>> phil, thank you. we are moments away from the coronavirus task force briefing. that is set to take place at 5:00 p.m. tonight. we know that's been very important for investors, for citizens, as we all try to figure out where we are in this crisis and what the government is doing about it. >> and that is expected to start any moment now, as is "fast money. over to brian sullivan deal or no deal? stocks giving up a big chunk of their gains. signs that a massive $2 trillion relief bill could be delayed by bernie sanders and four gop senators welcome to cnbc's continuing coverage of these markets. i am brian sullivan. check out the late-day move in the market you can see the market taking a big hit into the close right at the end of the day that's as senator bernie sanders came out and said that he will hold up the $2 trillion package if the gop senators do not change their views on what he

calls corporate welfare. the dow did manage to finish the day in the green, however, but well off its highs a positive, the first back-to-back days in gains in the dow since early february a lot of today's rally driven by boeing, optimism around a bailout helping boeing post a 24% gain, its best day since the 1962 ipo we're going to dig into all this with tonight's trader panel standing by for you. plus you'll hear from new jersey governor phil murphy. that state just reported one of its biggest single-day jumps in coronavirus cases. we'll speak with the governor about what is being done to stem the outbreak and help all those hard-working men and women and their businesses in the garden state. as is becoming a trend, we're also awaiting a white house briefing on the virus. we'll bring it to you live as soon as it occurs. let us begin with that bombshell out of capitol hill. we are seeing new signs that stomach husband aid bill could be delayed

live in d.c. with more on this developing story kayla tausche? >> reporter: late-day snags in the stimulus bill that was supposed to sail through with bipartisan support after days of negotiations progressive alexandria ocasio-cortez and bernie sanders are vowing to gum up the works and delay a vote in either chamber if senate republicans succeed in getting changes that they have sought earlier today aoc tweeting, there is absolutely no good reason why senate republicans are tying a historic corporate give-away to getting relief money in the hands of families. sanders says if republicans get their way, he'll move to add more conditions to the $500 billion loan program that he is calling a corporate welfare fund earlier today three senate republicans objected to the fact that for some states workers who are laid off and get unemployment benefits would be making more than they would have made had they been employed.

they say that is a perverse incentive. here's senator lindsey graham. >> this bill pays you more not to work than if you were working. very few people are going to turn down a 24-hour dollar deal not to work. >> reporter: a gop aide says that this is the result of trying to standardize the dollar figure paid out to laid-off workers in different states. a second gop aide says that it's understood that there will be changes needed to apiece either side, but it's still unclear how substantive those would be brian? >> all right, kayla tausche, thank you very much. we'll hear much more on all of this tomorrow morning when we interview treasury secretary steven mnuchin, 9:00 a.m. eastern time let's bring in tonight's trader panel, making you feel like the "fast money" of old

names you know and trust great to chat with you guys wherever you may be. g guy, first two high day rally for the dow in a month, do you take some comfort from that? >> absolutely. hi, brian. hi, everybody. you have to take comfort, without question something i said yesterday, you mentioned bernie sanders, how he's sort of putting a kibosh on this rally yesterday the volatility index went from 52 to 61 and today the volatility index closed higher on the day we can speak to how good an indicator that's been in this environment, but the fact that the vix is higher on a day or two days when the dow's up 2,500 or so points is a little bit disconcerting. i think it speaks to me that i don't think we're necessarily out of the woods yet. >> it's a little weird on that

vix, something to watch. tim seymour, let's talk about watching boeing, a 24% gain. the market is obviously betting that this stimulus deal is going to get done because boeing i guess would be a massive beneficiary of it, unless something material has changed in it between now and the vote >> well, again, boeing's deal is also about the airlines getting a deal airbus, we've talked about this in terms of impact the big news for boeing was discussion that 737 max in june begins production. i think it's critical. it's critical ultimately for a company, if people want to believe the former business model worked and airlines have the same appetite, and obviously there's a lot to work through on public relations and faa side, but that's the move you've seen. people have done the math. boeing, i think a low of 91, or 89, and at some point today was in the 170s. this is the kind of reaction

that if this company has a balance she'd, and again i focus on the commercial aircraft, then this is a company that's not only going to survive but it will remain one of the better companies out there. tremendous headwinds in the short to memedium term. if you believe in the longer-term business model, it's far from easy sledding, but with support from the government, with support from the airline industry, with a plan to get th production, that's what we're waiting for. >> yeah. and b.k., it's not an overstatement based on what we've seen to say that every day, hundreds of thousands if not more americans are losing their jobs, every day. it's hard to believe that the senators are not going to come to some conclusion and get a deal done. that said, we've seen things happen in congress before, if a deal is delayed by a day not signed for a day or a week what's going to happen to the market then? >> yeah, it's funny. i traded through multiple

crises i remember distinctly trading through 2008, 2009, when everybody thought, well, obviously the senate and the congress have to pass arp, and they didn't, and the market tanked so, you know, i think there's a danger of that danger, i'll be shocked if that happens. but i do think there's a danger of that happening. i mean, our government by design is supposed to be slow and clunky and inefficient and we're trying to pass something that people need money today. i mean, there are people with $400 in their bank account, over 40% of the u.s. population has $400 in their bank account by the end of the week it's going to start to get tight for people this is more of a humanitarian crisis than a political issue at this point. >> yeah, it is dsw shoe warehouse, 80% of their staff is on basically leave without direct compensation. they will have employee benefits, but they're not getting paid steve grasso, that story is replicated all across the country. we know, though, that the market is supposedto be a discounting

mechanism. predict the future, maybe six, eight, nine months out do you feel that monday was a bottom >> i don't know if you could necessarily call it a bottom just yet, brian. obviously this market is going on stimulus right now because it wants a treatment, wants a vaccine, we're not getting either one of those. it's all on stimulus right now was monday a bottom? when i look across my desk and i see that equity stakes are what's spooking the market now, even with the stimulus, i don't know if you can call it bottom until you really get a treatment or a vaccine but i'm determine encouraged going intomonth end because of the equity amount that needs to be purchased for pension funds yeah, that's it. there's so many large-scale problems out there, guy adami, it's almost impossible to know where to start i want to talk about apple let's get mike key that stock fell. nikkei reporting apple may be

delaying its 5g phones we might start to see longer-term impacts if that report is true on these names that have been powering this rally, you guys have talked about on "fast money" for five years, if microsoft and apple and those start to roll over continuously, what then? >> yeah, you got to find a place where it's safe to get back into the water in terms of apple. if you're looking for levels, again, i'm not suggesting by any stretch it's getting there but you know, if you go back to the 220 level which was sort of the highs we topped out in july of 2019 and prior to that in may, i mean, that makes a lot of sense. so you have to sort of say to yourself, look, if this stock gets to these levels, regardless of what's happening in the world, i'm going to step in and buy. you have to have a plan going in because if it gets there, i'll tell you right now, it's going to look terrifying but quickly on the boeing front, and dan nathan alluded to this i think the fact that boeing told the government they have no

interest in being diluted by them in terms of an equity stake, i think that was really encouraging for the broader market i think a lot of people were playing boeing from the short side thinking, it's going to get extraordinarily diluted, the stock is going to have a 50 handle i think that caught a lot of people off guard don't underestimate the power of the boeing move on this broader rally the last couple of days. >> tim, can i ask you to focus on ford? the stock maybe 30 minutes ago, the company getting its credit rating downgraded to junk by s&p. obviously for many reasons the stock is down after hours. you know, i brought this up last night with a guest i'll just ask you because i know that you're a plain speaker. do you think that there needs to be some kind of a hold put on these credit rating downgrades i'm not knocking moody's, s&p, or fitch i'm just saying these companies are facing exogenous events. it's not because their business is inherently bad. do you think we need to stop that, or just let that function the way it always has? >> i wouldn't stop a thing ultimately i want to understand

what the balance sheet of these companies look like. ultimately debt covenant are what they are. debt covenants invest, investors are judging their entire livelihood based upon the ability to pay, not the willingness. so look, gm was downgraded as well today what we're going to see and what we've said all along and why we got so worried about this tranche of ddd debt out there across the investment-grade corporate sector, the downgrade to junk was going to be dramatic and significant. having said that, again, if you look at the investment-grade credit investment scenario, not what a lot of our investors or audience look at in terms of understanding what is most oversold, i would say investment-grade credit is probably cheap relative to its long-term average, as much as any other part of the market do i need credit rating agencies to step in now and downgrade i mean, you know, i'm not sure that's doing me a lot of good or telling me what i didn't already know ford over gm in terms of credit

exposure, and i would say the concerns there are significantly greater. but look, market has to do its job, analysts have to do their job, transparency has to be there. you can't placate and you can't i think -- that would be disturbing to me the fact that the feds are getting involved and handling where both the public, the consumer, and certain companies need a bailout, that's fine. but saying that we can't look at the market for what it is and understand where companies went into this over their skis and are that much more beleaguered, i want to know that, theyneed to do that job. >> i hear you, it's a fair point. i guess my point is, ford built up its own $156 billion in debt, that's the number. if we're being told we can't leave the house to go buy a car, i mean, we can't actually do that in many states. i wonder if companies are going to be unfairly punished by the market i mean, fair is a subjective term, i get it we've literally never had this

kind of a situation in modern american history >> yeah, that's -- listen, we have a government-mandated recession. everybody closes down. >> stay home, don't go anywhere except the grocery store, and hopefully not to see your doc. >> right that's no company's fault, necessarily. you know so i think there's an argument to be made there that you need to kind of look through that that being said, i actually think ford is a really interesting stock to watch for tomorrow i'm always looking for a stock that trades really well on bad news because that means it's flushed out. that means it's priced in. so i would watch ford tomorrow morning and see if that thing starts to go green that's going to be a really positive sign for the market because it means, you know what, everybody knew this was coming that's old news. now we're looking forward. so, you know, if there's one name i'm looking for tomorrow, it's ford and how it trades. >> green shoots for the blue oval, i like to hear it, optimism there steve grasso, tomorrow morning

we're going to get that unemployment number, the weekly jobless claims number, it could be 5 million people applying for unemployment benefits. is the economic data going to impact trading do you think no matter how bad numbers are the market is probably already priced that in? >> so the problem is the market and intelligent people can price that in. but the market has to have this systemic technology algorithmic drive to it. so i think the algorithms are going to read that number just as negative as if it wasn't out there already, just as negative as if all of us didn't realize it was already going to be that's where you can get the flush. but i think the other interesting point about ford and gm is that the way this rule is written in the stimulus plan, i'm not sure that the fed can buy their debt so we have to get a little granular, maybe it will change that, maybe it will change the wording on that. i think that's where it becomes

interesting to say to the credit rating agencies, take a powder, let's revisit this in a month or to. >> guys, we do appreciate it be well, thinking of you look forward to the day that everybody's around this desk again. on deck, the head of the u.s. chamber of commerce is with us what he likes in the relief bill and what businesses around america still need from it, assuming it is ever signed. later on, new jersey governor phil murphy his state now has the second-highest number of cases in the nation. we're going to talk to him about what he is doing to try to stem the outbreak, protect all those hard-working small businessmen and women across the garden state. i know that every single time that i suit up, there is a chance that that's the last time. 300 miles an hour, thats where i feel normal. i might be crazy but i'm not stupid. having an annuity tells me that i'm protected.

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we hopefully await the passage of that $2 trillion relief deal, let's focus attention on the economy 163 million americans are in the labor force. yesterday canada had 5% of its labor force file for unemployment benefits, which means if we posted the same rate of jobless benefits tomorrow morning as canada, it would mean 5 million americans applying for

unemployment benefits in one week obliterating six years of job gains across the country tom donoghoe, ceo of the chamber of commerce. let's hope the number is not that large, but at this point we don't know yet congress continues to seem to dither over the details where do we stand on the bill? are you optimistic something is going to get done? >> absolutely. i believe that we can count on something being done either this evening or the first thing in the morning. the deal is all cut. there happened to be a few senators that are sort of exercising some of their ability to have a different view but it's going to get passed and we're asking the house of representatives not to bother to come back. they don't have to there's a way to just have them approve it tomorrow. we need to do that because we need to take all of these

resources we've assembled under this very good bill and begin immediately to distribute them around this country so that no company goes bankrupt, no citizen goes bankrupt, no family goes bankrupt. we have things in this bill to avoid it, let's do it. >> what's amazing and sort of bizarre, tom, that is you've got parts of the economy that are working. obviously the first responders, they are working all the hard-working people at the grocery store, the truck drivers delivering it, some of us here as well at the nasdaq. other parts are. like you talked about ford getting its credit rating downgraded i brought up the idea of pausing some of this stuff do we need a two to three-week total pause in the economy i feel like we're kind of halfway there. >> well, brian, you know we can't pause the part of the economy that produces and delivers food to the shelves of

stores and the people that sell them we can't do that with gasoline we can't do that with the people that provide power generation for the whole country. and we can go on and on. there are hundreds of services and companies that are out there doing their job. what we're trying to do, if you look for a second on the pandemic, is you're not going to cure this whole thing. the idea is to push down that bubble and get it down flatter so that we'll be able to have adequate services in every city across this country to take care of those that are really sick and need our help. soon after that, we're going to start moving more people back to work but that has to be done in an orderly, cooperative business between the government of the united states and the medical

professionals, both in the government and out of the government, so that we make things better, not worse and i think we're on our way to get there. not tomorrow, not next week, but soon >> is there any realistic estimate or indication of the financial damage that has been done to the small businesses across the united states we have anything yet >> well, we've talked about that in recent hours. and the point is, you're not going to be able to figure that out until we put the resources that we're going to put in place and see what is not there to be rescued. and we can even then go back and bring people back into a company that have already been let go and have those loans which turn into grants and companies will be able to, you know, get out of a hole that they might be in

i'm not sure what the number's going to be. it will certainly be something but we're going to put a minimum right away of $350 billion into many of these programs and when you add it all up for the wbig companies, the small companies, the hospitals, and everybody that's going to get a break here, all the individual workers, and then go to what the federal reserve and the treasury are going to be able to do together, they're going to have a package that will go up to $4 trillion you know the last two, of course, are going to have to pay back. but i think we've taken a big step forward we need to do it. >> 4 1/2 times larger than 2009. you remain optimistic, a bill will get signed soon >> well, i'm an irishman, i watched what this country could do for a long, long time

we're doing it we're a little slowed down with what's going on in washington. probably not hurt us yet, but we've got to move on it right now. i'm an absolute optimist, this country will stand for nothing else. >> well, tom, when this wraps and up we can get back together again, the first guinness is on me, irishman to irishman, tom donoghoe, thank you very much. tonight at 7:00, an important program, catch a special cnbc town hall, "pandemic and the path forward." we'll speak with former chief white house economic adviser gary cohn, mark cuban, john rogers, former fda head scott godly, tonight, 7:00 p.m. it is back to your money mark mobius is with us find out where he is finding opportunity around the world in these wild swings. then new jersey governor phil murphy the state reported one of the biggest single-day jumps in cases, but he may have some good news we'll ask him about that and

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welcome back we are pleased now to be joined on cnbc by phil murphy, governor of new jersey. governor murphy, thank you very much for joining us during these difficult times. >> my honor, brian. >> thank you as a new jersey resident, i'm glad to speak with you as well you know, there's so much fear around what's going on right now. i understand that. anxiety levels are up. i actually heard that you had a little bit of good news earlier today where you said, as bad as it is, we need to remember that 80% to 85% of cases end up fairly mild. is that the correct data >> i'd say moderate to mild,

brian. that's the worldwide trend that's important for folks to know listen, we're the number two impacted state right now in america. we have 4,400 folks who have tested positive. we've lost 62 precious lives we knew these numbers were going to go up we're in a war i would say to folks, no time to panic, but also no time for business as usual. this notion of staying home and social distancing and how us to build out capacity aggressively in the health care system, that combination will allow us to deal with this. >> and i've got a good friend who is a doctor at robert wood johnson, the doctors and nurses there are working their tails off. >> heroes. >> night and day what is being done as far as extra facilities, tents outside? where do we stand on respirators, ventilators >> yep, so we've got -- i'll put aside social distancing and flattening the curve and staying at home to one side for a second, although that's really important. on the health care side, there

are three variables we're trying to expand as dramatically as possible critical care beds ventilators, and thirdly, the health care workforce who are our heros right now. on the first two, that's a lot of -- not entirely, not exclusively, but that's a lot -- centered on our relationship with the federal government. i was on with vice president pence earlier, we'll be back at it again tomorrow, i'm about to get on a call with the fema administrator. we have four field hospitals being delivered right now from fema region 2, the army corps is helping set them up. we're opening wings of hospitals that were closed, we're looking at opening whole hospitals that were closed, converting things like dorm rooms for low-symptom folks. a lot going on there secondly on personal protective equipment, we don't have enough. it's really frustrating. we've got a big ask to the federal government to their credit they've given us two slugs but we need a lot more we're turning over every stone,

private sector has stepped up in a big way. we canceled elective sur ivive as of friday, so those health care centers, we're going to get equipment there. it's literally scrap for every bit of it. prices are going up on the world market, we're all competing with each other, that's a big challenge. expanding the workforce, things like school nurses, retired nurses and health care workers, folks who are in the last semester to get their degree, folks who have a license out of state, giving them a license to practice in new jersey those are the three big initiatives on the health care system side. we're full speed ahead on all three, trying to get ahead of this thing. >> we're talking about the stimulus plan from a federal level. i wrote something saying, if you want to build a stadium, you basically float the bonds, build the stadium, then pay it back with taxes and hotels and everything else. is there something that new jersey is looking at doing on the statewide level that we can -- new jersey is a state

where people -- the family-owned restaurant still exists. it's not all big chains. not taking anything away from them how do we make sure those small businesses across the state can survive this, governor >> yeah, listen, they've been crushed. as have the workers. listen, we had two choices from the get-go we started meeting on this in january. we've been at this for months. one possible road would have been to let the virus run amuck and take enormous economic pain as a result with a lot of fatalities and folks who get sick the other road that we have chosen affirmatively to take every step of the way is to rip the band-aid off, take economic pain up front, but break the back of the coronavirus. hopefully keep our fatalities and sicknesses down. and then reopen the economy. i still think that's the right way to go. i don't think you can reverse that order and there is no price that's too much for us to try to save every single precious life but in the meantime, folks are

getting crushed. the federal bill in congress that you're referring to is a huge x-factor for us, assuming it comes out the right way and it gives us flexibility for workers who are unemployed, for small businesses, hospitals, transit systems, for the state itself, frankly. we're getting crushed, as you can imagine. that's a huge lifeline for us, potentially, going forward. >> i drove up here today on the turnpike, i don't need to tell you, it's empty. what it also means is the revenues for the parkway and the turnpike and the lincoln tunnel, these are lost revenues. >> correct. >> the pension fund. where do we stand on funding levels for critical services like the highways and roads? we need to get the trucks up and down and to the grocery store. as well as what's the state of the pension plan >> state of the pension plan as you can imagine is challenged. the past couple of days in the market have been good ones i don't know whether or not that continues or not the pension plans, like any pension plans around the country, have been hit sideways.

so they're going to need some time here to stabilize again, i think the order of events here, as painful as it is, is to break the back of the virus and then responsibly begin to open society and the economy back the president has mentioned easter listen, i hope he's right, i'll be the happiest guy in new jersey just based on the data we're looking at, i don't -- based on science and medicine and whatnot, i don't think we're going to be there yet. i hope we are, but we're prepared for the worst you know, nj transit got clobbered. we asked for -- from the feds $1.5 billion, $2 billion the parkway and the turnpike are largely self-sustaining, although as you point out traffic is way down. by the way, that's what we want right now. we want people to stay at home, painful as that may be we're going to need the help from the federal government to get back on our feet we're going to get through this. we're new jersey, after all, right? so we're going to get through this but it ain't going to be unscathed and it won't be

tomorrow but if we all do our part, we will get there. >> we're still seeing price gouging, hoarding, how do we stop that? >> hoarding, less so although that's been a challenge. price gouging, the attorney general was with me yesterday, we're taking aggressive action we're also taking aggressive action at firms who employ people who don't let them work from home or don't allow them to social distance or noncompliant behavior some knucklehead was coughing on someone at a supermarket another guy was doing that today to medical personnel, claiming he had the coronavirus anybody who takes advantage of this time, we will deal with swiftly and aggressively >> you got to look at criminal charges for folks like that. it's incomprehensible in this time what's the message to -- i know there's a lot of people watching from new jersey right now. it's got a big cnbc audience many are business owners, whether a restaurant, a dry cleaner, financial services firm, gas station, whatever it

is what's your message to them? everybody right now i think needs a little bit of hope. >> listen, we understand it. the anxiety is high. we get that. my job is to shoot straight with each other listen, this is a war. we won world war ii not because we panicked, but we stayed the course we were proactive, smart, aggressive we worked our tails off. we had courage that's exactly what we need right now. and we know the pain is high right now. both of isolation, staying at home, small businesses, folks who are out of work. but i know with all my heart the order here is to kill the virus and get through the surge and get that behind us and then we can begin to get our economy and our society back on our feet if we all do our share, if we all do our part, from the little things washing with soap. all the way up to the bigger ones we will get through this and we

will emerge as a state stronger than ever before. >> yeah, i like the message. final question, a lot of people are wondering about the schools. because here's the challenge as you know, i mean, there's millions of people around the country, probably a million plus or more in new jersey, who probably can't go back to work if their kids are home all day because school is effectively their child care how do we balance out keeping families safe, teachers safe, kids safe, schools safe, but also enabling people that might need to go back to work to be able to do that? how do we make decisions on schools? >> yeah, so brian, i just made an announcement today that i had signed an executive order which is going to focus our day care specifically to first responders, health care workers, essential workers in our state to make sure it was there, frankly, exclusively for them. schools are going to stay out for more time. i don't have an answer for you yet in terms of how much longer.

but it's going to be awhile longer we understand the day care pressure 100%. we've got to start with health care workers, first responders, essential workers in our current configuration. then we can expand and back and fill from there. we had no choice but to close the schools. they'll be closed for awhile longer we've got to be able to get that balance right, and again pull out of this stronger, i hope, than ever before. >> governor phil murphy of the great state of new jersey, we appreciate your time, thank you for joining us, keep us informed, thank you. still ahead, we are awaiting that white house press briefing on the coronavirus we're going to look for any comments on the aid package that might be working its way through congress as well also expecting to have mark vel us joining us, famed globa instor on what to do with your markets and your money right now.

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welcome back let's get you up to speed on the very latest on the pandemic. sue herera with that. >> we're going to start as we usually do with the latest numbers. global cases have risen above 460,000. the death toll is nearing

21,000 in the u.s. there are more than 62,000 cases, nearly 900 deaths. apple's ceo tim cook has gone on twitter to urge people to follow the guidelines from the health experts, but he us a announced a major donation by apple. >> apple has sourced, procured, and is donating 10 million masks to the medical community in the united states. these people deserve our debt of gratitude for all of the work that they're doing on the front lines. >> and we did a little digging, and believe it or not there is a patron saint of epidemics and she is saint corona. yep, you heard me correctly. a cathedral in accen, germany, as dug out her relics and is polishing the shrine st. corona was buried at the cathedral which is one of europe's oldest in 814 as always, for more on the

coronavirus coverage at cnbc, go to cnbc.com. >> the patron saint of epidemics is st. corona? >> i double-checked it, i triple checked it. >> i don't doubt it, i hope that's some really good sign from above long-term. >> i hope so basically, news organizations picked it up because people in italy were praying to her very openly from their balconies. and that -- people were like, what do you mean, st. corona that is where she is buried, in this cathedral and that was in 814. she is the patron saint of epidemics and they want people to come see her after the pandemic is done >> amazing lived during the time of marcus aurelius sue herera, thank you, be well. bailout crackdown. media mogul tom mobius will join

us what needs to happen if corporate america gets a big check from uncle sam. at twho do during these wild swings when we come back

when you look at the critical issues facing our world, what do you see? we see a billion more people breathing free.

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welcome back to cnbc's continued coverage of the markets in turmoil stocks surged today a bit as investors waited for final details of the $2 trillion relief bill in congress. kayla tausche broke the news earlier today part of the stimulus bill could include a one-year moratorium on stock buy-backs that any company that takes a loan from the government must adhere to our next guest saying that's only the beginning of what needs to be done tom rogers, founder of cnbc, serves on a number of corporate boards it's your belief any company that takes government money should not be allowed to do a share buy-back >> yes no doubt but before i get into that let me just say, having been at cnbc at the launch, i have never been prouder of what you and your colleagues are doing under incredibly tough circumstances and special kudos to you and your producer, kevin flynn, just

doing a terrifically informative show under very trying times thank you very much. >> from everybody at cnbc, thank you. >> look, ceo pocketbooks can't be our primary concern right now. we've got to think about everybody's health work es'pocketbooks, main street's, all businesses part of this is maintaining support for the actions that are being taken now and looking ahead to the consequences of all this unprecedented action. and all the fear that everybody has right now about what's going on in the market and watching their pensions and 401(k)s diminish is all going to turn from fear to anger if ceos and corporate executives make a killing here it's one thing to ban buy-backs during a bailout that's kind of an obvious issue. and clearly a bad use of cash. although i don't think a very likely use of cash

but the real backlash will come if companies that are helped grant options to their top executives at the deeply deep down prices, then off the back of government loans or government bail backs their stock rebounds and they're able to make a ildidding, having gotten stock options or restricted stock at these incredibly low levels. so it's one thing to watch out for wasteful use of money like buy-backs in the midst of this it's another thing to make sure that the kind of things that are really going to generate anger down the road, we protect against. >> yeah, i mean, you noted in your op-ed the airlines have taken $40 billion in buy-backs over the last whatever, 10 years or so. now they're looking for relief, and they will probably get it, and may deserve it because we need them to be up and running once this is over. but our memories were not that long lost from 2008, 2009, 2010.

there's still going to be a lot of anger around this when all the dust is settled. >> i think that's absolutely right, brian but you look back to 2008 and the auto bailouts and the ceo of ford at the time got a reduced salary package, saved some cash for the company in the midst of that but also got a stock option package that somehow was valued at the time at about $16 million. two years later, 2011, that was worth $200 million and it just makes absolutely no sense to allow corporate executives who are getting bailouts to get stock grants of any kind that allow for that kind of huge compensation bonanza in the midst of this and that's the kind of thing that will just create enormous anger and has to be protected against. >> you know, tom, one of the companies that you work with --

actually you run, win view and others, involves online gaming i want to switch gears a bit online gaming. we're seeing the world change in many ways right now. we are learning that maybe we don't need to work in the way that we used to. maybe we don't need to play in the way that we used to. there was a virtual nascar race on linear television on fox sports over the weekend. what are your projections for how this ultimately changes how we work, how we live, how we play >> well, i've been following this area very closely, because win view as you know is in the midst of a merger with two other companies, one of which is a public company called torque esports that specializes in car racing and it has been putting on esports competitions that are available to watch from home and the surge in viewership, the surge in visibility that they have gotten over the last week is quite astounding.

something that i think is going to be part of a long-term trend as we're all at home thinking more and more about how do you entertain yourself at home be able to have that kind of ongoing sporting event that is virtual and not real, that has all the excitement of a real sporting event, is something that is clearly a major macro trend. so i am convinced that we will come out of this with a lot of changed habits about entertainment, about work, and generally what it means to turn your home into something where you can be incredibly productive in ways that we haven't thought about before >> yeah, certainly tom rogers, we appreciate your view on that urge everybody to check out that op-ed which is in "news line" online tom, best to your family, and thank you for the kind words at the start. coming up, it will be another big day for markets tomorrow because we'll get the first jobless claims since most of the country went on lockdown.

the estimates range anywhere lln. 1 million to 4-plus miio we're going to break out your thursday market playbook when we come back. you should be mad at forced camaraderie. and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. don't get mad. get e*trade's simplified technical analysis.

so it doesn't make a whole lot of financial sense for them to stay in this great big house. but, well, this is home. i want to take you to the coronavirus briefing at the white house. >> -- in the war against the virus. i want to thank the american people for answering the call following our guidelines and making the sacrifices required to overcome this terrible thr t threat more aggressively we commit to social distancing. so important social distancing. such an important phrase and we do it right now the more lives we can save and

the sooner we can eventually get people back to work, back to school, and back to normal and there are large sections of our country probably can go back much sooner than other sections. and we're obviously looking at that also. people are asking, is that an alternative? i say, absolutely, it is an alternative. i have now approved major disaster declarations for new york, california, washington, iowa, louisiana, texas, and florida. that has great significance, as you know, and legal significance we're in a constant grouping, and i can say this, we have a large grouping of people that does nothing but communicate with the various officials, including we've been spending a lot of time with new york officials because that really is by far the hottest spot.

i've got a number of very tough weeks ahead of them. the governor's doing a very good job. i spoke to the governor, governor cuomo, last night and this morning and he mentioned that in his remarks that he's using the -- that we are using, and i think he feels, because he understands negotiation -- >> okay, that is the white house task force briefing on the coronavirus. you can see the treasury secretary is there, vice president pence, dr. anthony fauci. if any headlines are made or if m mnuchin takes the podium we'll jump back in rbc capital markets and lisa shalett, was monday the bottom for the stock market >> we'll have to see but i think there's a good chance it probably wasn't. what we know about bottoms is

they do take time. i think where we're pricing, what we're pricing now in the market, is consistent with recession pricing. on friday we dipped slightly below the 2,300 mark the market was starting to tell us that something more onerous than ordinary recession was at hand i think that possibility is still out there. we really don't know what's going to happen in terms of the path of this virus i think that's really the most important thing for markets right now. >> lisa, what do you think >> i don't think we're ready to declare a bottom either. but i guess where we might differ is, you know, we are pretty constructive on the amount of firepower that is being thrown at this problem if you think about what the fed has done under the guise of whatever it takes, it is highly likely we're going to see a fed balance sheet that is approaching, you know, $6 trillion to $8 trillion before this is all over the u.s. is probably -- the u.s. government is probably going to

spend somewhere upwards of the $2 trillion in the bill, in the three bills that have, you know, thus far been proposed and i think when you take those two things in total, you're talking about a massive, massive commitment, you know, order of magnitude of 9% to 10% of u.s. gdp in aggregate and so while, you know, we recognize that, you know, that the health care-related part of the crisis is not over, you know what we do want to remind people is that never before in the history of our country, ever, including in the financial crisis, have policymakers worked this fast, this bold, in this kind of size, you know, relative to gdp, you know, to mitigate. and so i do think that there's reason to be constructive.

>> laura, you said you did not think monday was necessarily the bott bottom how much more do you think could be on the downside >> it's interesting. in the trading community people are talking about 2,000, 2,100 that seems to be the consensus that's starting to emerge. my gut says we could probably trade a little bit below that. if you look at how bad we got hit in the tech double, 49% peak to trough, that would take you down to 1,700. if we don't see the market hold around the 2,300 level, that would be the next level that i'd frankly be worried about and i just want to echo something lisa said. we do think the stimulus that's coming through is extraordinary. my year-end target for the s&p 500 is 2750. but i'll also tell you my earnings estimate next year for the s&p is lower than what we had in 2019. i think there's not enough conversation going on around the street right now about how behavior is changing and what's the longer-term fallout from this >> it and is we'll have that

laurie and lisa, thank you very much 7:00 tonight, a special town hall, "pandemic and the path forward. a big-timelineup for you tonight, 7:00. gary cohn, mark cuban, adina friedman, john rogers, scott gottleib thank you for watching my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now hey, i'm cramer! welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to make you some money. my job is not just to entertain you, but to educate you and teach you. call me at 1-800-743-cnbc or

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