stay safe, wear your masks. that's all for us. see you next week on "the barron's round table." ♪ ♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street." >> and welcome to the program that analyzes the week that was and helps position you for the week ahead. maria is off this weekend, i'm david asman. coming up in just a few moments, maria's one-on-one with shake shack ceo to talk about how the restaurant chain survived the economic slowdown. then her interview with treasury is secretary steve mnuchin about the rollout of the first round of stimulus and blackstone ceo steven schwartzman on what blackstone is doing to help new york's first respond's. but first -- responders.

marketsal -- rallied hard this week. after the fed came out with a stimulus plan to back up the government. the dow and nasdaq were up more than 10% for the week while the s&p saw its best week since 1974. but are these bailouts enough to get the economy back up and running, and could a rocky earnings season spook investors? joining me now to discuss this and more from santa fe, thornburg investment president and ceo jason brady. jason, good to see you. thanks for joining us. >> it's a real pleasure. thanks for having me. david: the administration is already looking ahead about how to fire up the economy once we emerge from our shelters. how precisely do they do it, who makes it and who does it as we try to fire up this economy again? >> you know, it's a great question, and vice president pence is obviously leading that effort. looking at the commentary there, it seems to be driven by health

officialses and their determination, obviously, those are the experts. when i think about that and starting the economy back again, i think it's a real question of the essential and nonessential, the getting unemployed back to work. those are the things we need to focus on, and those claims statistics that we're seeing every thursday are extremely eye-opening. how do we get that turned around in a safe way, obviously that's part of vice president pence's task force. david: well, let's talk about the jobs for the moment because working people in this country are the most important part of the whole equation. one-tenth of the entire work force is now out of work. we have these new numbers this week, the total is now about 16 million people out of work. that's a 10% unemployment rate. how quickly do you think people will get back to work, and how much of an unemployment figure are we stuck with even after the

economy gets going? >> sure. so i think the best guide to this is how to do we feel the economy is going to progress away from the virus, right? so we already had a little bit of weakness in the economy before this hit partly because we a had lots of leverage in corpses, but -- corporations, but really what you saw was the fed cutting rates in advance of this, not because of the pandemic. so i think where we sit now is getting folks the eye-opening figures back to what might be a normal recession level. obviously, that 10% is pretty extreme. it's probably bigger than that -- david: yeah. >> but if we get back to 10% or high single digits, that's probably where we stand. david: and how long do we have to live with 10% unemployment? we were down to record low numbers of unemployment. we pretty much had full employment. there were more jobs out there than there were people seeking

jobs. are we going to get back to that level before the year's end? >> i think it's going to take a little bit more time than that. so, look, this has been, this reaction and, as you say, the numbers have been extremely eye-opening and uns precedented in their speed -- unprecedented in their speed. it's pretty unusual for things to move up this quickly. i think it would be as unusual to have numbers move down as quickly. look, the stimulus that we've seen has been incredible, but it's going to take some time to work through. and businesses are incentivized to keep employees on. that's terrific -- david: yes. >> but a are a lot of them havet or can't. so it's going to take a lot of time for demand to come back into the economy, and that ultimately is going to be what gets us down to those previously low level of unemployment. david: the markets were thinking positive, a big rally as a result of not only what the administration is doing, working with the congress and the

paycheck protection program, but also as you mentioned, the fed. $2.3 trillion, that's what rallied the market on thursday. i'm just wondering, do you think we now have enough liquidity in the market so that once we do come out of our shelters, there will be enough capital on which companies can base their forward movement? >> i think that is exactly what the fed has been targeting. so chair powell was at pains to say the fed doesn't have the ability to give money, it only has the ability to lend money. and the lending portion of the economy, the credit creation, was what fell off a cliff. now because since 2008 the pretty, pretty aggressive regulation of the u.s. banking sector has taken banks away from some of that lending, it's moved to markets, the fed has been forced to make sure that markets themselves are liquid so that lending can occur. we've seen the fed address it various markets over time. david: jason brady, great to see

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to learn more, visit paycom.com ♪ david: welcome back. keeping the food industry afloat during coronavirus crisis, shake shack is introducing new ways to keep businesses going. this week maria sat down with ceo randy garutti to talk about the chain's plans during the pandemic. watch. >> i've told our team, we need to react on reality and lead with hope. reality is it's tough, you know? every one of our restaurants has had to shift to a strive-through or pick-up only model. we have no dining rooms open, but near lu all of our -- nearly all of our shake shacks have opened. it's been the hardest day of my

career when i needed to tell my team we were considering furloughs. it was painful. and these are the unfortunate, tough decisions we've got to make in the short term so so that we come out stronger and take care of everybody in the meantime. it's been a heroic effort. the amount of meals our teams have been sending to hospitals, have been taking care of each other with and the way that they've stayed open to feed our communities and, i think most importantly, continue to keep jobs going as long as we possibly can has been amazing. so when we put up a business update, we're obviously deeply impacted, but we've drawn down a lot of credit making sure that our balance sheet is strong so that when we come out of this, we can continue to grow again. shake shack grew 30% last year. it's crazy to have that grow the other direction, but it is where we're at, and we're trying to make the right decisions right now so we can come out even stronger on the other side.

maria: i know you drew down on debt, but before we go into the financials and sort of the fact that you didn't have debt, by the way, before this, tell us some of the things that you are introducing in terms of new ways to keep the business going and thriving. most shacks do not allow guests inside. you've got creative things that you've come up with, converting to curbside to go ordering, you've modified your drive-up. tell me what you're doing to keep selling shake shack. >> yeah. we're doing everything we can in each restaurant. first, we're taking care of our team, making sure they're safe and making sure our guests are safe. we've got great standards in play in and out every day to make sure people are safe. and then we've got this mostly we're doubling down on our digital infrastructure. opportunities to preorder on the shack app is so you can roll up, we've got the bag ready, you can go home. it's safe, contactless, really proud of that. we've also doubled down on our

delivery partners. so we've added postmates, door dash, caviar in addition to our pre-existing relationship with grubhub so there's a really good likelihood you can get delivery. we with even teamed up with a company called gold belly where you can go on and order your own shack pack that we'll send it to you at home, and you can cook your shack burgers with our ingredient9 whenever you want. i did this other day with my family, and it was like comfort. it was like coming home to have some state of normalcy, to have shake shack arrive to you. so we're doing all we can to make sure we can keep people employed and keep the company stronger. maria: and i love the cook at home boxes. that's another good one. i was looking at your press release, and this is all these pictures of these burgers, and i'm thinking, wow, i really want a shake shack burger. [laughter] it looked so good. you drew down $50 million of

$100 million available under your august '19 credit agreement. this was a prudent move. tell me how that's going, what that money is being used for. and then i want to get your take the on the government relief plan. we're talking with treasury secretary mnuchin this weekend, and he goes true few the ppp plan -- through the ppp plan, and i know you're going to participate in that. >> we are. my job as our ceo is to make sure we have adequate liquidity for the very long term no matter how long this lasts. shake shack's fortunate. never having had debt, it's not been an issue for us. we took down that additional $50 million to insure the very long-term path, and we're going to continue to think aboutly cudty options that we have as we go forward. look, maria, you can bet that we're going to enter -- we're going to exit this in a forever-changed retail landscape. a lot of businesses may not come back, and if those that can come

back will be, i think, coveted positions to grow again. we want to make sure we have the capital in place so that we can do that. we're even, you know, we're continuing to employ a recruiting team right now so that we can have our recruiters out there meeting the best people so that when we're ready to rev up again, we've got an incredible group of hospitality people that can come back to us. when it comes to the stimulus opportunities, we'll be able to to take part in that. we've applieded for a loan for ourselves, and the goal for us remains keep as many people employed as we can and use whatever benefit we can to make sure that this business remains strong during this time and exits this with cash flow to grow again. david: our thanks to randy garutti. maria's interview with treasury secretary mnuchin and blackstone's stephen

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♪ ♪ david: welcome back. getting money to americans. while the fed announces a multitrillion dollar lending plan to help main street, president trump is working with congress on another round of financial relief as the u.s. grams with keeping the economy -- grapples with keeping the economy alive. in the meantime, some americans waiting for stimulus checks can expect to receive them as soon as this week via direct deposit. and while a record number of loans have been made to a half million small businesses sent out through the paycheck protection program, banks are already overwhelmed by the continuing surge of loan applications. this week maria spoke to treasury secretary steve mnuchin about the challenges surrounding the relief rollout. >> maria, we clarified, again, the way this program works is

you get eight week of pay, plus you get an extra 25% for overhead. and we clarified that the money needs to be used to pay the workers. that's what all this is about. we did clarify that you need to use at least 75% of the money to pay the workers because the whole point of this program is to keep 50% of america back at work so that small business can reopen quickly. maria: right. no, and i get that. but that therein is where the issue is, because they're being forced to keep, you know, give the money to employees while they're not getting any revenue in, right? because we're in a lockdown mode. here's what analyst, treasury is forcing funds to be used to retain payroll, that eliminates the ability for small business to bank the funding so that they can pay the represent, keep the lights on -- pay the rent. that increases the risk that a longer crisis will result in these businesses closing. and then yesterday i had on a

major restaurant guy who's, obviously, had to close all his restaurants, and he says this: the ppp program forgives loans mostly based on how much a restaurant spends on payroll. but if a restaurant receives a loan now while we're closed, it's doing a fraction of its normal volume because of social distancing, out simply will not be able to take advantage of most of the loan forgiveness benefits. so they're not going to make it anyway because they're going to give employees the money, but they're not taking any revenue in. at some point, something's got to give, right? can you extend the time in terms of how long that company has to give the money to employees since they're not operating right now? we're in lockdown, and it's only eight weeks. >> well, maria, let me explain the program, because i think perhaps these people don't understand the point of the program. and let me just put this in perspective. congress created a new program from scratch about a week ago.

so working with the, is ba, treasury and the sba created an entire new program in less than one week. and these are really grants. so they're loans that are forgiven. you can think of these as grants. the purpose of this is the president wanted to keep people hired. this keeps people off of unemployment. this makes sure that companies have, small businesses have their payroll there. the whole purpose of this program is we are giving small business money for free. maria: do you think that this shutdown is going to go longer than eight weeks? >> maria, i hope not. i hope we can get back to the point -- i think everything i hear from the medical professionals in many places we're close to the worst point and beginning to peak, and i think then things are going to get better. and i know the president is very much looking at how we can reopen parts of the economy. there are parts of the country like new york where, obviously, this is very, very concerning. there's other parts of the

country where it's not, and i know he's meeting with the task force and the medical professionals and getting posted on this every day. maria: you said with me a couple of weeks ago that in the fourth quarter we'll see a gigantic rebound. how quickly do you expect a snapback once we do see the economy open up again, secretary? >> maria, i think certain parts of the economy you're going to see come back immediately, certain things are going to take longer. but i have every expectation that we will kill this virus soon, and when we do that, you're going to see a very big bounceback. as i said, the economy has slowed down, we've closed down this economy, and when we reopen it, i expect that you're going to see a very strong are rebound later this year. david david our thanks to secretary mnuchin. despite some glitches in the stimulus plan's rollout this week, blackstone ceo stephen schwartzman gives the federal government some high marks for

their handling of the crisis is. here's his one-on-one with maria. >> i think the government's done quite well. it, you know, we're missing a large part of revenue, gdp, for probably at least a quarter with. that's over 5 trillion will probably be gone from the economy. and without government support of the massive type that we've had, we would have a grave situation. a recession would be the optimistic description of it. we're in unprecedented times with a voluntary suspension of our, most of our economy. now, that's not going to happen in terms of the downside scenario because the government has stood up a massive stimulus. it started at $2 trillion.

money will be going to people on unemployment, it'll be going to businesses with incentives to keep employees, and it could end up being infinitely bigger than that $2 trillion through multiplying and through the leverage that the federal reserve can bring. in terms of individual lending programs, i'm not even sure exactly how that's going to work. what i would say this small business program, it would be reasonable to expect there to be difficulty rolling a program out for $350 billion where no such program existed and doing it to tens of millions of small businesses. my own personal expectation is it would take a week or two to normalize that program -- maria: yeah. >> but apparently somebody told

me there was like $38 billion of those type of loans to support employees really that went out the first day. so i'm quite optimistic about the success of that program. maria: i want to talk about what you've been doing because i know, steve, you have had a lifetime of donating to new york and across the country s and you've done it again. blackstone group donating $15 million to new york state, $10 million of which will go to the first responders fund, the rest heading to new york city health care workers. thank you for doing that. tell us about it and what you hope to achieve with this money. >> well, it's clear that we've got an enormous crisis going on in new york. the governor is doing a terrific job trying to get additional equipment, but we've got first responders who are at risk, people working unbelievable hours. they need support. our whole system needs support,

and i think it's important for members of the business community -- not just me as an individual, but our firm -- to step up and help. david: our thanks to stephen schwartzman. don't go anywhere, more "wall street" right after this. ♪ ♪ there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving.

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weekdays for "mornings with maria" right here on fox business. that'll do it for us. thanks for watching, everybody. have a wonderful easter and passover weekend. we'll see you next time. ♪ ♪ ♪ ♪ gerry: hello, and welcome to the "wall street journal at large." in this holy week for both christians and jews, we may be finally seeing the break in the coronavirus crisis that so many have been praying for. indications the disease could finally be peaking here in the united states. white house medical adviser dr. anthony fauci told fox news medical experts are optimistic we'll soon see the binning of a -- beginning of a turn around. he says social distancing is making a difference. governor with andrew