he says, 30 bucks a barrel by late august. that would be good news indeed, because this terribly depressed price of oil has affected all sectors of the economy and our stock market. time's up for me. neil, it's yours. neil: all right, stuart, thank you very, very much. we're follow ag-oil development here. wasn't too long ago we were looking at 12, 13, 14-dollar oil and that is horrific. seeing we were at negative oil price as couple days ago we'll take whatever we take. it is helping drillers and wildcatters, helping everybody. the devil is in the details to see if this can maintain itself. one other positive note we're following is that of new york, hospitalizations fell below 16,000 from about 16,076. this is a forward indicator. tragically you know deaths are the most lagging indicator. if fewer people go into the hospital these are encouraging

developments and governor andrew cuomo has been mentioning these developments. now worry on the food side though. we heard that tyson foods is indefinitely suspending operations at that largest pork plant in south dakota and worries now, forget about whether you get pork or beef. whether, if and when you get it. we could be looking at sharply higher prices because right now it is in short supply. connell mcshane on the latest developments. hey, connell. reporter: neil, we have widespread agreement whether it is governments or companies, about the economic damage being caused by this pandemic in the country where there are differences though is on the approach to how to reopen economies. now, you mentioned, some of it is businesses versus government. business us will make the own decision. tyson is example of that. suspension of these operations you mentioned is an indefinite suspension. the basic thing here. a lot of workers, so many calling in sick at that plant that tyson felt they just

couldn't keep going. what they will do is ask all 2hundred people who -- 28 people hundred people who work at the plant to come in and get tested. how they reopen with this will have impact not only on tyson foods but on the supply chain more broadly. that is a company decision. we have this new warning getting a lot of attention from the cdc director robert redfield interviewed by "the washington post." i'm quoting him, possibility of the an assault by the virus on our nation next winter will be even more difficult than the one we went through. he is worried about the seasonal flu hitting at the same time next winter as the coronavirus and putting stress on the hospital system. i will mention a tweet from president trump short time ago that mentioned the cdc director and the president said the director was totally misquoted by cnn. he will be putting out a statement. the interview i referenced was with "the washington post."

we're waiting on a statement to see what confusion might there be with some other reporting. while all of this is going on. we have a number of individual states making their decision starting to reopen. georgia was the most aggressive getting out ahead of it last friday, opening up all kinds of different businesses, hair salons, bowling alleys, you name it. others are following. texas is one of them. governor greg abbott telling fox business today, he will be balanced what he makes next week, on plans to reopen. he says people in texas want to get back at it. here is the governor. >> people need to pay bills. they need to continue their livelihoods. there is urgency to get back to work. we will provide the pathway, opening as many doors to businesses as possible while maintaining the safety of the great people of texas. reporter: there is a different approach in new york.

you mentioned governor andrew cuomo. his briefing is continuing in the capital in albany. what he opened his briefing with, i thought this was interesting, he acknowledged tremendous economic anxiety for the people of new york. he says this is a terrible period of time. he says he gets that, but the governor says we have to deal with it. in terms of reopening he said his meeting with president trump at the white house yesterday was a productive one. one of the big things they talked about was testing. they said the goal is to double number of tests, state tests available, that will be what is key to the reopening of the economy timeline at least for new york, which has been hit the hardest by this. i will end neil with a couple of notes from overseas as we watch some bulleted headlines from over there to see how we might deal with our own economies reopening. in germany, news cases jumping more than 2200 yesterday which came as a surprise to many. even china, city of beijing announcing that they're closing back down some of their gyms,

other places where people gather in large numbers and the report they are worried about the second wave of the coronavirus. the bottom line, you put all of this together, there is a lot of information, and there is no one method or one answer in terms of reopening a global economy that has been so hard hit by this virus. all but sudden stop to the economy globally, different states, different companies. different governments come at it from different angles. neil? neil: indeed they are. connell, thank you very, very much. as connell was speaking, mitch mcconnell is doing a radio interview right now he is outlining what his limitations are on still more stimulus. the republicans have no desire to give states, local governments in the next coronavirus aid bill that would bail out state pensions. there has been a concern that mitch mcconnell they're going to fast with stimulus, throwing other things into it. this should not be among those items. he also been essentially saying

we should give this time to stimulus all right out there to do its thing. now is not the time. until at least they all get back together in early may. but just an indication where we stand. separately there has been an effort led by the administration by the way to help oil and energy industry. they're not calling it a bail out but they are calling it sop help. hillary vaughn here on what that help might look like. hey, hillary. reporter: hey, neil. we are getting some fresh numbers about really the state of the industry right now from the energy information administration. the industry added 15 million of barrels of oil last week to their inventory. the president saying yesterday he is looking into actually buying 75 million barrels of oil to add to the strategic petroleum reserve to help out the industry one day after the price of crude fell below zero for the very first time. the president tasking treasury secretary steve mnuchin and energy secretary dan brouillette with coming up with a relief

package for the oil and gas industry, that it is struggling to hang on. >> obviously in the short term a lot of these companies are going to have issues, a lot of these companies need to shut down production but the president is determined and we're looking at different plans to support them. reporter: unusual and brouillette were on a call with lawmakers yesterday. some of those options including insuring oil and gas producers have access to the fed lending facilities created in the original cares act and filling up the strategic petroleum reserve but in the short term mnuchin telling fox business's stuart varney this morning pressing pause temporarily on production is helping supply and demand get back in line where it needs to be so that is potentially a good step forward for the industry looking ahead. neil? neil: all right. hillary, thank you very, very much. how does a key oil industry player feel about all of this?

kelsey warren joins us, energy transfer ceo and chairman. looking at some of the options the government is considering, kelsey, including buying up oil, maybe putting it into strategic petroleum reserve, will that move the needle much on what do you think? >> well some, neil, it certainly will. every day that we cannot have storage filled globally is a day that is saved for the producer. and you know, where we stand right now, if nothing happens, we should be filled globally with storage. by the end of may, probably by the middle of may actually, that is really when things could really get ugly. i have listened to your show, there is just no place to put it. so, yeah, sure, any help we get would be -- neil: they have raised this idea, i'm sorry sir, raised idea of putting it in railcars, that kind of thing. are we that out of place we have

no place to put the cheapest oil we've seen forever? it will not stay cheap forever. you almost want to take advantage of it, store it, hide it somewhere, just in case and we can't? >> well, neil, at current production rates it's pretty defined. we know where we're going to be full, when we're going to be full and if that point then the math is just really tells a very simple story and that is massive shut-ins will need to occur. so, yes, i think, railcars, we're looking at taking idle pipelines, just putting oil in pipes and believe it or not. you can find a few million of barrels of capacity doing that. we're looking every creative, innovative thing we can do to help. neil: you know, do you think prices overdid it, that they sunk a little too low? forget about the negative prices we saw a couple days ago, in expiring contract, i get that, gets a little weird but do you

think it is telegraphing something down the rhode spite the uptick today that something bigger is going on? >> it does but look at this, it is a industry that consistently goes through booms and busts but no one has seen a bust like this. we really never had a situation where the bust was not controlled by pricing which gets fixed by less supply. this one is going to be, there is just no demand. i mean refineries are running at 68% in the united states. exports have been cut in half or more for u.s. crude. so this is, this is caused by demand. however, to go back to your question, absolutely. when this is going to be brutal, probably let's say through july. and then it will begin a slow recovery. the first barrels get worked off will be those stored and then they start translating those into the producing community and it will come band and i think

come back very strong. neil: all right, from you to the rest of the world, we'll see what happens. kelsey thank you very, very much. oil prices are up today, in the case of present originally sunk abroad. it came back a little bit. all major contracts are advancing a little bit. the question if it is one of those proverbial dead-cat bounces but again much of this is built on the notion, when stimulus gets back to work, people get back to work, that the demand will inevitably rise. that is the hope at least. richard trumka joins us now, afl-cio president, he is all about getting americans back to work and wants to do it right and rejects any reopening without adequate safety measures. richard, that is pretty much the gift where you're coming from, is that correct? >> neil, good to hear you're safe and i hope your family is as well. neil: thank you very much. yours as well. so where do you see going now,

richard? i mean states have this layered staggered approach to reopening, some as soon as this week, others next week. still a new wave comes week after that? you have to look out for your own union members and their safety on the job is paramount but there is so far no guaranties on that. do you want guarranties on that before you recommend having them go back to work? >> well, there are things that we can do to minimize the risk the workers, neil. first of all any decision to go book to work you have to involve the workers because they know what's best. that decision should be made on sound science and worker safety. workers, we need a standard in place, so that we can enforce that osha, can enforce it, every employer will know what's out there and every worker will know what they're entitled to and we need a massive increase in

personal protective equipment for those working and those that will come back to work and we need a massive increase of rapid and reliable coronavirus testing, so that we can keep in front of it and isolate workers so that we don't have happen what happened at the meatpacking plant out in the west where you got 900 people now are infected because they weren't separated and they weren't having proper protective equipment. unfortunately in all of this you would think that osha would be there to help us, neil but osha has been awol. neil: you know, when you talk about getting people back to work, there are a lot of people are getting impatient. obviously seen the protests around the country, states like michigan, minnesota, virginia, a host of others where they claim that the governors are being too restrictive, even in republican states we've seen this. now i would imagine, not all, but a good many of those

protesters are union members and they're getting antsy, what do you tell them? >> well i think anytime that a lot of people gather in public right now without masks, that they're endangering themselves and they're endangering anybody that they come in contact with and i think that they're asking for the economy to be reopened before we have safe work places. essentially they're demanding that working people's lives be put at risk. they're saying workers, some workers are expendable. i just totally reject that notion that essential workers are expendable at any level. if you go and demand the right to do something that will spread the virus, you're not just being self-destructtive, you're threatening everybody out there. so we won't let people go back to work until it's safe. we have to take care of the ones already there, make the workplaces safe for them, and then make sure that those coming back come back to a safe work place, so that we, the worst

thing that can happen, neil, is for us to send people back to work and then 10 days, or two weeks later, bring them back out of work because there is a surge or another epidemic. that would be a colossal setback, that the economy wouldn't recover for a long, long time. so we're not going to do that or allow that to happen. neil: yeah. cdc director apparently agrees with you, even though the president has claimed that his concern about a second wave may be even more serious than the first one, it will come next winter. though i have not heard a statement from the cdc director claiming that he was misquoted in this "washington post" interview, we'll see. that worry about a second wave or maybe another recurrence, what do you tell your members about that? and how do you prepare them for the possibility that no matter how you slice it, this is going to be uptick in cases? i talked to plenty in the medical community who say, you

can't avoid that. obviously you want to limit it as much as possible but when you hear, just a few minutes ago, the president was announcing at an earth day event he will start opening up our national parks and public lands, do you think he is rushing it? >> neil, i really do. i don't think we're prepared to go back because as i said, here's what we need, first you need a contagious disease standard. osha had that. they got rid of it at the beginning of this administration. we need to get one back so that everybody knows what's expected of them. you can minimize the second wave by having proper procedures in place and that standard will allow us to do that. second of all, if you give everybody the proper protective equipment and you give them reliable testing we can stay in front of it by isolating those workers that get the disease and

not infecting everybody else at the work site. so it will take a tandem of a lot of things coming together and us being able to work cooperatively to keep places open. we don't want to do it prematurely. i think it suggests we can go back to work right now i think is ludicrous because we lack the standard. we lack the personal protective equipment and we don't have rapid, reliable testing in place at a level it he had needs to be. neil: do you worry, richard, we have a trade deal with china, that would purchase a lot of stuff that would benefit a lot of afl-cio members, anyone whether you're outside unions so i'm wondering given the chill between our countries we essentially are saying the chinese have been lying about the virus from the get-go. the chinese respond in kind. you have a hell of a nerve, you have seen this back and forth, i'm wondering in that

environment whether we'll be trading as much with each other? all these commitments made in a trade pact fritter away, what do you think? >> first of all it may be good for us to reexamine a lot of those deals. you know, as well as i do, that right now we only produce 48% of things for national security in this country. many are produced elsewhere. that jeopardizes us, that makes us vulnerable in ways we shouldn't be. maybe some of the things made over there shouldn't be. we ought to reexamine that, and come to a level trade agreement where we're actually exporting to them as much as we're importing to them, so we don't have these massive trade deficits every year that allow their economy to grow at our expense. neil: if you don't mind my veering a tad into politics, richard. you indicated your support for joe biden. do you have any preference on

who he selects a running mate? he said it will be a woman, but how do you feel about all of that? >> well, first of all we haven't endorsed joe biden yet. we haven't endorsed at all. that will be done by our membership. we've been polling our rank-and-file to see who they want to support and that polling will decide what we do ultimately. i will bring our general board together, which is the president of all of our unions and all of our affiliates and all of our constituency groups. we'll discuss it and do that. neil: do you have a personal, do you have a personal preference? maybe that is what, that is what i mistakenly read, your personal preference for joe biden over -- >> you know, neil, one of the luxuries i don't have as president of the federation is be able to tell you my personal preference. i speak for all workers in all the federation out there and right now we don't have a position on it and so my personal preference has to remain just that, my personal

preference. neil: only reason i raise it, and, i apologize if i got that wrong, but, that there has been a bit of a chill between you and the white house. sometimes you're not included in these august groups part of advisory boards, what have you, and i'm wondering whether something has chilled between you and the president? >> well, i try to call them like i see them, neil. when he does something right i say he does it right. when he does something wrong i try to say he does something wrong. look -- i they got upset with me because i called osha out. look, osha has been without a director his entire term. it has been on a starvation diet. it has fewer inspectors now than it ever had in its history and because of that workers are getting sick and dying. i said that's wrong. osha inspectors are being demoralized because they seem like the out of favor kid in

their agency. so they're getting starved out. do something about that. do a standard. help us get everybody back to work. and when i say that epgets upset i guess from time to time but it is not personal. i try to say what is best for american workers and what i know they need to be safe. and if he helps us get that, i will sing his praises. if he stands in the way of us getting that, i will say that he is wrong. neil: i thoughter going to veer into a godfather line there, it is not personal, but it is just business. but you didn't take the bait. mr. trumka, good seeing you. continued good health. my best to your family. thank you very much. >> same to you, neil. i really hope i'm glad you're well. i hope your family remains that way. take care and be safe, friend. neil: thank you very much, richard trumpka. he said he will be careful about going into this. he is not the only one.

a number of republicans are saying as well, borne out in a lot of polls a lot of people do want to get back to work but this whole virus thing is getting them very itchy. you get all the concerns that it could refester in the fall and the winter. how accurate is that? we're still waiting for clarification from the cdc director. was he misquoted in "the washington post"? is he really saying something more ominous could be coming in the winter? he hasn't specified that. he has not come out to clarify that. the president said he was misquoted. he has inside it. ♪. y favorite shows right there. i wish my trading platform worked like that. well have you tried thinkorswim? this is totally customizable, so you focus only on what you want. okay, it's got screeners and watchlists. and you can even see how your predictions might affect the value of the stocks you're interested in. now this is what i'm talking about. yeah, it'll free up more time for your... uh, true crime shows? british baking competitions. hm. didn't peg you for a crumpet guy.

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seeing the break in the clouds before anyone else. together, we'll weather this storm. >> banks have done a great job. even within the big banks there is some of them have done very well. there is others that have been a little bit slower but i think particularly in this tranche a let of the big banks, while we've been shut down have been underwriting, have been taking

applications and i think they're going to get the money out quickly as well. neil: all right. the issue isn't getting the money out quickly, the issue who is getting the money so quickly, because at least 80 of customers who picked up money from the paycheck protection program not really classified as small businesses. so were medium if not large businesses. some are told to give it all back. you heard what is going on at harvard. the other issue in the latest tranche of money, additional $300 billion they can avoid that. let's ask charlie gasparino. harley what are you hearing? >> looks like the treasury has been following our reporting on this network, your show, claman's show on the problem with the ppp. i spoke with treasury department officials yesterday about that. here is what i'm hearing now. this is pretty interesting breaking news, i don't know how it could be, how this will all work out but what i'm hearing now is that the treasury plans

to institute what has been described as voluntary clawbacks of ppp money. that is the low interest loan money for small businesses that are going to outfits that don't really need it. it is more than just public companies like shake shack which actually gave it back and some other companies. as we've been reporting, it is hedge funds. it is very profitable businesses. because they have banking relationships with the banks, they automatically get to the front of line. the banks almost have to give them front-line treatment. the treasury didn't specify in the rules how the loans should be dealt out. they deprived real small businesses which are at this point in my twitter feed and email back inbox is flooded with horror stories about real small businesses that are shutting down, laying people off, because they can't get access to this money, it ran out very quickly. what the treasury is saying is this, we understand. they are planning to institute voluntary clawbacks. what will be the hammer to get people voluntary, when i say

people, businesses that are profitable that maybe don't need the money what will be the hammer? apparently but sign out your application there is some clause that says something along the lines i really do need this money, i'm paraphrasing, it is in legalese, trust me, i'm not just taking this money so i can throw a party with it. there is some legal language in there, the treasury department saying listen if you signed this thing and you don't really need it, we can use that clause, in a potential lawsuit against you to claw it back legally. but at first what they're saying now, they will have voluntary clawbacks. i don't know how you do voluntary clawbacks. we're in nebulous legal territory. let's be real clear here, the treasury, and this gets down to their rules, the treasury didn't specify exactly who to give the loans to, other than broad parameters that allowed public companies, yes, that are in the,

they're in the hospitality and in the food service business, allowed them to tap into this. what was odd about that is that those same public companies, because of the fed, have access to the corporate lending markets, the corporate bond market which essentially because of the fed has taken down interest rates and very appealing to do corporate bonds. the ppp loan is even more appeal, because that is why it was made for small businesses. a lot of this goes to the treasury screwing up essentially i guess you could say but not having specific, some specific rules. now they're trying to put the genie in the bottle as the second tranche comes. it will be interesting to see if they do have other measures, other rules. we should point out from the treasury standpoint what they're saying neil, simply this, we, they needed to throw money at a problem, meaning the business economy which employs about 50% of the workforce was heading towards economic armageddon. they had to do something quick. they didn't have time to think through all these issues. i see their point but on the

other hand, some of this stuff is basic and i think if you talk to any small business person out there, real small business, people run coffee shops, salons, they're having a hard time getting the money. they are on the brink right now. so, new rules coming. treasury says voluntary clawback again. i don't know how, that is, that is a question for andrew napolitano to really get into it how that would work legally. and hopefully they got, they got their hands around this problem. back to you. neil: all right, charlie gasparino, thank you very, very much, my friend. add hofstra university to the list of entities might be working on a vaccine or a cure or treatment much symptoms. in case you're counting, i think we're well over 70 such potential medical remedies to this. jackie deangelis with more on all of it. jackie. reporter: good afternoon to you, neil. that's right, when it comes to treatments that is what gets us back to work, back to our lives,

gets the economy going and testing is a really crucial part of that too, don't forget that. i want to talk about lab corps today, because it actually has the first at home covid-19 testing kit approved by the fda. for now the test kits will be available to health care workers and first-responders under doctor as orders. but in time it is hoped they will be available for everyone. there are a few tests. active virus, different antibodies. swab the nose at home. return the sample in the lab, results come back anywhere one to three days later. the cost of the website is one of these kits is $119. you have to fill out a survey to get approval. you have to show you have enough symptoms to deserve a test at this point. in the test release, the company said this, results from serological tests are the sole basis or diagnosis of assurance of i willp community, we believe the test will play critical role

for helping to deal with the effective crisis. the test kits are available in 46 u.s. states. the service is not available in maryland, new york, new jersey and rhode island. remember new york and new jersey as we know have been some of the hardest hit. there is conjecture about the spread of covid-19. maybe it calms down this summer. maybe it comes back in a worse way come the fall. but if there is some down time and these kits can be mass produced it can certainly help the situation. at the same time in the latest coronavirus bill, congress earmarked $25 billion for more testing and contact tracing which should help as well. you mentioned oxford university working on more of these remedies, treatments, vaccines. then of course there is hydroxychlorquine. the question of course is this a silver bullet? some people have had success with it. others haven't. there is a new study that it

could have caused death in some folks. maybe once we get the testing and vaccines down people won't need drugs as much. something to think about, neil. neil: jackie, thank you very, very much. jackie deangelis on all of this. so as jackie sort of laid out here there are a lot of promising things going on but when it comes to a vaccine its arrival could be year or more today. dr. devi joins us from the nyu school of medicine. doctor, always great having you on. if you could help us with these various treatments, vaccines, potential cures that is what people leap on, in the best-case scenario they would be still aways off before people could use them, right? >> well it seems like it. some of the treatments are already underway in terms of these trials. so for example, hydroxychlorquine, even though there have been mixed results it is already in large trials. so we may see results from that sooner. there are some other drugs like

remdesivir which has shown promising results. these are all good things. the vaccine may take longer. it is a little bit different. you have to make sure it is safe when you're administering it and see how well it works as people get exposed to the virus again. those things may take some time. the concern about a second wave of coronavirus we may see that wave before we see everything else come to fruition. neil: would a second wave be mutated wave? without be a different type after virus, doctor, where all the potential treatments and remedies might not work? >> well there is always the potential for that because there are a lot of unknowns but at least in the testing that has been done so far they have seen that, the coronavirus seems to change in part, that is how they can tell strains coming from china versus from europe versus from other areas, but the fundamental aspect of the virus seems to be the same. if we have a vaccine or

treatment that targets that, that it should work even if it's seasonal. some of the other things i think about that might help us, can we control some of our risk factors? we know people who have multiple medical problems, people who are obese, tend to be more at risk to get the coronavirus. so it is possible, if we can get those things under better control, that would be great but i think it is hard. a lot of elective procedures and specialists offices are closed right now. in terms of obesity it is really hard to control that when your physical activity around food options are also limited in many ways. so it is very challenging but i think there are things we can work on. neil: do you think we're ready to start slowly going back to work? >> well it is a mixed bag because even if i think about the health care sector, right? if you look, how can we fight the coronavirus? if people start going back to medical offices, for example to, get their other medical conditions treated, that should

epoverall in fight against coronavirus but the problem is, will the patient feel safe coming in? will employees feel safe going in? those are challenges. i mean we made advances with certain things but we still don't have a treatment for coronavirus. so people still are at risk. as we saw with that usns comfort, they tried to have the ship separated for people who did not have coronavirus but that didn't work out because it is so difficult to separate out the patients. so i can see that happening even at work as the economy opens up but i really ban to see it open up but i think it will be really hard to separate out who is sick from who isn't. then once a person comes in that's sick, it is so easy for it to spread to the others. neil: doctor, thank you very much. very good catching up with you. thank you for all your help on the front lines with all of this. be well, be safe. as i leave you, you know what is happening at the corner of wall and broad.

dow is up nicely and oil rebounded. i want to draw your attention to gold. i know what you think, cavuto always talks about gold, he must be a gold bug. bugs me we don't mention it with all other investments including bonds. this is very real. a run-up seen another 3% advance to north of $1734 the ounce. keep in mind a little more than a year ago we were in the 1100, 1200 range. this is a significant development. it is obviously responding to a crisis in the world. it is also looking at the fact this is not innation nary environment certainly. the instant thought it is a short-lived phenomena, if it is short-lived it has been going on for a while. gold mining stocks, anything to do with this, are running up nicely. etfs tied to gold. call it safe haven, call it what you want. bank of america saying yesterday it could see the price of gold going to $3,000.

now that is one bank's opinion and view. i only throw the gold out there as i do when i look at the 10-year note, now about .60% right now. so a little bit of a back up in yield. as i report on oil. i report on stocks. this isn't coming from a gold bug. it is coming from someone who suggested about when it is not even mentioned. that clear? after this. life isn't a straight line. and sometimes, you can find yourself heading in a new direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward. sprinting past every leak in our softest, smoothest fabric. she's confident, protected, her strength respected. depend. the only thing stronger than us, is you.

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lawsuits we file statement of interest and side with the plaintiffs. as lawsuits develop, specific cases emerge in the states we'll take a look at them. neil: all right, that chat raised a lot of -- a lot of response here. a lot of people wondering what did the attorney general mean when he said we would have to take action against those who might be going too far with their lockdowns? what is too far? who is he talking about? this is a protests have sort of spread out all across the country over provisions that a lot of folks are getting impatient with stay at home provisions are saying way too much. judge andrew napolitano on all of that. you know, judge, it seemed he was clearly sympathetic to a lot of protesters but by taking the next leap, all right, i might have to look into this, what is he saying? >> well, i was surprised to hear him say it. we know his boss's position on

all of this but just as a lot of the edicts by governors and mayors are very vague, when things are vague, the courts are reluctant to enforce them, the attorney general was a little vague saying going too far. i suspect by going too far, he means with they trampling on, the gubernatorial orders and edicts, guidelines trampling on express rights mentioned directly in the constitution? like the right peaceably to assemble and tell the government, what you think of it. that right has been respected in austin, respected in michigan, not respected in new jersey. so because these are constitutional rights, rights that the federal government is bound to protect, the attorney general is looking for some sort of equalibrium, some sort of sense that they are respected all over the country.

neil: so if he is calling into question some states might go too far, michigan comes to mind, where they changed a lot of the rules on, you know, you can buy a canoe, can't buy a motor boat. can't cross the street, i'm simplifying here to say that was sort of like add-ons that didn't make much sense and i can see protesters getting angry about that, no matter how they assembled. you can raise health and medical issues getting so close to each other making a bad medical situation worse but was he specifically talking about governors who overreach or all the governors doing this? >> i think he is talking about governors who overreach. one person's overreach is other person's scientific necessity. that is the problem we're in now and that problem will manifest itself in the following ways. after the pandemic is over, when the courts have reopened and

people are prosecuted for violating these gubernatorial edicts, a lot of judges are going to say, i think, this is just the governor's edict. this wasn't legislation enacted by the legislation, you can't be prosecuted for this. i will throw the prosecution out. the other thing that i think he is talking about is, we have begun to see litigation by businesses which have said, i can operate my business and still comply with dr. fauci's regulation about facemasks and six feet of distance because my business does not involve the public. if you don't let me open up my business, i'm going to go to court and explain to a judge why i should be able to open my business. i believe that the department of justice is going to side with the plaintiff, a business owner, that about hypothetical litigation that i just attempted to summarize, neil. neil: very well-summarized. i get it. judge, continued good health.

be safe, my friend. thank you very much. judge andrew napolitano. the meantime what do you do if you're not getting a paycheck and you have to still pay bills, you still have to feed your kids? a lot of people will sell their jewelry. a lot of people will sell anything they can just to keep money coming in. airlines have sometimes a different option. they will sell their stock. in the case of united airlines, maybe upwards a billion dollars of it to cover on going expenses. others could follow that. grady trimble on that. hey, grady. reporter: united is offering more than 39 million additional shares at 26.50 a share. that will generate as you said about a billion dollars for the company at a time they desperately need the cash. the problem with that the reason the stock is down, it dilutes value for other shareholders, existing shareholders. that is united. delta, i want to talk about earnings today. they are the first major airline to release earnings since all the travel restrictions were put

into place. revenue down 18% in the first quarter of the year. what is most telling they're expecting in current quarter, the second quarter, they're expecting revenue to fall 90%. that roughly correspond they cut in flights, about 85%. in the third quarter, or first quarter i should say, by the end of march, they were burning $100 million every day. they hope to cut that in half. one possible silver lining is that they hope to have $10 billion cash in hand by the end of the quarter. you see there, all of the empty airports. the reason the airlines are struggling so much, right now. i also want to show you some pictures though, some mock-ups from a italian manufacturing firm, avio interiors. it shows you what flying might look like in the future this one is one of the options where you see the partitions between each seat. clear partitions like the grocery stores. another mock-up they have done,

has middle seat facing backwards towards the rear of the plane. this give as glimpse what flying might look like in the future. i think what is more likely, the first one with the partitions. i can't imagine facing backwards entire flight. we'll see. it might be the future of flying. neil: that could prevent anyone spreading into your seat with the plexiglass there to force the issue. my goodness. grady, thank you very, very much. we have a lot more coming up. spelling out what new york governor andrew cuomo is saying. new york is one of those states that is delaying getting back to sort of business as usual until at least may 15th, but itself could stagger that because there is rural part of the state not nearly as impacted around new york city. so it too could be a mini version of what happens in the country. after this.

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neil: i don't know what everyone is doing sheltered in their homes but i do know that we love to stream and we love to eat, and we got the best of both worlds yesterday with off the chart numbers out of netflix, off the chart numbers out of chipotle, just blowing away estimates. in the case of netflix, about 15 to 18 million more subscribers than they had a year ago. it's firing on all cylinders. chipotle, same thing. you got to eat and that's an easy way to get something. some of the stores are offering delivery. so you can see that, all right. there are other instant beneficiaries like amazon, people are buying a lot of stuff but the fact of the matter is there are winners in a market that by and large was stunned by all of this and produced one loser after another.

as we look at some technology names coming back today, what is your view of how much this is a reflection on what we are doing, what we are eating, what we are streaming? how is that coming into play? >> yeah, very thematic across those lines. i totally agree. when you think about how we are connected to each other, how you and i are connecting to each other, how families are connecting to each other, that's all about technology. some of the companies that have benefited from that have actually done either okay or really well in this market, apple, microsoft, zoom, of course, is the big one, and there are a number of others, i mean apple reports on the 30th, microsoft on wednesday next week so we will get to see some of those numbers and hear about it in realtime. comfort foods, something you and i both love very much, general

mills makes cheerios, that has hit almost all-time highs. kelloggs has done really well. campbell's soup. people are eating a lot of spam. cleaning your house, washing your hands, things like clorox, procter & gamble, colgate-palmoli colgate-palmolive. these companies are fared pretty well. they did dip when things went a little crazy but have been doing very well. globally, alibaba, similar to amazon, even water and soap have done well and some energy names interestingly. clean energy infrastructure, ballard power, an indian solar company, have all done very well in this market. neil: amazing.

not everyone in the group you would think would benefit, would benefit. heineken came out with sales earnings that disappointed. i'm wondering what did they miss. you hear liquor stores are considered essential retailers that have to stay open and people have been drinking and eating and all of that but heineken not benefiting. what did you make of that? >> yeah. i think that was odd. i like to see like constellation brands did well and i think they will continue to. it depends on how people can actually get to the stores, what stores are open. state by state it's very different. in massachusetts, they are surpassing, in new york state they don't sell liquor in supermarkets like they do in other states, so really i think it will depend state by state. neil: good for you to point that out. dani, i'm wondering if any of this unwinds when we start

leaving our homes, if we are less inclined to buy as much or stream as much because, well, we will be working. what do you think? >> i think that's an interesting question. to me, i have been thinking a lot about the things that we're doing now that we will actually take with us into the new world. i think that a lot of companies will see that it's okay compared to the rent they have to pay. i think people like to zoom. i have been connecting with family a lot more than i have regularly because of zoom. it's an easy way to connect. [ inaudible ]. neil: all right. we will watch it very very closely. the zoom thing i certainly get. a lot of times, they almost look like hostage tapes. it's good to connect with the family, find out what's going on but i don't know, we're not

quite there with that technology. nothing against family, don't get me wrong. just saying. don't get me wrong. all right. welcome back, everybody. it's top of the hour here. we got a market that's, well, finally showing power across the board. certainly at the corner of wall brawned wi and broad with the dow jones industrials up 411 points. to the left of the screen, oil is jumping up and it's always like a snap shot because it depends when that shot is snapped. we are looking at around $13.90 oil as a great harbinger of things to come. the earlier contract had turned negative so this is great because it just had a positive number but the fact of the matter is, it's a huge decline from where we were but the hope is that we overdid it on the sell side and these things got crushed to death, all the, you know, distiller guys, all the guys who deliver the stuff, all the wildcatters were caught up

in the free-fall. they are all coming back a little today but no more than we would leave on yesterday's development as a sign of things to come. probably wise to look at today's developments as not necessarily, you know, sign of things to come. again, the markets enjoying the prospect and now with stimulus set to go and be voted on probably in the house tomorrow, that's going to juice this economy a little more, a pickup in economic activity as more people go back to work, albeit on a staggered basis, will help. that's what's lifting the market for the time being. as i have been reminding folks, gold has been doing very very well throughout this, most of the day the market has had these wild rides, gold has continued advancing, up an additional $45, $50 today. so we are keeping a very very close eye on that. you heard bank of america among those saying you know, this whole world now is going to justify maybe $3,000 gold. you can argue with that but no argument with what has been an aggressive runup, i believe gold

is up in excess of 22% this year. all right. let's get a read as we look at the ten-year note, in and out of .6%. lauren simonetti following all these developments. lauren? lauren: neil, you were just talking about $3,000 gold. what about negative $100 a barrel oil? that could happen, says paul sankey. he says if you look at supply and demand, it is a market management crisis. on monday, when we saw oil at an unprecedented negative 37, it can go negative again. why. well, the economy is shut down, gas tanks are not being filled, planes are not flying, so demand is contracting far faster than supply. we saw another $15 million build last week and it's also contracting faster than storage is being created. if you buy the oil, even though

oil is recovering today, where do you put it? the answer for a lot of traders and companies is floating storage vessels, these supertankers at sea. they are typically used for transportation, get an item from point a to point b. now they are floating, sitting on the water just storing oil, up to two million barrels each. let me tell you, it is a good time to be in shipping. we spoke to the ceo of diamond shipping. he says he's making in some cases $100,000 a day. there are 150 million barrels being stored at sea right now. there is some storage left but not much. so when the economy does reopen and we can get through some of this supply, i mean, that will be a good sign but right now, no one knows. what we are seeing, these fluctuations, it's completely unprecedented. go back to what treasury secretary mnuchin said earlier. he said oil returning to $30 a barrel in august. we hope that's true because

traders can make a profit even with this expensive storage if oil goes back to 30. neil? neil: i heard mnuchin say that but seeing as he completely missed the collapse in oil prices, how and why are we able to trust him on an oil forecast some months down the road. it is what it is. he's treasury secretary. all right. thank you, lauren. lauren simonetti on all of that. the global head of energy analysis for oil price info service is with us now. tom, very good to have you. what do you make of where we are now and this fear there's a distinct possibility we could revisit this negative oil price madness? what would prompt that? >> you know, neil, you and i talked in 2008 when the price of crude oil was about $145 a barrel and i never envisioned then that we would see negative

numbers of $35 or $40 like we did monday. i think it's the opposite of a short squeeze and we have seen the worst of it already. we are hearing a lot of shut-ins out there and really, when you are talking about the numbers you're seeing right now in the single digits for a lot of the shale and for oil sands and distress prices for deep water, you are going to get some cuts that have nothing to do with the opec cartel or its buddies. i think it's going to get rebalanced in about the third quarter but i think those episodes we saw on monday were a result of the fact that these exchanges, when you have billions and billions of dollars and you trade 50 or 60 times as much oil as transacts in a typical day, it creates its own ecosystem. that ecosystem went nuts on monday. neil: you know, i always liken this kind of development in oil to what it would be like if

amazon's price was cut in half or apple's price was cut in half. a lot of people would say man, that is a buy, i'm going to dive in with both arms, feet, you know, and buy this. now, obviously there's a big difference with oil. you can't just cart out a barrel of oil but that's the latest problem, right, there's no place to put it. we've got all these saudi tankers that are coming here and others, they have oil to drop off and there's no place to put it. how do we deal with that, should we deal with that? >> well, we do have some room. i mean, there is some room in the strategic storage in the u.s., strategic storage in china and some other countries. i don't think we are going to get to that point where there's no room at the inn for crude oil. we might. now, it might take another wave of weakness tied to covid-19 but right now, we have seen in the last ten days in the united states that gasoline demand is flattening out, it's not rising

much, maybe a percentage or so, but it's no longer 50% and 51% below last year. we are in an incredibly deflationary, unprecedented quarter in our lifetimes for energy prices but i think monday was the worst of it. i really believe that. we will see prices continue to drift lower for consumers, we are going to see diesel probably lose more ground and jet fuel looks kind of hopeless but i don't think we are going to have to deal with negative crude oil, although i would mention that the exchanges, because they want to trade everything, they want to introduce options with negative numbers on them now. neil: oh, boy. while i have you, it's a dumb question but you certainly put up with them over the years. i'm wondering, i definitely see gas prices going down for regular unleaded but i don't see it in the higher, premium or supreme brands, nearly as much. why is that? >> you know, you would be

shocked at how little of those grades we use. about 90% of the gasoline that we use is unleaded regular and it's fine for most of the cars. premium might be 9% and that middle grade, that 89 octane gas, doesn't get many users, even though every once in awhile when prices are cheap, i think i'm treating my car to a little, you know, couple extra octane points. so it's an unleaded gas world. a year ago i would have said we would be octane-short but that was when demand was about 9.8 million barrels a day. right now, in this country, we are using about as much gasoline per month as we used in march 1968. neil: wow. that's amazing. i learn a lot. thank you very much. tom kloza following all this very very closely and explained that anomaly where higher grade gasolines are not budging as much. they are coming down, don't get

me wrong, but nothing like we have been seeing with unleaded regular, which in some 15 states is below a buck a gallon. can you believe that. all right. and can you believe all these protests going on around the country, a lot of folks saying we don't care if you are a republican or democratic governor, these stay in place provisions and all are over the top and we want to cool it down. the attorney general getting involved looking into all of this and whether some governors do go too far. garrett tenney in chicago monitoring all of it. garrett? reporter: yeah, neil, for the last couple hours, there has been almost a constant stream of cars outside the virginia state capitol here, beeping their horns, waving flags, showing signs to send a message to virginia's governor to reopen the state. nonessential businesses have been closed here since march 23rd and right now, governor ralph northam plans to keep them closed until june 10th because the state's number of

coronavirus cases isn't expected to peak until later this month or early next month but folks protesting saying they are worried the economy won't be able to recover if they stay closed for much longer and republicans in the state assembly are also now urging the governor to reconsider his plan and to look at reopening the state in phases. >> if we destroy the virginia economy, if we destroy the united states economy, then it's going to be hard to come back. we got to be smart about it. we are smart enough to know now, we have been trained, stay six feet apart, if you are vulnerable stay at home and maybe not open everything up, but we need to begin to open virginia up. reporter: under the guidelines the white house released last week for reopening, states should see a 14-day decline in cases before moving to phase one. here in virginia, on monday for the first time, officials saw a decline in cases for three straight days. the governor and health officials both here and across the nation are warning that reopening too soon could cause a surge in cases that would

overwhelm the health care system. similar rallies like this one are flaitaking place across the country today, states like california, michigan, new york as well as tennessee. neil? neil: all right, thank you very, very much. with us right now is brenda bethune, the mayor of beautiful myrtle beach, south carolina. mayor, thank you for taking the time. >> good afternoon. thank you. neil: so how are things looking in your city? with beaches and everything else, obviously they are policing crowds but what's the latest? >> well, in myrtle beach, we are in a little bit different of a situation because we actually chose to keep our public beach accesses closed for the time being, and that is simply because we want to look at some benchmarks to use when deciding to open back up, but also just

to keep the community as safe as possible before we welcome our visitors back to the area. neil: when do you think that will be, mayor? what's your gut tell you? obviously you will work in coordination with the governor and whathave you, but what is your sense when south carolinans can unwind this process? >> well, i think we are seeing that that is already starting to happen. we had an announcement earlier today that our schools will remain closed for the remainder of the school year, but what we are doing in myrtle beach is we have put into place a task force with our local chamber of commerce, our hospitality association, some of our larger hoteliers and other business owners to work at more of a really phased planned approach to reopening so that we are all on the same page, because what we don't want to happen is that

we open too much, too soon and we risk our peak tourism season later on in july or august. so we really cannot afford to have a second wave or another peak in the summer because that would be detrimental to our recovery efforts. especially for our businesses. neil: yeah. you know, you are in a position there where you have to think about that. you run better brands, it's i guess a property rental business concern, bj investments, two bridal boutiques. you are putting yourself and your own businesses on the line executing these policies. how long do you think that will be? >> we don't have a timeline yet. we do have a meeting later this afternoon with that task force to discuss what is the timeline, what does a phased plan look like, and we have a council meeting on tuesday. so we hope to gain information then but the main message is if

we are going to open back up and recover, and be able to welcome our visitors back safely, it does have to be a well thought-out approach and we can't afford another wave of, or a peak later in the summer. neil: all right. mayor, best of luck to you. be safe, be well. your constituents as well. it's an interesting development we are seeing play out in cities not unlike myrtle beach but across the country, so many states that are wrestling with delicate balance here, what's a safe time to go back. in the meantime, a lot of people have had time while sheltshelten their homes thinking how did all this rt sstart. it goes back to china, what it knew and didn't know, what it shared and didn't share. folks in missouri have gotten so furious that top authorities are saying we are going to sue you, china, for deception and deceit and more. what are the odds of that?

after this.

neil: all right. how is the sheltering thing going for you at your home? a lot of people obviously want to be safe and all but some of

them, it's driving them a little crazy. arthur brooks is with us now. he's a harvard professor, former president of the american enterprise institute. the more i started reading about him, the more i was intrigued not with his professional, ample education, but the fact he started out as a classical french hornist. he has a very good read, i think, on just life. anyway, i wanted to talk to you about that aspect. it's very good to have you. thank you. >> thank you, neil. how are you holding up sheltering in place? neil: well, i'm trying to do all the things you say. like i know you were saying about when it comes to social media, it's social junk food and quit bingeing but most of us in the country are, right? we are streaming like crazy. we are eating like crazy. not me. i'm a fitness buff. but anyway, i'm glad you can't see me, but what do you make of that? you are saying we've got -- this

has got to be a time we grow personally, right? that's essentially what you're saying? >> yeah. you know, the truth is that every time that we have challenges or hardships, these should be opportunities for us to grow as people. we all face hardships from time to time in our lives. we are going through something as a country right now. the question is, how can we come out of it better than we went in. there are a couple of ideas that actually come from the social psychological behavioral literature, the stuff i teach at harvard business school, about how you can actually use these moments to become better. for example, you talked about social media, why are people bingeing on social media. it's because they are actually lacking a neurotransmitter in the brain called oxytocin that comes from eye contact or touch. we are craving it in a big way. social media won't give it to you, at least not very much. you need to actually have eye contact with other people to have physical touch with people with whom you are quarantining or even with your dog, for that matter. the other point is that people are bingeing on too much

information, too much news. they should watch neil cavuto every day, don't get me wrong, but too much news will not actually quash your need for certainty, because the experts aren't certain either. so we are kind of going in the wrong direction, becoming unhappier and we could solve those problems. neil: you know, you have seen protests all over the country, right. people saying they want to get out, they want to do stuff. i always think that a good many of them are just tired of being with their families, not all, don't get me wrong, but they are going stir-crazy. you are saying that that might be an example of looking at the half empty glass. i think you talked about growing up you had wonderful parents, don't get me wrong, but they were i wouldn't say sad people, but they would look maybe at the half empty glass. how do we look at the half full glass here? a lot of people are saying this is killing us. >> yeah. so to begin with, it's true, a lot of people actually are feeling this loneliness but they

are not looking for ways to satisfy their desires, and the most important way to do it is actually to, you know, one of the things i recommend is to get this neurotransmitter fix we need. you need people you are quarantining with, you should have a 20-second hug every two hours which actually will peak that neurotransmitter need and also help you understand the blessings you have to be around these particular people. now, the protests are a different matter. one of the things driving people crazy is that our leaders are not strong insofar as they are putting the uncertainty the leaders have on to their constituents. one of the things leaders are supposed to do is say look, you are feeling uncertainty, i'm going to turn it into risk, the same way insurance companies do it, but instead, our leaders are saying we are in phase one, i will let you know when we get to phase two and more and more citizens are ascertaining that there's kind of no phase two. what leaders need to do is to be more certain about what they are doing and in so doing, they will

actually make us happier as people. neil: what i wonder about, though, is there an intolerance on the part of a lot of folks being told what to do? it's one thing to shelter in your home, we get that, i want to mitigate this, i get it, but some crazy directives come out, in one state can't buy a motor boat, can buy a canoe, can't cross the street, can do this, can't buy lawn supplies but you can buy, you know, i don't know, rice krispies. it gets so arbitrary a lot of people are saying are you kidding me, don't treat us like children. i think part of that is coming up. how do you advise them? >> i advise leaders to actually have crisp decision making where every decision makes sense. what they are doing, they are paralyzed by the uncertainty they feel. great leaders never actually pass uncertainty down the line. uncertainty is horrible for the human mind. we can't cope with it. the truth is that it's an illusion that anything about the future is certain, right, i mean

what's going to happen tomorrow. what we should be able to do as people is to say look, i don't know what's going to happen next week or next month but i will not wait to get to this day. that said, leaders have a responsibility not to make capricious and arbitrary decisions to make it look like they are being strong. what they need to say is i have this in hand, i'm paying attention to the fact, i promise i'm going to let you out as soon as i possibly can and give you every freedom that i think is safe and then maybe to take a little bit more risk than they are comfortable with. right now they are very risk-averse and great leaders should not be unduly risk-averse. neil: well said. fascinating. arthur brooks, very good chatting with you. i got it, watch as much fox as you possibly can and eat like there's no tomorrow. i think i got the gist of what the good professor was saying. kidding. just kidding. thank you, sir, very very much. when we come back, an update on the markets, what's happening with gold, what's going on with oil.

and what's going on with the pandemic right now that seems to be easing up a little bit and we are seeing countries go ahead and slowly work their way back. we are also seeing our country looking at ways to get back. it's the balance part and to the professor's point, doing so, feeling confident that it's the right thing. after this. copd makes it hard to breathe

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neil: all right. more help is on the way to the tune of about half a trillion dollars. ostensibly the largest chunk of it is meant for small businesses. how the heck harvard's endowment fund got caught up is beyond me. the administration is looking to tighten the reins on this sort of stuff so that only small businesses benefit. blake burman following this and so many other fast-moving developments from the white house. blake? reporter: the treasury secretary

steve mnuchin told stuart varney earlier this morning that he spoke with the president of harvard about this $8.6 million amount that harvard got as a result of the higher education emergency relief fund. that was a portion, $14 billion worth, within the $2.2 trillion cares act. now, the treasury secretary said that harvard might be looking to hand out that money elsewhere. watch. >> harvard is not part of the ppp program. harvard is part of the $30 billion program of department of education money and i think harvard is thinking seriously about whether it's appropriate for them to keep the money or give it to other institutions that need it. reporter: we reached out to harvard after those comments. a spokesperson telling me the following, in part saying quote, we continue to review the additional guidance from the department of education related to the fund and will make a determination as to whether we

will seek to access the allocation that was made to harvard by statute. it's important to note here that this money was given to universities all across the country by the department of education. the list of schools here is in the thousands. for example, when you go to the department of education spreadsheet, it is 85 pages long with dozens of schools of all kinds on each page. so while harvard might be the one gaining the attention here, other schools might have to make decisions as well because when you look at the ivy league as a whole, they received more than $61 million, $61.7 million as part of the fund, and those schools all have billion dollar plus endowments. by the way, elsewhere in washington, we continue to track the immigration executive order that the president said would be coming at some point today. still not yet ready from the white house at this point. neil? neil: blake, thank you very much for that update.

i want to go to jon hilsenrath on this issue. that's what they want to avoid, even the appearance of the wrong people getting some of this dough. but when you have a lot of dough that rushes out the door at the same time, these things happen. there's no illegality or finagling going on on the part of the institutions that are getting it but they are trying like heck to avoid a repeat of it. will they? >> no, i don't think they will. i think we have seen three examples in just this week about the kind of backlash any kind of institution faces when it takes government money. we had, the "journal" broke some of these stories. you know, we had the ruth's chris steak house taking money, we had shake shack which makes my favorite hamburger, and now we have harvard. in each case, we see that when a company, when any institution takes money from the government in a crisis, it risks some kind

of public backlash if it steps out of line. the banks faced this in the 2008-2009 crisis. so did the big three auto makers. now we are seeing it in these cases, you know. i can't imagine what people are going to be saying when the airlines start flying again and you know, they try to charge you for changing your ticket after they have gotten these bailouts. i think this kind of public backlash is going to be a part of the fabric of public discussion for awhile now. neil: i'm wondering what you're hearing on the spending front. nancy pelosi alluded to the fact there might be another package after this one which could rival, you know, the $2.3 trillion last stimulus package. i mean, this is getting pretty big. >> it's getting pretty big and it's incredibly chaotic. in fact, we have been talking about this at the "journal" among editors, just it's

breathtaking how much has been done in just a month's time in terms of the spending that's been done, the programs that have been rolled out, the cross-purposes that some of these programs work towards. i will give you an example. the ppp program which is aimed at small businesses is encouraging companies to take government money, to keep their workers on payroll, and then we are expanding our unemployment insurance system and subsidizing workers for staying off those payrolls. a lot of small business people we talked to are saying like what's the rite thight thing too i keep the person on my payroll and keep the government money or lay them off and give them a chance to get an extra $600 a week of supplemental income. it's an especially big issue for companies that use low income, low wage workers. like i was talking to a guy in the car wash business who was saying what do i do. it's a lot to swallow, not only, i mean, in terms of money and

trillions of dollars at a time, but also in terms of how it's affecting the incentives that make people make decisions about work and business every day. neil: yeah. a lot of things to be resolved here. jon, thank you very, very much. you know, not all the news is depressing when it comes to the economy. a lot of it might surprise you. we talked about the sudden turnaround in oil but we have not talked about what's happening in the auto arena. that's right. autos. after this. i came across sofi and it was the best decision of my life. i feel cared about as a member. we're getting a super competitive interest rate on our money. we're able to invest through the same exact platform. i really liked that they didn't have any hidden or extra fees.

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even after the ppp did notify the w.h.o. of the coronavirus outbreak, it covered up how dangerous the disease is. it didn't report sustained human-to-human transmission for

a month until it was in every province inside of china, it censored those who tried to warn the world. neil: all right. so the secretary of state is saying all right, china knew what it was doing, it knew also what it was not saying and you know there are ample grounds there to investigate china. missouri has gone one step further than that. allowing folks who want to sue china. that could be an uphill climb. mike tobin with the latest. reporter: the lawsuit names a number of different entities as defendants, peoples republic of china, communist party, even the health department. it seeks recovery for the loss of life, for the pain, for the economic turmoil that people of missouri in particular are enduring right now. essentially, it alleges that when something could have been done about the spread of the virus, the chinese government instead engaged in a sinister campaign of malfeasance and deception. the suit claims china suppressed information, even arrested

whistleblowers. the suit also says china hoarded masks and other types of personal protective equipment. eric schmidt, the a.g. who is bringing the suit, says china went from a net exporter of ppe to an importer. now he says he wants to get some compensation for the people he represents. >> the chinese government, they lied and they deceived, and they covered up, and we are going to hold them responsible for that. reporter: now, china's foreign ministry spokesman called the lawsuit very absurd, an abuse of litigation with no factual or legal basis. now, schmidt acknowledges that china does have the protection of the foreign sovereign immunities act but there's an exception with commercial activities. he says operating a virology lab, operating a hospital, even the hoarding of the ppe, makes china vulnerable along those lines. neil? neil: thank you very, very much. the bottom line here is that a lot of people want to just cite

someone or some entity for the hardship they are enduring right now, but that could prove easier said than done. carly fiorina joins us, former 2016 presidential candidate. very good to have you. hope you are faring well through all of this. you have been watching a lot of what's been going on in washington, spending upon spending, and have been very very critical of it. particularly corporations you say that didn't deserve it. what did you mean by that? >> well, there's much that i haven't been critical of, actually. i think the federal reserve has been both aggressive and creative and i think that's warranted. i think a great deal of the stimulus money needed to be spent and i applaud democrats and republicans for coming together and getting the money out there. what i have been critical of is taxpayer bailouts of big companies. the reason is not because big companies aren't going through difficulty and pain. they are. it's because big companies have

access to so much, to so many tools. they have deep banking relationships. they have credit lines. they have the fullbacking of the federal reserve. my goodness, the federal reserve is buying junk bonds today. so big companies have a lot of tools to help them get through this. but little companies don't. little businesses don't. working families don't. nonprofits don't. local hospitals don't. community banks don't. so my point has been put the money towards the people who need it most and let big companies who have a lot of other tools at their disposal use those tools. neil: but big companies like airlines wouldn't have the tools at their disposal even from their lenders to get the kind of money the federal government is talking about. you could be united airlines and sell a billion dollars worth of your stock, raise it that way, but some of those big guys will come back and say through no fault of our own, we are suffering, too, not necessarily

to get some of the small business dough, but that a lot of sectors of the economy are going to come back to uncle sam to bail them out or help them out. is that a mistake? >> well, first of all, the federal reserve as opposed to legislation, the federal reserve has made a lot of liquidity available to a lot of large companies. i mean, in essence, the federal reserve has said to banks lend money, we'll back you. and have put enormous amounts of liquidity into the marketplace. it is one of a big company's jobs in particular, a ceo and a board's job, to prepare for the bad times even in good times. so you know, boeing has a lot of problems that predate covid-19. united spent, the airline industry in general, united in particular, spent $46 billion in cash buying back their own stock and loading up on cheap debt during the good times.

so if we believe in a market economy, and i do, there need to be some consequences. so i don't want them to go out of business. but a few of them filing for bankruptcy wouldn't be the worst thing in the world. airlines have continued to fly through bankruptcy proceedings before. they have continued to pay their employees before. look, there is massive need here and we are already $4 trillion into this stimulus. my point is only priorities matter, and priorities mean, i think, that taxpayer money ought to go to those who need it most. that's the small corner business more than it is united airlines. neil: to your point, a lot of those companies have been shoved aside in favor of 80 to 100 medium or larger size businesses that got the money instead. you're right, if they crack down

on that and they promise they will, it might change. i always wonder, carly, had you made it and got the republican nomination and become president, would you be handling this any differently than president trump? >> well, look, i think there are a couple things. number one, it is not accurate to say that there was no warning about the coronavirus. actually, there were four very substantial warnings about a global pandemic. in 2019, beginning in january of 2019. by the way, this isn't the first crisis that we have ignored warnings about. there were warnings about 9/11. there were warnings about the 2008 financial crisis. but nevertheless, there were warnings. and there were also warnings, and had been warnings that we needed to be preparing our health system and that our health system wasn't prepared.

so in other words, governments need to prepare for the bad times during the good times as well. not just companies. i guess the final thing that i would say is i think the most effective leaders during this crisis, whether they are republicans or democrats, whether it's hogan or dewine or cuomo or newsom, i think all of whom have been effective, they keep the politics out of it and they stand up and they give people the facts and they tell people why they're making the decisions they're making, and they take the criticism that comes along with those decisions. but politics are out of it and i think that's a good way to lead in all times, but particularly in crisis times. neil: are you saying president trump does not do that? >> i think everyone actually would agree that president trump has injected politics sometimes. there are sometimes when he doesn't. but there are also times during

his daily briefings, for example, when he is bringing in extraneous points, when he's making political commentary and i just don't think that's helpful during a daily coronavirus briefing. neil: carly fiorina, thank you very much. good catching up with you. be safe. be well. >> thank you. neil: former head of hp and much, much more. when we come back, we will give you an update on these markets and how they're doing and also the reverb rations from the plant being shut down. what's that going to mean to pork and meat prices, maybe more than you know. after this. announcer: wash your hands...

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neil: all right. tyson foods shutting down that plant in south dakota. for awhile that is going to mean it's going to be very hard to come by pork and some beef items. whether that reverberates to your grocer, it's too soon to tell. we do know when all that stopped suddenly because of the alarming number of coronavirus cases at that plant, it does have a spillover effect. phil flynn on that effect. phil, what are you hearing? what are you seeing? >> you know, from what i'm hearing right now, this is a big blow to hog producers and a lot of the ag economies right now. because this just adds to a situation that has been worse for these producers. they have nowhere to bring their hogs and their cattle to get slaughtered and put out into the marketplace. so right now, based on this plant, this plant, this tyson plant in waterloo, iowa basically processes 4% of the entire country's pork supply. you add to that we have already

had 10% of other processors shut down, the farmers are getting pretty desperate what to do with these pigs. it probably means they are going to have to euthanize a lot of these pigs, kill the baby pigs because basically, they are going to have no place to go with them. from a price impact for the consumer, it's not going to be as bad as it looks. in the short term, we are going to probably see pork prices go up. if you look at the futures prices on the front end of the curve, they are up almost to the daily limit, not quite, up about to 47 cents. but the good news is it's because we have been such prolific producers of pork and meat, we still have a lot of supply in the chain. a lot of pork is in the freezer. so even if these plants shut down for two or three months, we are not going to run out of food. we are going to be fine. if it goes on beyond that point, then we might have some problems. but i will tell you this. this is a big blow for a lot of these producers and these farmers that just can't seem to catch a break no matter which way they look.

neil: yeah. you were just reading my mind. they are just hit with the whole china thing not too long ago, now this. it goes from bad to worse. phil flynn, thank you for that update. much appreciated. phil flynn on that. in the meantime, the new wave of borrowing that small businesses can take advantage of could be a reality come thursday when the house is expected to pass this beefed-up measure. our next guest helped to approve 400 plus of the so-called paycheck protection plan loans and he joins us now. very good to have you, clem. there was a concern that some of that money was going to the wrong individuals, the wrong companies. they want the really button that down now and make sure it doesn't repeat itself. where do you think this latest tranche will go? we're excited this new funding is out there. looks like a good portion, 20% of funding will be allocated to

community banks. that is what we are, we operate in western pa with about 30 branches. we serve rural and mostly suburban markets. we think that will give us greater opportunity to service our customers. with first round we got 612 loans through for $97 million. those loans are dispursed out into the marketplace and help the businesses and help peel stay employed. we're excited for this new opportunity coming out tomorrow hopefully through the house. neil: do those who take advantage of these loans, grants, do they have to have a banking relationship with you first? >> they don't. we were able to not only help our customers. we actually worked with some other banks in the area that maybe didn't have a program ready to go. so we were able to help some of their customers out.

as well as just other people that were unbanked or maybe gone to other institutions that were, you know, all right had too many loans in their pipeline. so i really think this next round we'll see a lot more of that certainly. some of the bigger banks had, you know, just overwhelmingly volumes and a lot of small business customers weren't able to be serviced. i think we'll bible to see a lot of customers or potential customers coming to us, you know, looking for additional help there. neil: you know there will be a lot more help. first this is about 250 billion they were talking adding on. ends up closer to 320 billion. separately 60 billion for separate small business emergency grants and loans. yet i have a feeling that too will be sopped up and fast, what do you think? >> yeah. i really think it will go fast again. the first round went extremely fast. a lot of banks like us never

participated in sba loan programs before. we had a learning curve. we had to pet up and running. we started taking applications first day. it was really seven days before we got access into the sba system. our team did an excellent job getting all those through and approved quickly and funded. this next round should be a little bit smoother. we will be able to approve more and i think a lot of banks are in that area. i think funding might go quicker than it had before. we're excited to help our customers. we have wonderful stories coming out from really all of our lenders, from customers that we serviced. first day we ad approved some of the loans approved loans through sba. we had a customer 9:00 at night tell us what it men to him and his employees. he was literally working on a letter to tell his employees on monday morning they would no long very a job with him. he told our lender, this loan and the actions we were able to

take for him helped saved those jobs. that is what community banking is all about. excited to do that more with this next round. neil: real quickly, your thoughts on how the money got into not yours, but in the wrong hands like harvard around you heard shake shack gave that back? how did that happen? how does that stuff happen? >> i think you got to take a look what this program was. four weeks ago the program didn't exist there was no guidance. everybody had great intentions through congress and treasury through sba. i think it is easy to focus on some of the things that might have went wrong, some of the bumps in the road. across the board everybody did a pretty good job getting $349 billion worth of money out into the marketplace, helping people stay in their jobs. helping people put food on their table and roofs over their heads

a program of that size will have problems but it turned out pretty well i think. neil: yeah, many more success stories than failures. clem, thank you very much. good luck with this. for hose who hope to take advantage of it. very good seeing you. the dow up 440 points. now to charles payne. hey, charles. charles: neil, thank you very much. who knew giving away that much money would that be hard. good afternoon, everyone. i'm charles payne, this is "making money." breaking right now it is about stability as stocks come out the gate with gusto. here is the more important thing they're holding on to the gains. don't look now, major wall street firms are optimistic than you think. not just stocks. crude oil finding equalibrium after futures market close lapsed. fundamentals have not changed. many wonder if the worst is over? we are here to try to help you make money. meantime congress is set for more money for small businesses and h