positioned not everyone will be we did pull $50 million revolver, a lot of opportunities for additional liquidity should we need it and we're continuing to look at those we'll benefit from the stimulus package. we'll have our own opportunities there in order to keep paying people and get a good loan from that, a good low interest loan our liquidity is strong. for the moment we've got to pause restaurant build most of our capital goes to building new shacks. we build these incredible community gathering places we've paused i'll tell you, we're really thankful for the conversations we've had to have with our landlords both small independent and the largest companies, people who have said we get it, we're in this with you, at the end of this we need shake shack to be a place that people gather in our building or our development and we've had to pause those. we will pause those. i think there is no question that we will get back to

exciting growth again. the question is when and in the meantime we're going to shore up that balance sheet and make sure we've got that cash to make sure we can pounce on the end of it one of the things we're thinking about is, who do you want to be when you come out of this. all of us are thinking about that so, you know, we've got still a strong recruiting team in place, a team who is interviewing people every day so that on the other end of this, all the superstars who are out there can come work at shake shack we don't know when that day is, but we know it's coming. and when it is, we want to be there, ready to allocate that capital that we have to get back to growth as soon as we can. >> randy, thank you so much for joining us >> thanks, everybody. >> keep us posted. ceo of shake shack. sara, that was a good interview. we'll see you on "closing bell" this afternoon good morning, i'm carl quintanilla. welcome to "squawk alley" joined

by morgan brennan and jon fortt. dow is well off the lows of minus 324 today. we're holding 2500 obviously a lot of moving pieces, jobs number, oil headlines and remarkable guests already, whether speaker pelosi, the ceo of 3m with david this morning, ceo of ux brian moynihan, there's a lot to watch. >> there is. we've got the launch or the beginnings of the launch around these loans for small businesses as well, so all eyes on that, too. speaking directly to the fact that we did have brian moynihan on to talk about that. it's incredible how quickly the banks are rolling out these programs right now, a process that would normally take many months and done it basically in a week it's one to watch. >> all right let's bring in this morning david harrow, chief investment officer on the newsline and ed, our friend, the president of

yardeni research good to talk to you. >> hello tgif we have the weekend coming up, folks. >> ed, that's right -- >> hi, ed. >> hi. >> you were good, ed, at trying to ferret out some silver linings. if we had to build a list what would you put on it? >> this is a great virus crisis, three crises combined into one, it's a health crisis, it's an economic crisis and it's a financial crisis i'm not a virologist but i'm looking for good news there if there's any to be had and, you know, it looks like abbott labs may have a rapid test, that's the good news. the bad news is it may take a while to get enough tests throughout i am encouraged by some news that there might actually be a vaccine coming out of some university lab that's -- that has a lot of experience with

sars and mers and they seem to be making some good progress and then i was all for masks i think we should -- we shouldn't go out of the house without wearing masks. if we're all wearing them, i think there's some evidence that it reduces the likelihood we'll infect each other. that's the health crisis i'm not a virologist i have my opinion the way we all do the good news for the markets is on the financial front this is like a war we have a health front, economic front, and we've got the financial front. and last week on monday, the fed decided the heck with the bazookas or helicopters let's get the b-52s out and we got qe4 forever. which is kind of a bazooka helicopter this is b-52 money i think it's stabilized the financial front quite impressively >> so that's a good point.

david, from a stock standpoint, i see citi this morning is out saying they think de-leveraging from a positioning standpoint is mostly over. so is this nowa period where w chop around between 19 and 22 k and await medical news like ed says, await news on the effectiveness of policy response >> well, what we believe is that -- and this is looking at more the european financials -- as you know there have been a number of programs, a number of fiscal and monetary programs, despite this backdrop help from governments and monetary authorities, these businesses have fallen 40, 50 and some instances over 50% i'm talking about the blue chip european financials, companies like a b and b or a lloyd's bank and we believe that this is way, way overdone, givens the strength of the balance sheet and the monetary help that's happening. we think this just really provides an opportunity for when

we do see the light at the end of the virus tunnel and we know the stock market tends to be kind of a predictor, but when we see the light, you'll see people starting to feel good and buy some of the beaten down stocks we actually think this is a very good opportunity we've been, i don't know what percent, we are through the health portion we are through this crisis, but it will end eventually and when we see the beginning of the end you will see a strong reaction on some of the beaten down share prices as i mentioned european financials and even some of the consumer discretionary >> ed, i want to talk about the potential recovery what do you think is going to determine the shape of that? does it have to do with how many small businesses survive to come out quickly? does it have to do with what consumer confidence looks like on the other side of this? >> well, it's a really

unprecedented situation we have here in some ways, we're clearly getting shockingly terrible economic news, but it's not surprisingly terrible, and so we've had the two weeks of terrible initial unemployment claims today's employment report was bad, the household employment number showed as loss of 3 million jobs but the markets aren't going on a dive on this data because they already anticipated all this so the worst of the second and third quarter real gdps are, assuming we can get out of this thing in time for a recovery in the fourth quarter so the worse the second and third quarters are, minus 15 to 30% for real gdp at an annual rate during the second quarter, maybe half that decline in the third quarter, i think that does set the stage for maybe a 20% rebound in real gdp in the fourth quarter but this is just arithmetic.

20% looks amazing, but that's amazingly good after amazingly bad. then i think the real issue for the stock market is 2021 as long as from here on we don't give up hope that 2021 is going to be a better year a recovery year, where earnings maybe don't go back to where they were in 2019, but recover a lot of what was lost this year, i think the market is going to make -- is working very hard to form a bottom here between 2300 and 2400 on the s&p 500 and i think we can end up the year above that >> i sure hope so. that would be good we've had such a mixed batch in terms of some of the numbers getting put out in these types of discussions on our air. david, one of the other things that's in focus right now for the market is, dividends and share buybacks you mentioned european equities. bae, a very big, prominent defense contractor in europe was one of the latest this morning to freeze its dividend

it does seem like for better or worse these types of payouts, these types of programs are falling out of favor right now i get it for good reason, especially depending on the industry and the sector you're looking at, but when you look at the relief measures in the c.a.r.e.s. act and what that could mean in terms of companies that get government assistance, are we going to see a reshuffling and rebalancing from investors based on some of those changes and longer term do you think they're here to stay >> well, i think certainly if a company is in need of capital or if they are accepting aid from the government they need to be very, very prudent with distribution policies. however, if a company has a very, very strong balance sheet, i think the company and managements and boards have to think about their shareholders and who are the shareholders this is what i think the media sometimes and the politicians forget the people who own these stocks are retirees, are people who

have money in their 401(k), endowment funds, charitable organizations, that have money invested in the stock market i think we have to think really twice about hammering too hard on companies that have strong balance sheets who want to pay dividends. stock buybacks, another situation. something that we can set aside for now, but when we're looking at dividend payments and the fact that many people actually look forward and rely on dividend payments, we have to introduce some balance into this discussion i think just automatically to have regulatory authorities pressure companies not to pay dividends in 2020 is not the right reaction i think you have to look at it case by case and where a company does not need aid, it has a strong balance sheet, i think they should not be discouraged from paying their 2019 dividend. then i think the second part is when the storm is behind us and

i anticipate a lot of these companies will end up fine afterwards, then i think it's time to revisit paying those 2019 dividends and we've heard from some of our companies that's what they hope to do later in the year >> we'll see what that yield does over time, guys david, ed, have a great weekend. good to see you both thank you. >> thank you for having us and we just heard the latest numbers on coronavirus infections in new york from new york governor andrew cuomo here he is moments ago >> the curve continues to go up. the number of tests has reached a new high we did over 21,000 tests thank you to our great health department we have over 10,000 new cases. 102,000 total tested positive,

14,000 hospitalized, 3700 icu patients, 8800 patients discharged, that's good news number of deaths highest single increase in the number of deaths since we started 2300 to 2900 deaths. you see the totality for new york state, 102,000. new jersey, california remember when this started new york had airports that were designated entry zones this is an international destination, international hub we had people coming from across the world sooner and at a higher rate than anyone else. total hospitalization, 1400,

that's also a new high daily icu admissions is down a little bit but you had more deaths, you have more people coming in to hospitals than any other night also more people going out which is obviously the ebb and the flow that's coming in and out of the hospital system. >> that was new york governor andrew cuomo moments ago recapping some grim statistics out of the state of new york 102,863 coronavirus infections now deaths up above 2900 from around 2300. nearly 600 more deaths in the past day as the crisis continues, president trump going after 3m in a tweet last night, the president writing, quote, we hit 3m hard today after seeing what they're doing with their masks p act all the way, big surprise to many in government as to what

they were doing. will have a big price to pay p act, seeming to refer to the defense production act, how he referred to it in the past on twitter. we spoke with 3m's ceo mike roman on "squawk on the street" and he pushed back hard saying 3m is going above and beyond to support the united states without abandoning other countries entirely take a listen. >> the idea that 3m is not doing all it can to fight price gouging and unauthorized reselling is absurd. the narrative we are not doing everything we can to maximize delivery of respirators in our home country, nothing could be further from the truth we are doing everything we can to maximize our efforts and to fight covid-19 and to support the health care workers here at home in the u.s. >> carl, you were a part of that conversation mr. roman seeming to me to do everything he could not to directly hit back at what the president is saying, but going point by point both on what's

happening with those masks and respirators and what 3m is doing net importing into the united states right now and how, if they are forced to do some things that the administration seems to want them to do, it could hurt the availability in the u.s., carl >> yeah. remarkable the difference in tone, guys, between the statement that 3m put out, on the wires and which we tweeted out, and what he said to us on air. not just about the relationship with the administration, morgan, but about gouging in general or some of these supplies and respirators, unethical and despicable is how he put it to us >> yeah. definitely some strong words used there and said net importing respirators to the u.s. and the respirator production by 3m is going to double by year end, but in general, we've heard from the ceos now of some of the very biggest multinational industrial companies all u.s. based in the world on cnbc in the last 12 to

18 hours and there's been a lot of similar themes running through those conversations, the coronavirus response efforts and how they're gearing up production around prevention and also, you know, treatment, but also we're hearing about all of the furloughs and the layoffs that are starting to happen within the broader industrial sector as well, right now, going back to the march jobs report, 18,000 jobs lost in manufacturing. a very small number versus the leisure and hospitality sector where we saw the lion share of losses you have companies like ge furloughing more of their aerospace and aviation workers these are the jobs, even though a smaller part of the economy, are outsized in terms of pay the one area i would say is holding up within industrial right now is actually defense and that's something greg hayes, the now ceo of raytheon technologies, which officially merged today and it was also on

cnbc, talked about as well, that the military contracts are holding up as other areas like aerospace are cratering. we're going to take a quick the jocial break as you can see all mar averages are lower. stay with us ptions trading, and, ptions trading, and, it feels like i'm just wasting time. wasted time is wasted opportunity. >>exactly. that's why td ameritrade designed a first-of-its-kind, personalized education center. see, you just >>oh, this is easy. yeah, and that's >>oh, just what i need. courses on options trading, webcasts, tutorials. yeah. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. >>so it's like my streaming service. well exactly. well except now, you're binge learning. >>oh, i like that. thank you, i just came up with that. >>you're funny. learn fast with the td ameritrade education center. call 866-296-7451 or visit tdameritrade.com/learn. get started today, and for a limited time,

get up to $800 when you open and fund an account. that's 866-296-7451, or tdameritrade.com/learn. ♪ to help you stay informed just say "coronavirus" into your xfinity voice remote to access important information and special reports from around the world. and to keep your kids learning at home, say "education" to discover learning collections for all ages from our partners at common sense media, curiosity stream,

history vault, reading corner and many others. for more information on how you can stay connected, visit xfinity.com/prepare. welcome back big tech using artificial intelligence to battle the spread of coronavirus and joining us now is the co-founder and ceo of c 3 ai tom seeboll. great to see you you co-founded seeboll systems

long ago, kind of sold that to oracle you've been in tech and in silicon valley a while, since the mid-80s. you ha you've seen a lot of crises. tell us now how is tech weathering this one? how long lasting do you expect the effects to be, both to startups and larger companies? >> oh, i think this will be a very significantly deleterious economic event in fact, it's not an economic event. it's a biological event with enormous economic deleterious economic consequences. i would expect to see the long tail of this in high tech be quite substantial with basically any company that's not in a position to generate cash. we can see that, you know, they will be in a lot of trouble and likely out of business because there will be no sources of capital. >> how many companies do you expect that to be in terms of

share of the market? >> well, i have seen this a few times in recessions in, you know, after 2000, in 1989 when we went up and down silicon valley and the buildings are transparent and unemployment is very high and commercial real estate is cheap and we're going to see a clearing of the market again. i would expect, you know, five to eight out of ten of the software companies we've seen swirling around in the last seven years will likely be out of business. >> wow dotcom bust all over again sounds like. i want to talk about what your company is doing to try to combat this in partnership with microsoft and some research institutions tell me what you think you'll be able to accomplish and how soon? >> there's three efforts we're involved in the at c 3 ai. we're working with medical equipment manufacturers around the world to use a.i. in an

application optimization of the supply chain to maximize production and delivery of ventilators and cpap machines and ventilator monitors. we announced the transformational newt with microsoft, university of illinois, m.i.t., carnegie melonen, university of chicago, almost a $400 million effort to aggregate some of the best research minds on the planet and the initial initiative is to fund advanced research as it relates to the covid-19 and the pandemic this week we announced a third initiative, the next week we would push -- publish a covid-19 data link available at no cost this consists of 24 of the largest and most important data

sets related to covid infection ct scans, x-rays, epidemiology, and we'll be publishing that unified fed rated image, one on april 13th and secondly on may 15th as a free resource to the world to hopefully accelerate research on this important matter >> we'll certainly be looking for that, tom. in the meantime there's been focus on the accelerated time lines right now for vaccines and potential treatments of covid, the role that the cutting of regulatory red tape is playing in that process, for example but what is the role that technology, whether it's artificial intelligence or some of the other capabilities that have emerged in recent years ar playing in terms of being able to move some of the research and some of the innovations along more quickly right now >> well, i think we're going to

see, for example, you know, the finest research institutions in the united states, you know, marshalling efforts now in this digital transformation to -- that we put together in partnership with microsoft and they will be using advanced a.i. techniques for a.i. precision medicine to be able to predict the growth of the disease to be able to prevent the spread of the disease. we'll see genome specific medical protocols. a.i. plays a big role. but for -- in a period of less than three weeks, we're able to aggregate basically the world's largest data, research data, epidemiological daughte epidemiological data with a knowledge graph we can make available to the world at no cost, but for a.i. that would be impossible. >> tom, finally, i wonder, going big picture again, you started

off talking about the impact of this i want to go back there. how do you expect this crisis to shift the demand for new technology what does get funded i mean, you're a billionaire and you have money to invest what are the sorts of problems after this that you're going to be putting your money toward >> well, we're very focused on a.i. and how that affects digital tra digital transformation there's no question what's going on with this event globally accelerates the digital transformation of all industries this is going to change the way that we do business forever. but i think that, you know, what is incumbent upon most companies as it relates to high-tech companies, is candidly to vive at c 3 ai we're a cash neutral to cash positive business that's well financed so we're in good shape, we're in great shape, but nine out of ten information

technology companies out there it's going to be tough we've seen this before i think these, you know, these market clearing events are ultimately healthy events, but there's going to be -- i mean there's going to be a lot of pain between now and the end of this, and it's going to be really unfortunate >> we certainly are starting to feel that for sure tom siebel, thank you for joining us. >> thank you as companies continue to cope with social distancing, they also now have to handle how to properly lay off workers. rahel sal loehmann looks us into how tech fits into that piece of the puzzle as well. >> hi, morgan. coronavirus has clearly changed how americans are working now but for some of the nearly 10 million americans who have been laid off in the last two to three weeks it's changing how some have been laid off. companies small and large are turning to conference calls or programs like zoom to lay off workers virtually and sometimes in large group setting

class pass, for example, announced they had to lay off some of their workers via zoom, although they say they then conducted one-on-one calls with employees. ud retailer se for ya had to lay off seasonal and part time workers. for sephora's part they say they have employees all over the country and they felt the conference call was the best method some twitter users don't agree and calling it callous and others calling for a complete boycott of sefora, search the #boycott them on twitter she says her layoff was conducted in a group setting more than 100 people were on the call and she says they felt like the layoff was very abrupt and that it also came out of nowhere and she didn't even know who the person was conducting the layoff because it was district wide >> we got reassured from our like higher ups that we would still be on payroll, it would

just be based off of our average hours and we were going to get paid and take care of us they said they cared about us. that was verbatim what they said it kind of went away so this whole layoff kind of came out of left field >> and so that worker lydia tells me that se foreya did offer her a small severance and she has applied for unemployment in georgia this is the situation for a lot of people. it's difficult for the workers who are being let go in the sort of new age way via zoom and in the group setting, but it's difficult for the companies who have to sort of walk the tight rope how do they make the tough cost-cutting decisions in a social distancing way, but consid considerate and humane it's a tough situation carl, back to you. >> rahel, a story we're going to hear more and more about, unfortunately. thank you.

you know, bespoke calls them corona fridays where investors don't want to be long into the weekend. that's clearly what we're seeing as we're in session lows dow down 330 week to date, biggest laggards, carnival, coal's, live nation and norwegian down 30% plus. back in a mite nu.

welcome back let's get to our senior economics reporter steve liesman on what today's jobs numbers tell us and what they don't. steve? >> yeah. jon, a very sad report here ending ten years, nine and a half years, actually of straight job gains. i think nobody was out there predicting a virus would kill the great american jobs machine, at least for a temporary basis overall because this report, the data from it was collected before the second half of march it's not going to show the real extreme unemployment out there right now. 10 million people applied for

unemployment claims. only a bit of that picked up in this survey. still, there was maybe more information than economists thought they would get down 713,000 with about a percentage point increase in the unemployment rate. average hourly earnings popped because i think some of the lower wage people would have been the first to come off the payrolls here. and you can look at the specific sectors and you can find some of the information of where you can maybe find it when we gets the real information out here. leisure hospitality down by half a million. 459,000. health care, social assistance, business services, retail down by a lot, 46,000 that one is going top pop in april quite a bit. when you look in the household survey there's additional information of what happened on that side which was what pushed the unemployment rate up 1.4 million working part-time for economic reasons, 1.3 million not at work due to illness a million on temporary layoff. a decline of 250,000 in the

self-employed. that's a measure that doesn't show up in the establishment survey all that said, there were all kinds of other problems in the survey for example, there was a low response rate from the household survey the people usually go and knock on doors to get some of the information couldn't do it this time some of the companies didn't report there was some of that may have led to the misclassification may have led to an additional percentage point increase in unemployment overall you had jan hatzius on earlier that says 15%. those are the numbers on the unemployment rate where we think we're going, but the focus also is on the rebound and whether or not we can keep workers attached to their businesses to get back to work when the all clear is given. morgan >> yeah. makes those thursday jobless claims all the more important right now for investors, anyone who is keeping a close eye on the labor market and the effects on the broader economy steven mnuchi

steve liesman thank you. one company just received fda approval to start clinical trials of its cell therapy joining us is dr. robert her rearry, chairman and ceo of celularity thank you for being with us today. what jumps out at me we've talked about on this network we've talked about some of the treatments that are being used in like hydroxychloroquine remdesivir, vitamin c, but you are the first company to receive a clearance like this to test treatment. tem us what it is and the drugs going through trials. >> sure. it is a company that for the last two decades has pioneered the use of living cells derived from the placenta as medicines one of the unique properties of

these cells is their immuno logic function the placenta is a defense system from the developing fetus and protects it from cancer and infectious diseases. our scientists recognized this and we built a program to harness the progress of the immune cells as a therapeutic and thein that into the treatment of certain blood cancers and soon entering into treating solid tumors but along the way we recognized the same activity against cancer also happens against virally infected cells. during the covid crisis our research team recognized that our lead product, cynk 001 had activity against virally infected cells and because it can be administered relatively easily through an intravenous infusion, it could be another tool brought in to stop the conversion of infected patients to seriously ill pulmonary and

respiratory compromised patients >> maybe because i'm five and a half months pregnant i find this fascinating right now. where is -- >> congratulations. >> where is the trial going to be conducted and who will have access and what will constitute success? >> so, our trial is going to be conducted in several academic medical centers world renowned reputations in clinical investigation. we will treat 50 to 100 patients the initial study will confirm the safety of the product, its ability to be used without subjecting the patients to any risks or any significant risk and then we intend to advance this into looking specifically at whether we can stop the conversion from infected and mild symptoms to infected and serious complications, such as acute respiratory distress syndrome which is the killer

the killer in the disease are patients who progress to needing to be on a ventilator and then go into cardiopulmonary compromise we believe that this is an immuno therapeutic that is unlike others in the clinic. immunotherapies revolutionizing the way we treat cancer and it's a powerful tool for the fight against this viral pandemic. >> doctor, it's certainly promising to hear, immunotherapy saved a high school friend of mine who was suffering from cancer and she is still doing well i wonder for just a little bit more detail into what you're doing, is this in effect kind of halting the out-of-control multiplication of activity within a cell and if so, if that is what's happening, might this prove to be effective against all kinds of viruses into the future based on the work that you're going to be doing now >> so you're right on target first and foremost, just like tony fauci has expressed the

need to flatten the curve, the epidemiologic curve so we don't exceed the capacity of the health care system our immunotherapeutic allows us to control the amount of viral burden these patients have and we believe that will keep them from the clinical threshold where they progress to that serious pulmonary complication, ards, acute respiratory distress syndrome like in cancer, immunotherapy is a way of augmenting and boosting your own immune system's ability to respond to a threat these cells are one size fits all. they're cryo preservable and have a long shelf life and they can be administered in many clinical settings, including an emergency room, an infusion clinic, et cetera. >> so two questions for you, doctor the first is, known side effects

and the second is if this moves forward it receives broader clearance, how -- where would you manufacture how quickly could you manufacture? >> so first of all, the product can be administered like i said by a simple infusion and we expect to be able to work within the existing treatment regiments for these patients we are designed to scale the production of this product you see behind me, one with of our gmp manufacturing suites, we reduce everything to the highest standards prescribed by the food and drug administration and we are capable, because the raw material are post par tem placentas, capable of scaling mass producing this to meet what we anticipate the needs of the seriously ill with this disease. >> dr. her rearry, thank you for joining us, ceo and founder of

the celularity. >> thank you very much >> dow losses maintain, down 260, a percent or so, and oil hanging on to a 5% gain. quk le ctiesn a moment don't go away. at&t has connected us every day for over 100 years. and we're here for you - especially now, doing everything possible to keep you connected. through the resilience of our network and people...

we can keep learning, keep sharing, keep watching, and most of all, keep together. it's the job we've always done... it is the job we will always do.

welcome back over to rick santelli at cme group headquarters in chicago. rick >> thanks, john. i would like to welcome ed, former chair of the president's council of economic advisors under george w. bush everybody that i talk to, and we were on the air at 8:30 eastern didn't find much of value in this number, but i think that you can scratch down on the surface and give us some information that might be more optimistic >> all right so the one optimistic thing, and this will sounds a little counterintuitive, is that the minus 700,000 number is actually

good news. now why -- how could it possibly be good news the answer is, we already know that during the first week when we got the new unemployment initial unemployment claims, we were already at 3.3 million. most of us thought that that didn't reflect layoffs that had already occurred and were baked into those earlier numbers the fact that we're already seeing is the 700,000 loss in the early march numbers, approximately march 12th, tells us that those early claims numbers already have that in there. so what that means is that the initial claims are a little bit ahead of where we thought they were and so they may start to level off a little bit more rapidly than we expected you know, if you're looking for good news it's hard to find good news these days but that would be a little piece of it. the other thing i would say, rick -- >> can i -- >> go ahead. i'm sorry, please.

>> no, no, no. continue >> the other thing i was going to talk about was the labor force participation rate the one thing that we want to watch carefully is that that doesn't fall and there are a couple reasons for it. the first reason is that you want people to be attached to the labor force, which means they answer that they are actively seeking work. why? well because that's what they need to say to get unemployment insurance and we want to make sure people are covered during this period of time. the second thing is, within we finally do turn the switch back on and we hope we will, we would like to be able to have those people come back we didn't want them dropping out of the labor force i think we need to watch that number carefully >> you know, you hit on what to me is the absolute key, that on the backside of this, turning the switch on, how is that process going to go? i was shocked to read that you think it's going to be six quarters before we get to where

we were before this hit. i understand what that means, everything the same. much sooner than that we will probably be trying to ramp up to get there and sometimes the ramping up process is every bit as juicy and has as much meat on the bone as the actual arrival destination when you get to the end of the sixth quarter. >> that's right. so once we start ramping back up -- of course, much of this depends on the progress of the disease and more than the progress of the disease it's more of the progress of testing and treatment because people aren't going to be willing to go back in, no matter what the government says, until they feel comfortable that the workplace is safe. so, you know, to the extent that we can test and treat it's going to be an important component say we have that under control within a quarter or so, what i would expect to see a flat quarter two quarters out and

start to recover as you say, the meat is on those -- it's as juicy in the recovery period as it is at the peak. more so because when you're recovering that's when things are actually heating up. so i would expect that to happen probably starting three quarters out and i would guess it would take us another three quarters or so to get back to where we are now, but that's not a terrible thing well obviously, you know, we don't like where we are to start with, but the ramping back up again is not a terrible thing because that is a period during which you see employment growing, it's a period during which you would see some wages growing, and those are the most important factors. >> well, ed, we're pretty much out of time. i will have you back in less than a week because i want to discuss after decades of globalization, giving us lower prices and inflation, the opposite most likely with the supply side issues of this quote/unquote recession, i call it cessation, that's going to be an issue after generating all

this debt. thank you for joining us today ed lazear. morgan, back to you. >> thank you. >> looking forward to that conversation rick santelli, thank you up next, aviation and the coronavirus. what helicopter service blade is doing to combat the outbreak meantime taking a look at the s&p, down 1.7% slipping back below 2500 on pace for another week of losses we'll be rig bk.htac on the now, something's gotten into the office. i hear you. feels like there's no barriers between departments now. do you think everyone appreciates it? i do. huh... forgot my glasses. serivcenow. the smarter way to workflow.

there are times when our need to connect really matters. to keep customers and employees in the know.

to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us.

we are going to take a quick break, but before we do that, take a look at the biggest laggards on the dow for the week so far boeing, raytheon, american express, wgrnsmoalee ang them. we will be right back. stay with us everyone, look at your phones. the design thinking, the digital engineering, security, blockchain, and we will be first to market! yes. when we do we launch? unfortunately, in 2 or 3, hours. why the delay? cognizant is helping banks use digital technologies at scale to advance speed to market. - [female vo] restaurants are our family. the cornerstone of our communities. and our family needs help. right now they're facing a crisis. and they're counting on your takeout and delivery orders to help them through.

because if we don't treat restaurants like family today.. they might not be around to treat us like family tomorrow. grubhub. together, we can help save the restaurants we love.

but right now, the world needs all the good that we can do. to everyone working to keep america strong, thank you. using its resources to help with movement of medical supplies and even organs around new york city to hospitals like nyu langone and mt. sinai. it's great to have you as always, rob. thanks for coming on today >> thank you >> lot of startsups are going

into hibernation into this period you have chosen a different path can dwryou talk about what you'e doing around the city and why this was better than shutting down >> sure. i think myself along with the rest of the team appreciates what new york has done for us. the city has been great to us. i was born and raised in the city there's very little nonessential travel we decided to not wait it out. we deploy our work force and leverage our core. we are focusing on three things. number one, our mobiliity progra which is the start of langone. now more than ever with the hospital stressed, we're doing a lot of the logistics and help them move organs for transplant patients and we're also flying patients for clinical trials we're working with the leadership efforts of government

agents who are part of the relief effort to make sure hospitals can get part of what they need. we are helping citizens stuck overseas we worked with the state department to repatriate 27 senior citizens. beyond that that was deem add humanitarian effort. the aircraft was a 737 donated by rob goldstein, the ceo of las vegas sands. ground transport that is safe for doctors and equipment. you can have a safe ride that has uniformity unlike ride sharing services where drivers are actually temperature checked. we used electrostatic decontamination. all the proceeds go back to fund more trips for doctors and hospitals. >> how long can this go on

obviously, the need is going to be there for an extended period of time. maybe even once travel demand starts to recover. what's your timeline on that >> i think that, look, we have two things going on. if you looked at the graphs that the president showed a couple of days ago, clearly new york and new jersey, the tristate area are clearly ground zero for the epidemic we're counting on that, for all of april, clearly, we'll be under lockdown there's a good chance that in may it will continue we're preparing for that potentiality we'll be continuing working with our medical partners and providing safe trips for people in new york city who have essential travel despite the fact that we are under lockdown there are people that need to see doctors. there are people that need to go places that are not within walking distance drivers need to be safe and passengers need to be safe we'll do this as long as we need

to we're well capitalized and hoping that resolves itself and people can kind of get back to work once it's safe. we're relying on the experts to tell us when that is the virus will tell us when to get back to work, not anybody else we'll be closely monitoring and hopefully by this june things will start to get back to normal >> rob, you said you're well capitalized and that's clearly an important point kudos to you for doing this during this period are you able to get cash flow from this? does this help your position as far as staying in business for when we eventually get out of this or no >> no, it does not this clearly -- we have two choices. you can layoff and furlough employees and hibernate. we hope to be around for a very long time. we've been around for six years. that's not the right way to run a business new york city needs us now

the hospital need -- the hospital system needs us now now is the time to focus on these relief efforts hopefully we won't have to be doing it for much longer we're here for the long term once we get back to a more m normal mode, i think our flyers and customers will appreciate our contribution during this time >> absolutely. perhaps there's never been a greater need for rapid transportation than in the midst of this health crisis right now. i want to go back to your expectations for return to ridership post-outbreak and how quickly you think that will ramp back up. we've had a number of ceos tied to aerospace on our air even just this morning who suggested they think it will take a while. >> it is going to take a while i think that, you know t o, our business has been focused on a

higher end audience in terms of income a lot of business travel i think it will take some time clearly our airport business will suffer. it will take a long time for the tsa passengers are down 95%. i think movement to leisure markets over the summer, at some point, will pick up. hopefully in june. you'll see a lot of travel stop overseas we really believe people will be spending time closer to home and what we're very much focused on short distance aviation. i think that hopefully when this returns we believe that our flyers will be one of the first back into the air. >> rob, we really appreciate that a lot of people rooting for you in the efforts you're doing for the city and the hospitals hopefully we'll talk soon under some different circumstances thanks >> i look forward to it. thanks guys, mnuchin on twitter

with an update on the loan program. he says $875 million processed, almost all from community banks. big banks taking applications and will be submitting them shortly. we're going to look for metrics like this given all of the reports of confusion, guidelines that are unclear, qualifications you need to have with banks being customers, what kind of customers. that will be very key. >> yeah, carl. our own tweeting just in the past minute this is chaotic mess only bank of america is live for a subset of customers. wells fargo saying straight up no applications today. >> with a number of small business owners in my family, a lot of confusion on trying to get the applications in today. what it will mean in terms of keeping people on the payrolls in the near term when there

isn't, depending on your business, work to be done and how that plays out versus the jobless claims that continue to climb and climb. >> yeah. it's also about payroll. there's the added question about your utility bill and lease financing and inventories. all the working kpcapital. everybody have a good weekend. we'll get back here on monday. for mow let's get to the judge >> breaking news the end of another volatile week on wall street culminated with the defendant employment report. we're keeping our eyes on the major development as we attempt to chart the way forward for your money with the investment committee, they are here. josh brown let's check the markets. dow has a loss of more than 300 poin