator schumer? how many depends on this stimulus bill right now? >> yeah. that's a part of it. you need all three of these legs to stay in place and bunkers firmly in place with pulling out of a moment of doing whatever it

takes of putting numbers behind it and the health care response has been massive albeit starting too slowly, but the massive response now in terms of getting testing that's why we're seeing numbers explode. the third thing, we're close enough that we can almost guarantee what the response will be this week it may even be over the next two days i think what we're forgetting here is one of the throws of this, as we're in that upward exponential curve in our coronavirus infections discovery, the other side of the planet, right, we've got china where they have actually have rush hour traffic in beijing today. their new cases peaked and they slowly got back to business. that's also holding true in germany. same thing in buelgium these things run their course at some point in time and you do

actually get back to work. we don't know when that will be. but we do know there will be a point in time when our new case discovery isn't growing exponentially and we can go back to work and go do the things we're forgetting. >> one follow up is how much will the market drop >> i think it would be like that bonus on tarp when that didn't pass, we watched that on live tv, if you can recall. it's just a major disappointment so we were to see that even getting held up. this market will be able to go pretty quickly. >> i'll bring you back in for a final thought here i know you share that point of view and the stocks you buy people don't want the bank of americas, the american express. >> yeah. the tarp program of buying,

recapitalizing the banking system, the markets went lower and the bank stocks went lower and the market went 25% lower. and that's a pretty good model for what you need to be doing. the government made a ton of money buying those banks they were glereed where when others were fearful. i would be shocked when things getting beat up the most are not the best performers in the next five years if you mark something off 50% versus marking something down 15%, what are you going to make the most money on? >> people will still be flying gentlemen, thanks. good discussion today. again, the dow is down about 250 points right now, but the nasdaq did turn positive. a different picture in the oil market today it is putting major pressures on

producers. citi group saying he wouldn't be surprised to see crude oil go negative the vice chair of ihs markets. brian sullivan is here with us as well. brian, let's start with you because you have some reporting about how bad it is in the market for some of these names >> yeah. kelly, thank you very much obviously great interview with larry kudlow and he's talking about all these credit programs and acronyms and people are thinking, what does that do? why do i care? let me give you an example on friday according to two sources i spoke with, eog resources, one of the topnotch companies out there could not get a bond deal done they tried to float a bond deal on friday, couple of billion dollars to refinance obligations due next year but there was a lack of interest and they withdrew that bid. you can call it a failure or you can call it a withdrawal but here is the point, kelly

the fact that that bond deal did not get any traction, they're one of the top rated companies look at 99% of oil and gas companies that have debt that have lower credit ratings and a weakening environment. some of these environments that are out there are designed, especially the corporate buying program, to provide a backstop for some of these companies, someones that have debt coming due that wall street seems to have no interest in, eog stocks up a little bit today, but not a good day for the bond market on friday. >> so. it actually parallels what is happening. dan, have you ever seen oil prices go negative what would happen if that happens here >> well, i would say i thought that happened in the '30s. but the analogy is where we are now. they're not precedents but their analogies are 1988 and 1986. what we're looking at right now is some time in april running

out of storage because more oil is poured into the system ultimately by the end of april when that happens, prices -- that's when you should expect in april they would go lower when that happens and then that's when people start shutting in production i don't think we'll see negative although, that has in the last couple of days started to bubble up because you had negative prices in terms of natural gas. >> right people wonder if we are going the way of nat gas do you think that's possible, dan? >> no. i think people keep talking about the term demand construction this is not that this is demand contraction because of the shut down in the global economy the drop in demand we will be seeing in this quarter is four or five timing bigger than happened in 2008/2009. but when this ends, then demand will uncontract and come back. but as brian was suggesting, for a few months, it is going to be a very difficult time for these

companies both in the united states and internationally and on top of that, you still have an oil price war going on between two of the three biggest producers in the world, russia and saudi arabia. >> finally, dan, on that note, do you think the u.s. should join opex. there were reports last week that texas was calling russia or saudi arabia there could be long-lasting implications. >> yeah. they're in talk about if i can deal with that in this piece i have coming out tonight on "the washington post. i talk about that. i don't think the united states is going to join opex. this is about russia and saudi arabia i think the solution and that's what i'm arguing in this article is really in the g-20 frame work of the largest economies of the world to get beyond this impasse beyond saudi arabia and russia it could be solved by a phone call from the leaders of both of

those down trcountries. >> we appreciate the little tease. that piece will be in "the washington post. dan yergin, thank you. brian sullivan, thank you. i wish it was better news, but very much needed. let's get to the number of coronavirus cases around the world, which does continue to grow sue herera has the latest for us. >> some new numbers just released moments ago the cdc says there are 33,500 confirmed coronavirus cases in the united states, and that is more than double the count on friday the u.s. death toll is 400 that is double friday's 201 cases. spannic prime minister sanchez wants to extend the state of emergency in his country until april 11th spain has one of the strictest lockdowns inside china they only leave to buy groceries, visit a drugstore, a doctor or walk their dog and angela merkel has initially

tested negative for the coronavirus. but she will have additional tests in the coming days she has been in home quarantine since yesterday after a doctor that she saw ultimately tested positive for the virus you can get more on the coronavirus coverage we have here by going to cnbc.com. and kelly, next hour we will have the latest numbers out of italy, which may show they may be starting to peak, which would be great news. >> believe me, all the traders and investors are focussed on that data hoping for positive signs. thanks with more than 20,000 confirmed cases, new york has background zero for coronavirus. city hospitals are sounding the alarm about how quickly they will run out of supplies, beds and manpower more on how the city is bracing for what's to come. >> reporter: kelly, the new york governor says he has a two pronged plan of attack the first is to reduce the rate

of spread. he's doing that by ordering nonessential businesses to shut down financial districts have emptied out. he wants people to stay at home. what we're seeing is there are at least ten states that issued these stay-at-home orders. the second plan of attack here in new york is to increase hospital capacity. you mentioned 20,000 coronavirus cases. that's 1% of all global cases at this point and 13% of those cases have to be admitted to the hospital so the governor said today that hospitals have to aim to double their bed capacity, especially those icu beds but he says they're required to get andy asianal 50%. and fema is coming in to set up emergency hospital we know there will be at least a thousand beds from non-covid-19 patients so they won't be the cases who are going to be acutely treated in the

hospitals. and then you need additional health care workers to deal with all these extra beds the governor has a plan for that >> we are going to the entire retired health care community health care professionals who are licensed and registered saying we want you to enlist to help >> reporter: he says he's had 30,000 responses so far. and, remember, these are people who already have been licensed they're already ready to go because the insurance industry employs an awful lot of doctors and nurses and he needs them now in the hospital and not working in their insurance industry. and once more, he has called on the president to install the dispensed production act the american medical association is adding its voice saying the president needs to nationalize or force the production of these masks so that the states are not competing against each other, kelly, and driving up the prices. >> it is so eerie to see the

streets empty behind thanks coming up, the president tauting a combination of drugs he says will combat the coronavirus. and some analysts see buying opportunities in the wake of this market plunge we have the names when we come back ♪ ♪

welcome back with a vaccine unavailable for now, the race to find an effective treatment continues. there is a ton of confusion about which drugs are being considered and should be meg is separate fact and fiction to the extent that we can. >> things are moving incredibly quickly right now. so i'm going to tell you about three different programs the first of course is one that president trump tweeted about over the weekend it is a combination of existing drugs, a drug for malaria and an anti-biotic. he was saying this could be one of the biggest game changers in the history of medicine. well, people are saying we need more data. just from the existing data, that is not clear yet according to scientists and people in drug development. so new york is starting a clinical trial of this

combination on tuesday folks say there may be promise, but we need the trial results to be sure. i also want to tell you about a drug that is an experiment antiviral in clinical trials they have had an increase on a request for this drug because they have had so much they have had to create a more formal frame work for that called expanded access. they are moving over to that now. we expect clinical data from that drug in april i want to tell you about a development on some existing drugs for rheumatoid arthritis it's gotten the go-ahead from the fda to start its clinical trial for its drug that could tamp down on the immune response, the lung inflammation in severe cases of covid-19, so i that plan to start that trial in early april regeneron started a trial. they expect to get data within a

month, so mid to late april. they say unfortunately the trials aren't rolling very quickly. that's unfortunately that means there are so many severe patients in the hospital. everybody is waited with baited breath, kelly, to see how well this drug works. >> we're all hoping maybe if this thing comes back next year fall, winter, whatever, there is at least treatments. if not, maybe a vaccine available. but the interesting thing is that the transfer of some of these drugs to help treat coronavirus is at risk what they're intended for. >> yes, and we are already seeing that. a hospital purchaser showed that the demand they have gone up by so much that patients that take it for lupus and rum marked for identification arthritis, the approve uses are having trouble accessing it doctors say that is another

unintended consequence of all of this on an unproven therapy for coronavirus. >> can they ramp that up is it a straight-forward thing >> well, we actually have heard from manufactures saying they are ramping up, including saying it is going to turn its west virginia facility back on and should be able to create millions of doses. but this is just starting. in order to fix that problem, you are probably going to see a lag in the system. >> great info as always. thank you so much. meantime, the senate is trying again to push through the coronavirus rescue bill, a day after democrats blocked the passage during a procedural vote joining me now is senator bill cassidy. senator, it is great to have you. where are you and where is this bill as it currently stands? >> yeah. i'm in my office about to go vote democrats continues to say they're not going to vote to pass it. i'm not quite sure what schumer was complaining about. it was formed because there were five working groups that

republicans and democrats and those five working groups, the product was joined together. the speaker, pelosi, she also had input. i know that because a provision i thought would be a good idea which democrats in the senate thought was a good idea i'm told her staff vetoes there was an agreement and then pelosi and schumer walked in and blew it up they have been claiming they need more and more and more. i'm not sure what is going on. i do know that the american people there, if you will, bad situation will be prolonged because of what schumer is doing. >> one of the demands was, i think, for airlines to be -- i forgot the language exactly -- more climate focussed as a spring attached for getting the bail-out is that -- do you know what exactly the hang-ups here are? because there is a lot of rumors. >> i have not heard that but it

would blow my mind if right now they are trying to put climate policy in something we're just trying to keep the american economy going. if they are doing that, that is just incredible. what we're doing for the airlines is a loan it is not a bail-out but it will keep flight attendants it will keep pilots and ground crew, you name it, employed. if that's what they're trying to do, this is just a loss with reality. i'm sorry to be so aggravated, but if that is true, i feel like throwing a chair across the room. >> would this bill have passed already if you had your republican colleagues there? >> no. you need 60 votes. >> what's going on with the count? and who is there and who is not there? >> well, it needs 60 votes we have five people out self-quarantine. but it should be unanimous it should be truly unanimous because it was worked on on a bipartisan basis he had sign off of the white

house, the democratic leader and mcconnell and then schumer blew it up. if there is over climate change policy, i'm just stupified. >> i don't believe that's the only hang-up again, i don't want to, you know -- i don't have the information in front of me i'm sure that there is -- there is a lot that as always goes on behind closed doors here but obviously this is of the utmost urgency for the public. if this does pass, you still need those 60 members to pass it. >> we only need 60 for the procedural vote. >> 60, okay. it is hard following the senate rules sometimes. we have to become experts again in the middle of these financial crisise crises >> there will be things in here in retro spect we wish we would have tightened but what's more important right now, getting dollars to a hospital which is front line caring for people who have covid-19 and by the way still

appendicitis, a heart attack and a car wreck? the resources that those institutions need to function, financial support to provide liquidity for small businesses and large businesses that's the key thing, to keep their employees employed are to work on some of the nonsense we're talking about. yes, of course we would like to have tight tighter legislation, but i wish we didn't have covid-19 fdr once said it is more important to have energy than efficiency at this point it is more important to have energy than efficiency. >> senator, we know you have to go thanks for your time. >> thank you senator bill cassidy of louisiana. still to come here, wall street getting bullish on some stocks today. we will tell you the names and why they seem for attractive right now. this as the dow is down. s&p down 54.

the nasdaq down 33 by far the out performer, banks are one of the hardest hit segments of the markets. hitting lows not seen since 2012 earlier today they're down 7.5% right now. jp morgan, bank of america, citi group. don't go anywhere. much more here on "the exchange" right after this ear, there's nothing to stop you from moving forward.

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and sometimes, you can find yourself heading in a new direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward. welcome back the market downturn continues. let's dig through a few of them. boeing, yes going upgrading to a buy. goldman, it will be as popular as ever when the issues are resolved also, the aerospace is a long-term secular growth market. shares are up 14% today. how about jp morgan, which added

dollar general with 17 price market dollar general has multiyear sales support and a favorable pricing environment. only the lack of live sports coupled with growing consumer economic pressures could accelerate video cutting the federal reserve today announcing historic new programs to buy treasuries of mortgaged back securities in the amounts needed effectively unneeded. while this move is necessary, the current slowdown is much worse than the 2008 financial crisis dennis, it's good to see you again. little alarmed by what you're saying about the economy >> it's a bit funny to be here in my home talking to you but we got to move on

i was just thinking over the weekend, kelly, some of the -- every barber, restaurant, florist, dentist, up and down the line, the economic damage to these small and medium size businesses. >> dennis, you're cutting in and out bit. i'm going to ask a long question to see if the sound improves your next answer here but my question is having report onds what happened many the financial sis how companies were able to help start the rebound does what you see today

encourage you? are you frustrated like others that stimulus bill is not passed alrea already? do they need to be considering different mechanism of support because this is a different crisis by nature >> right given the scale of the stimulus bill being debated speed has to be paramount. it doesn't strike me as off base of some debate about what the contours of that bill are. the kpoocompany around the worl shutdown this is of a far different scale. my colleague wroets a very interesting piece today discussing the importance of sort of thinking as largely as, as big as we can but also putting some governors on what

relief looks like to these businesses they have the opportunity to pay back their loans over time create a mechanism to pay back the loans as need be >> i come at this differently is while we have never been through some like this where the whole economy and the u.s. stops working, if we see anything like a 20 or 30% drop, it's unprecedented. the last recession ended some imbalances in the economy that were unsustainable the housing bubble, was what going on the the banks, the banks are in so much better today. in this case sure the lights have gone out across the economy but when you turn them back on people will go back to the behaviors they were doing before they will use the airlines and

stay at thoels do you think things will have permanently changed. unless this becomes a full fledged final crisis, we should go back to the behaviors >> one, this assumes people will have yobs by which they will have money to spend on the things you mentioned the longer this goes on, the fewer people will be employed. we have seen estimates up to 37 million job losses which is absolutely staggering. for instance, the feds actions after '08, '09, really papered over the problems with our pension system, even some lelt care, state budgets. we're now going to have a clarifying moment for being able to sustain the standard of living that we have come to expect in the united states. i think we're going to have to

adjust those parameters. we're just not going be able to afford it. it will be a reckoning beyond individual spending. >> i'll going to say good-bye now that you thoroughly depressed me >> wait, can i give you one helpful thing? >> quickly >> one helpful thing there will be pockets of opportunity for people who can bridge between now and then. they're going to be businesses that are stronger out of this. i think behavior will change we must be realistic about what we are confronting here. going big as my colleague says, i think is essential t the. >> thanks very much. i think i hear a kid in the

background meantime the hotels are in focus as they begin to furlough. >> the number of hotel closures continues to rise. that's pushing the these operators to reduce their staff. hilton and hyatt confirm they are under going furloughs of employees following the sharp delid decli decline. hilton says it will affect tens of thousands of workers. 28 of the company's hotels and resorts have temporarily closed. some news from cvs health says furloughed workers from hilton and marriott will fill some of the 50,000 job openings it has you get some of those workers back to work >> thank you very much we appreciate it let's let everybody know,

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good afternoon welcome. our breaking news coverage of the market and the coronavirus continues. the dow is down about 575 poi s points that's off the lows of the day when it was off nearly 1,000 points it's not near the high offense the day. the market attempting to make a comeback in the last hour. the comeback fading as the senate works to get what's known as phase three of the stimulus package in the books there are now 40,000 cases of coronavirus confirmed in the united states putting it third behind china and italy as testing ramps up about half of the cases are in new york stats -- state