my nails. itching to travel. stuart: aren't we all. lauren, you? lauren: i let my kids pick out whatever they want to wear, they can wear it. i am nervous when they have to start dressing appropriately, it will be a real challenge. stuart: you have deep trouble. my time ask done. neil, it's yours. neil: thank you very much, stuart. we're continuing to follow the sell-off you've been outlining the last three hours. the senate is back in session today, my friends, the house is not. we'll monitor what they come up in terms of relief. we'll explore that in next few hours. governor andrew cuomo is he can. >> ing to the press right now and says hospitalizations in the state have continued to show steady improvement. 9700 such hospitalizations as of may 3rd. that is down from 9786 the day before. it is not been a steady, uninterrupted 14-day decline. that is something a lot of

experts like to see but for most of the 14 days that has been the case. he did posit in these remarks to reporters we don't want to make the same flu mistake made in some parts of this country more than a century ago where parts were reopening a little early and things got worse and the flu hit all over again, in fact worse than the first go round. we're following that. following what happens to airline stocks, taking it on the chin as one of the most biggest, prized investors says i'm out of here. these things don't look promising. jackie deangelis with latest on the wall street front and how it is all connecting to the main street front. reporter: we'll talk with roche. talking about a new antibody test approved by the fda to be used in the united states. the ceo of roche said this test is 99.8% effective. you and i discussed the antibody testing how that will help get people back to work. the ceo of roche was on fox

business this morning with maria bartiromo. he says there is high likelihood those who test positive for antibodies will be immune to the coronavirus. listen. >> one of the positives about the antibody test you can follow patients over time to see if they get reeinfected. there is real chance whether you can get infected. reporter: i was told i will get the results of my antibody test today. we'll see what happens there we did see gains on the nasdaq continuing there, higher by 52 points. we've got oil slowly recovering even though the treasury secretary in morning said that the united states is not considering a bail out for oil companies at this time. then of course you have got gold seeing a little bit of a bid today. gold started quietly climbing at the end of last year.

year-to-date it is up 200 bucks. tells you that the safety trade is alive and well even with dovish fed. that tends to drive gold price as little lower. ubs says gold could break 1800 because of the coronavirus pandemic. you mentioned airlines. they are taking more of a beating if possible today. and this is even as they're trying to promote safe air travel. you have airline ceos saying certain airlines are going to be imposing new rules where people have to wear facemasks and the crew have to wear facemasks. certain airlines doing social distancing, keeping that mid seat opening. a lot are conducting very, very deep cleanings. warren buffett saying he exited his airline positions earlier this month basically because he just doesn't think that the air travel is going to be there when this rebound starts to kick into gear. it will be something to watch very closely. obviously the airlines have been so hard hit by this, neil. neil: all right, jackie, thank you, fine report.

jackie deangelis following all of the developments. if you caught the president speaking on fox news last night outside of the lincoln memorial he did raise the possibility that the total death count for the coronavirus could accelerate beyond the 65 to 70,000 that was originally sort of revised figure. now closer to 100,000, could be more. privately we're told in "the new york times" is reporting that some of the white house fear could be prohibitively higher than that no way of knowing to be fair. blake burman has the latest from washington. hey, blake. reporter: hi, there, neil. we also heard president trump talk about a potential vaccine and when that may come. dr. anthony fauci, the nation's top infectious disease expert said a few days ago he could not guarranty a vaccine would be in place by january. however at the town hall in washington last night president trump says he believes a vaccine could come this calendar year. >> i think we're going to have a vaccine by end of the year.

the doctors say well, you shouldn't say that i will say what i think. i met with the heads of big companies. these are great companies. yeah i think we'll have a vaccine much sooner rather than later. i think that will be done. reporter: speaking with the treasury secretary earlier this morning, speaking with maria bartiromo, rather, earlier this morning, treasury secretary steve mnuchin also expressed that same optimism as well. >> this was no fault of business. this wasn't anybody making bad decisions. this was all about a virus that we're going to kill. and by the way i'm extremely optimistic as the president has said about getting a vaccine by the end of this year. i've seen some terrific companies making great progress on this. reporter: so that was on the science health side of things. on the economic side of things, neil, we also heard from president trump last night essentially draw his red line saying if there is a next relief measure to come down the line he wants a payroll tax cut included. up on the hill congressional

republicans want liability protections for businesses and democrats want help for the states. you kind of see how all of this could potentially be playing out in the next few weeks. neil? neil: blake burman thank you very, very much. this "new york times" report we're getting a little bit more information on the trump administration projects about 3,000 deaths per day. that could extend into early june. just doing the math backwards then, that would bring us up to 100,000 deaths as the president said. but what is also in this report, is that this escalation could continue throughout the summer. eventually bringing it to pensionly prohibitively higher. in fairness to all sides on this there is a guessing game. there is no real way to know. when americans get back to work there is no way to predict how much of a spike in cases we'll look at. inevitably there will be some spike. you want it to be as minimal as possible. that is what makes these sort of very difficult to gauge beyond that 100,000 figure the

president mentioned last night. others are saying much, much higher. others are saying we could stablize around there and no need to worry. we'll follow that very, very closely. we do know that this reopening of the country we see it in a number of states, half a dozen more today, beginning to expand measures, some who have just got going last week. it is meant to control what has been a steady, sort of a bottoming out in jobs in this country. record number of americans applying for unemployment benefits, more than 30 million over, think about it, the last six weeks. the employment report itself is coming out on friday. that is expected to show at the very least an unemployment rate rocketing to close to 17%. now the record during the depression was 24.9%, i believe in october 1932. so could history repeat itself not in a good way? gillian melcher, "wall street journal" editorial page writer, much, much more. what are you hearing on this?

this is a tough gauge to have here because we just don't know, but it is going to be a bad report, that we do know? >> yeah. it is going to be pretty brutal if you look what the economists are saying. they're estimating it would be the equivalent of a wipe out the entire last decade's job growth. that is really severe thing. i do want to point out i think a lot of east coast media is talking about the situation trying to pin it as lives versus the economy, that is not really a fair way to look at economy. livelihoods being lost, that is absolutely true, but you're starting to see the economic consequences translate into health consequences. you're seeing people go to the doctor less frequently. you're seeing people skyrocketing ratings of depression there is concern about a suicide epidemic or about more deaths of despair which the united states already struggled with. so i do think the cost benefit here is more complex than the economy versus lives.

neil: you made a good point. i was talking to a heart surgeon i know pretty well who was telling me you know, it is now seen as, you know, non-crucial surgery or elective surgery, when i have to do, you know, something that involves stents or something that involves fairly invasive procedures that are called for because this perspective patient is in a world of hurt, i have to do something but i can't. now this is playing out across the country. there'sing back on a lot of that in a lot of states but it is a legitimate worry, isn't it? >> yes. i wonder how many cancer treatments we'll not catch early as a result of this? neil: right. >> this is a black swan. something it is difficult to prepare for but i think as it stretches on into the seventh week we need to be aware, you have got coronavirus, you have got the immediate crisis, economic impacts, backlog within the health system.

these are also very serious problems. neil: you know, we're just hearing, ap is reporting, that governor phil murphy of new murphy is going to keep garden state schools closed the rest of the year. that is probably not a shocker. new jersey, among the states like new york, like connecticut, rhode island, massachusetts, pennsylvania, that are looking at the may 15th possible reopening, although it is possible that could be pushed back. what are you hearing? >> i mean it is going to be slow, particularly here on the east coast. i think one of the benefits here we have -- every state is handling it differently based on their health care capacity, based on the needs of their population. new york is not wyoming. this is a disease that we know so little about going into and we're starting to learn more and more about it. i think having these states take different approaches trying things out it is going to be learning through success and

failure but i do think there is value in that. neil: all right. very good catching up with you, jillian. thank you very much. florida we told you is slowly unwinding the provisions that were not as onerous as they were in other states but in a limited capacity, a lot of restaurants, shops, rest in the state. this isn't across the entire state, are going to open up now to about 25% capacity. it is a tough thing to juggle. a guy who is trying to juggle all of that rite now is tallahassee mayor john daley joins us right now. mayor, how are you handling this and these new guidelines today that slowly allow a little bit more unwinding. >> well, the tallahassee community, we've been prepared since february when we first met. tallahassee is very unique. we are the state capital. we have two universities a community college and population of 200,000. we are resilient community.

we had lee hurricanes in the past four years. we know how to have a unified response. faith based leaders, university leaders, medical community, we're all on the same page. we enjoy a good working relationship with the governor. as the governor is making decisions on behalf of the state we're checking in with your medical community to make sure those are the appropriate decisions and moving forward as well. neil: mayor, i should know this but, what about schools in florida, in your, in tallahassee? what's their status right now? >> sure, within the university community across the state of florida finished out the semester virtually. so we don't have students on our campus. in the k-12 school system through the state of florida was canceled in classroom being finished virtually as well. that is impacting all of our households. as father of a fifth-grader and third-grader we're all doing the best job we possibly can. of course it has impacted all of

us. neil: yeah. you must be a very patient man and mayor but they are looking at a little bit what is being planned. you have got some primo schools and universities right in tallahassee, i'm wondering what the plans are looking to the fall? we hear so many schools debating that. some quite seriously even now saying we think it will be a virtual fall semester. do you? >> we stay in constant contact with the presidents of the universities and community college. we're waiting for them to work with the state board of education to figure out what the fall is going to look like. i can tell you we all have a role to play in local governments. specifically the city is playing a proactive role trying to help the business community and non-profit community. one of the great examples here in tallahassee. i called a joint meeting in the city and county commission. within two weeks we were able to put together a small business grant program that tied into both state and federal assistance. within two weeks we got a million dollars into the hands of our small businesses and our

low come economy. we recreated the exact same program for the non-profits here locally. another million dollars jointly with the county commission. it has been a tremendous success. in this month, during the month of may, city of tallahassee owns the utility department. we're providing every single utility customer in the city of tallahassee a rebate on their may bill. it will be a total of nine million dollar cash infusion back into the local economy. as we work with the university community and faith based leaders, we're working with the non-profits and specifically the small business leaders to make sure tallahassee is prepared and we're in it for the long haul. neil: i wish you well, mayor, especially with your kids, helping with homework. u.s. a little younger than mine. i always hear it is the new math, new math. i drop it, we'll use daddy's math. the old math. confuse them toe point of recommendation. mayor, very good having you. best of luck at home in your fine city, the capital.

mayor john daly. we have a lot more coming up including the senate open for business. this is the week we get that employment report. it will be an awful report. it is well-telegraphed, everyone knows it. that will put it enormous pressure on the folks that work in that building to still come up with more stimulus, more relief, maybe trillions of dollars worth, for what, where will it go specifically, after this?

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♪. neil: all right. this is going to be a little awkward, right? in washington the senate has returned to the capitol to the do the nation's business, the house not so much so how is this all going to work out? chad pergram follows this better than anyone i know, fox news congressional correspondent. how will this work, chad? the house will not be there. the senate will be under pressure to work on still more stimulus relief. what are you hearing? reporter: this will be a slow rollout. they will not deal with any legislation right away.

that is probably couple weeks away. no action on capitol hill until 3:00, when the senate convenience. we'll hear from both senate democratic and republican leaders. one confirmation today, it is a low profile confirmation, robert prdle to be inspector general for nuclear regulatory commission. somebody who is fretting a lot is chris van hollen, democratic senator from maryland. >> well that's right. i'm ready to get back to the capitol but i'm very worried about all the capitol staff and putting their health and lives at risk. a lot of them are my constituents and in addition to that, you have the district of columbia, maryland and virginia, still being hot spots, still under stay-at-home orders. reporter: republicans emphasized the need for congress to be in session. house minority leader kevin

mccarthy has a multipoint plan getting committees operating in the house, maybe limiting voting to only once or twice every couple weeks. in senate, doubtful many senators will not show up until the confirmation vote. what we call on capitol hill, a hit-and-run. here is john barrasso a republican of wyoming. >> i think it is important for the senate to safely return to work and we're going to do that on monday. we'll continue using all the guidelines and working with the senate physician who has been working with a numbers of the our staff. reporter: barrasso's subcommittee or committee i should say will deal with a infrastructure bill. that is a big topic on capitol hill on wednesday. there will be other hearings. john ratcliffe, the republican congressman from texas, he has a confirmmation hearing to be the director of national intelligence before the intelligence committee tomorrow morning. also there will be a hearing on wednesday about the state of the airline industry, and then a hearing on testing for coronavirus on thursday. the house of representatives

might have a hearing also this week, an appropriations hearing looking back at the response on coronavirus, but the house of representatives will not be in session in the next week at earliest. back to you, neil. neil: thank you, chad pergram. chad touched on it, airlines, most are requiring masks, so if you fly today, you better bring a mask. ever more will provide it for you that affects four big airlines, american, delta, southwest and united. we're hearing from the airline industry they lost a favored investor for many, many years, backed up the airline industry, famously did so after 9/11. warren buffett's berkshire hathaway out of all the airline stocks. they're plummeting already. they're plummeting anew because the sage says they don't measure up. you're watching fox business.

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♪. neil: well they went from preppie to now just passe. j. crew filing for bankruptcy here, continuing a trend among major retailers they're taking some considerable heat and losing a lot of business. there are exceptions to that as some begin to try to get back into business. it has been pretty much amazon's roost and walmart's roost panned target's roost but maybe macy's could have something to say and that would be our roost as well. latest from grady trimble following retail comeback that many hope to see play out right now. hey, grady. reporter: neil, macy's as you mentioned opening 68 stores today, this one in law fayette, indiana is not one of them. we're at tippencanoe mall. this is not open even though the mall is open. i have video, you see people check into it, that a mall looks like now that they reopened.

some people were going in to take a look. it is very different now. the food court is closed. the employees here will be wearing masks. they're asking customers to wear masks. people who want to bring their kids to play, those play areas will bobbinged off. there are some other chinks as well. they're limiting number of people allowed in the mall. the food court seating will be farther apart. every other bathroom sink will be blocked off to keep social distancing in the restroom. they're trying to control the flow of customers. they will have some customers like one way signs you've seen at other retailers that stayed open during this like walmart. simon property group, its stock not performing too well. i think a lot of people are expecting retail to have a kind of a slow haul as they get things back to normal. when normal will be here is to be determined. this maul is opened but only kind of at this point. it is up to the retailers inside whether they want to open. this is the perfect example.

this macy's closed even though the malice -- the the mall is open. it will not be like when they flip the switch to turn things off. they will not flip them off and expect a large group of people to come here. simon property opening malls here in indiana as well as some southern states are reopening including many in texas and a few in south carolina, tennessee and other states. neil? neil: thank you, grade did i, very, very much this reopening slow and steady. six today just starting or continuing reopening procedures, that in the case of texas. going to 25% capacity at establishments and eventually if everything is hunky-dory getting it up to 50%, you but you no less than andrew cuomo a few minutes ago citing fearses not

to rush this he cited spanish flu in 1918 and 1919 reopenings triggered spike in cases making it longer than need be. i'm sure this is policy that dr. nina radcliffe would endorse, board certified anesthesiologist and much, much more. i think you followed this, and get sick of the question, you will see a slight spike in cases. obviously you don't want to see it as a big spike but the governor is worried about avoiding the spike all together. is that possible? >> we know covid-19 is highly contagious illness and spread to person-to-person. as we reopen economy, there will be increase in cases. the question how will we go about this wisely. there has to be a balance between our health and economy. economics are important to our health.

also our health care out comes. whether we have health insurance to be able to see our doctor or have money to buy medications, for example, diabetes or high blood pressure, it is important. so we are more likely to invest in self-care where we have good economics. the absence of it also can do the reverse. but we have to do it wisely and scientifically backed. neil: obviously we're doing this in a staggered nation as you know, doctor, where some states will reopen, albeit tentatively, others could wait a while like in the northeast where we have a concentration of cases. is that in your eye as wise strategy? >> it is. it is dynamic. think of it as a blazing fire. we have a blazing fire in new york city, which got it somewhat under control but it is not completely endings tish -- extinguished. so those embers can start off someplace else. something media is not talking

about about, businesses are talking about how to reopen responsibly. there is a lot we learned from flattening the curve. we know physical distancing does work. we know masks can decrease the spread of covid-19. things are taking place. we're not starting up from ground zero. we're wiser to this. the top priority for many businesses how can they keep their employees safe, how can they keep their customers stave? they're taking steps for that. neil: doctor, you know, we've heard a lot about some states trying to resume elective surgeries. i was surprised to hear that elective surgeries can go all the way up to being advanced chemotherapy and radiation treatments that might require overnight stay at a hospital and others that involve stent procedures or other heart procedures. that is a pretty wide gamut? >> it is. you know what? that is what i'm in the business for. just because something is considered elective and not emergent doesn't mean it is not

important. take, for example, a hern yaw. it is a hern yaw, a little bit discomfort. your intest tunes can get stuck. it can cause obstruction and can can be deadly. a cancer not taken care of in 30 days, that can be a problem. for everybody health is very important. how do we do this responsibly? can we do cases where we can send the patient home that they don't need overnight stay at a hospital? how can we screen them. do we need to test them before they come in. there are number of steps. we don't have any precedent. we need to move forward wisely taking what we know and gathering upon that. so we find more information as we come along, it works, that is what we need to do. we have to look at examples of places that have worked. neil: doctor, thank you very, very much. very good advice all. dr. nina ratcliff following all of this. we should let you know we're following cases of hospitalizations. that is a forward indication that looks promising in states like new york. just looking at the new jersey

figures, promising there, those are the number one and two states with cases. deaths still a problem here and according to a "new york times" breakdown of this, they will continue at a pace of roughly 3,000 a day for at least the next 30 days, which is why maybe the president was hinting at a death count that could get up to 100,000 or higher before this is over. "new york times" is saying if this were to be pushed out to the rest of the summer, considerably higher than that. bottom line, no one knows. no one. more after this. ♪.

♪ neil: all right, we have an update from the world health organization now saying this virus will be with us for a long time. we must come together to develop and share the tools. this as cities and states across the united states are launching more antibody tests and the rest for anyone and everyone who

wants to take part. in fact in jersey city, new jersey, they're actually going to make it easy. all residents this week as well as this move to open up farmers markets and the like, for residents, you don't have to be hassled about it, they will provide means for to you do it. steve phillips is democratic mayor of this beautiful city. mayor, thank you for taking the time. >> thanks for having me. neil: first off, how is it going in jersey city right now? i have been noticing watching a decline in cases but, again, i don't see, i don't see in new jersey a consistent 14-day trend but maybe you can update me? >> yeah. i mean, the 14-day trend being consistent is probably not, not for some time going to happen but reality is, when you think about kind of the situation we're in today, we really have two choices. one is to test more people and then carefully and slowly open

the city back up. or option two, pretend people will indefinitely shelter in place and just wait for a vaccine or treatment which seem as long ways off. knowing those are really ultimately two choices everybody has, we felt the responsible thing to do is gradually move in a positive direction. neil: now you stood out as seven years, i think it is seven years, mayor, correct me if i'm wrong, as mayor. you've seen growth in the city, you've done all of this without raising taxes. then of course you were hit with the virus. i'm just wondering now, given the push, the governor's had and others to get aid from washington, do you think that is a good idea? some are saying you know, one thing to pay for virus-related issues but what about you? >> yeah. so the federal government had been helpful so far on two major fronts for us. the first is there is fema dollars that we can apply for reimbursement from. that is how we're paying for our

testing and some of the over time that covid has caused us to incur. then the second part is some of the basic rule changes from the federal reserve last week that allowed cities of 250,000 people or more more flexibility around bonding. so we're thankful for those two changes. we're hopeful that later in the year the federal government will allow us a little bit more flexibility on rules to make up for lost revenue. but we're going to manage it either way. we got no choice. neil: we just heard today, mayor, that the schools will be closed in new jersey for the rest of the year. getting ahead of myself here, any plans now to address the school opening situation in the fall? >> yeah. so i mean we're working with the superintendent and our board of education daily to figure out what that will look like. nobody has really a good plan is the honest answer around that. whether it is staggered

openings, how we're going to work with stance learning, catching people up. we have don't have a great plan yet today. so i don't think anybody does for that matter. and so you know, hopefully over the next month, two months that formulate as little bit more. neil: you're doing all the testing, all of that, but you let people know, i guess in your city and beyond that, you would like to push the census, completing the census at the same time but could you explain that? >> yeah. so, one of the things that we started doing was, we layered in our census into the call center where you make appointments for the screening and the testing for covid and antibodies. you know, the census will impact cities like jersey city for the next decade. obviously covid will have a huge impact. we have a large city with a tough community to reach with regards to the census in many situations because of economic

and cultural diversity. so what we tried to do is, now when you call for a covid test, one of the things that the call center is going to do other than schedule you is kind of walk you through the census. that way we get more people responding, ultimately get more resources from the federal government. neil: mayor, we wish you well. be safe, be healthy, your residents as well. we'll monitor very closely. good seeing you. >> thank you so much. really appreciate it. neil: all right. mayor steve fulop, mayor of jersey city. very hip place. gotten to be very, very hip, very, very cool, very nice. in the meantime we're keeping you abreast of other vesselments. one concern is sports when they get back. we told you nascar will be the first of the major sports to resume very, very soon. summer, but what we don't know is exactly what baseball is going to do. we're getting some ideas though. after this.

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neil: one of my favorite moments of the day to talk to buddy charlie gasparino. one of my favorite things, baseball, whatever form they might be, when they do get back. the stimulus measure where mitch mcconnell, charlie, said, i'm willing to entertain it, if, if, you build in liability protection for companies that might get sued by workers who could contract the virus. where does that stand? >> thanks for having me, neil. a couple things on ppp let's get to, excuse me, on the next stimulus plan and let's get to mlb. there is, there are battle lines being drawn. we touched on this a little bit last week how the republicans,

mitch mcconnell, senate majority leader desperately wants liability protection for companies that are reopening so they can't be sued if someone gets sick on the job as they reopen and as the, as the nation starts to reopen, which it is now starting to reopen, beginning of may. many more states will phase in, new york, for example, the epicenter of the virus in the u.s. will start to reopen on may 15th. so that is what the republicans want. here is what is interesting, democrats want aid to states. they're essentially saying these states like illinois, that have massive budget problems weren't exactly the best models of fiscal restraint before this happened but once the pandemic and lockdowns came, their budgets basically experienced massive holes in them, including their unfunded pension liabilities. she wants, nancy pelosi is the house majority leader wants, house speaker, excuse me wants aid to states.

from what i understand, there is going to be a compromise on these two issues that democrats will fold on the liability protection, if the republicans grant some degree of aid to states. right now, this is what they're talking about. i hear there is dialogue. when there is dialogue that means there could be compromise on this thing but that essentially where the battle lines being drawn. again, where there is dialogue there could be compromise. the number i hear in next package a billion plus, 1 and $1.5 billion. interesting, lair which -- larry kudlow, threw cold water on the notion of another ppp. small businesses may have to wait again. on major league baseball. neil: charlie, if you can hear me, 1 1/2 trillion, 1 1/2 trillion. >> trillion. yes. neil: is that what you meant? >> 1 1/2 billion might be good for cavuto but not for the country, right, i get it. neil: please, can't do that.

go on, report. >> mlb continues to weigh various options on opening day. neil, i can't guarranty you, and my sources who are senior baseball executives can't guarranty you it is definitely 100% we'll have baseball this year, but they're pretty, when i talk to them they're pretty close. the date i'm hearing is sometime after july 1, when the various states open up. and that there is obviously some degree of political pressure. even governor cuomo of new york, is advocating opening up baseball in some fashion. some fashion means this. do you have stadiums with crowds or without crowds? do you start it in the south, in state has have been least hit by the coronavirus? or, as from what i understand, cuomo has talked about and favorably about each eaching day occurring in the cities, occur in various cities, even in hard hit states like new york without crowds. the interesting thing i hear is that there is also some options

at the park. you know, again, phased in, crowd density, testing, having medical facilities on the ground, essentially testing people, their temperature. they're all talking about all of this. so they are making prep to open sometime in year, that there will be a 2020 season. should point out, neil, you don't really need crowds at fat ball. football. that is why people think football will open, it is limited number of games. you need box office to pay the bills on mlb. that is essentially what they're debate given the economics of baseball. back to you. neil: my friend, charlie charlie gasparino gas following all the developments concurrently at same time. that is what he does. the big gap in our meat supply, could impact, 1/3 or half of our meat supply never

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neil: all right. still watching selloff at the corner of wall and broad. we are also following the meat prices in this country. half the nation's meat supply

could be delayed. maybe you are seeing it at your grocery store. mike tobin saying the real hit is the cattle ranchers. mike? reporter: as brief production has slowed down you end up with less production and the price goes down. there's a fear it might run out all together so the price goes up. now you have cattle ranchers asking the federal government to investigate whether the meat packers are taking advantage of a crisis to turn a profit. with production slowed at the meat packing plants, cattle are backed up and the price is down. >> the producer can't make it on what they get for them now. reporter: slow production means decreased supply of finished product. the price for boxed beef has spiked. ranchers claim the major packers profit $1200 per head of cattle while the rancher is losing up to $400. >> there is no doubt that the packers are currently making a lot of money.

reporter: the cattlemen wrote the president, asking for an inquiry by the usda and department of justice. we are asking for the current market volatility to be analyzed and incorporated into that ongoing investigation in the hope of identifying whether inappropriate influence occurred in the markets. ag secretary sonny perdue agreed. >> we will continue to do that to make sure there's been no collusion or criminal activity there. reporter: the north american meat institute which represents 95% of meat production in the u.s. agreed to cooperate. the ceo wrote the north american meat institute will continue to work with the administration to ensure that markets operate in a fair and transparent manner. in a letter to attorney general william barr, senators mike rounds of south dakota and kevin cramer of north dakota complained that four major meat packers control 80% of the market. neil? neil: yeah, it is a very concentrated business. thank you very, very much. mike tobin following those

developments. i believe we have -- is it rich right now, guys? okay. just wanted to make sure. sometimes i don't. all right. right now we are following the battle back and forth with the chinese government. you know, we did sign that trade deal and one of the frictions for the market is this notion that maybe, maybe it's not going to be realized or the volume we expect from the chinese isn't going to be realized because we're at each other's throats. rich edson with more on that. reporter: good afternoon, neil. that rhetoric continues. there's more specific attacks against secretary of state mike pompeo that are surfacing in chinese state media. that's what state department officials are saying. they used the word vitriol to describe what they are seeing coming over the pacific ocean. the secretary's spokesperson, the state department spokesperson wrote quote, the chinese communist party isn't used to being held accountable after spending decades defying global norms and is now

reckoning with calls from around the world for transparency, kicking and screaming won't stop secretary pompeo and the trump administration in seeking the truth, nor will it silence our allies and partners. in china, the peoples daily asks how much longer will pompeo's awkward show last, koogs the secretary of virus-like diplomacy. in another piece, the peoples daily charged the secretary as an accomplice of the virus. secretary pompeo led the u.s. government's criticism of the chinese communist party, questioning the security of chinese research labs, the chinese government's disinformation campaign and its initial response to this virus. >> this is an enormous crisis, created by the fact that the chinese communist party reverted to form, reverted to the kinds of disinformation, the kinds of concealment that authoritarian regimes do. had the scientists been operating in america, they would have put this out, there would have been an exchange of ideas

and we would have quickly identified the kind of things that needed to be done in response. reporter: the secretary has been criticizing the chinese government for its treatment of the uighurs and also its crackdown in hong kong and what the u.s. sees as the chinese government encroaching on the freedoms that should be able there. neil? neil: thank you very much, rich. as we touched on, this is not helping stocks. let's get the read on that from lauren simonetti. lauren: as the rhetoric between china and the u.s. heats up, investors are questioning right now does trade war 2.0 look inevitable and what does that do to an economy already reeling because of coronavirus. we do have a selloff today, albeit the nasdaq has turned positive. if you couple this rhetoric with factory orders that fell the most ever last month, over 10%, you can see the drags on the dow are those industrial companies, boeing, caterpillar, also the economically sensitive financials including goldman

sachs. if you take a look at 3m and raytheon technologies, does this renewed trade tension overshadow the reopening of economies, getting factories back online? the answer might be yes. overall, stocks are down, not looking at the nasdaq, three days in a row but certainly trimming some losses. let's take a look at the price of oil because it had been higher, turned positive, so if the gain holds for another about two hours, it would be the fourth day of gains for oil in a row. why am i telling you that. because the oil market, the price completely collapsed. the administration is now looking at additional storage space which would be good for oil. the airlines, however, are falling off a cliff today. as you know, warren buffett sold his entire stake in the sector and you had positive comments coming from southwest ceo gary kelly saying it is safe to fly again but that can't erase the damage. take a look at that, delta down 8.33% today. quick look here at the cruise lines.

carnival cruises said they're sailing again and will do so on eight ships starting august 1st. would you go on a cruise now, neil? although obviously august is a long time away. neil: not in a million years. no. but i'm not a fan. i don't mean to be a bad judge on this but i'm not a cruise person. i'm wearing this suit -- lauren: i hear you. neil: people say what are you doing? lauren, thank you. lauren: a lot of people have vouchers and if the price is right, they will use the voucher. neil: absolutely. they are making it very appealing to do that. we'll see what happens. not a cruise person. the things we reveal on air. lauren, thank you very much. always good seeing you, my friend. gary levy on all this. not whether he's a cruise person. i do know he's got his own yacht. i know he's looking at what warren buffett is up to. the airline stuff notwithstanding, i think the headline number for me is that berkshire hathaway at the end of

the first quarter was sitting on $137 billion in cash. what did you make of that? >> yeah, so by the way, real quick, i've got a dinghy, not a yacht. it gets me where i need to go. in terms of warren buffett, he likes to remain flexible, especially in times like this. this is the time if you remember back to the crisis when he was lending money, preferred stock from goldman sachs, doing all kinds of deals, that cash on the balance sheet will give them the flexibility to sort of take advantage, hopefully in a good way, of some of the chaos in different areas. obviously he's probably not going back or definitely not going back to the airlines. that's interesting because it's ironic, he hated the airlines, or berkshire stayed away from airlines until 2016 when he decided to make these investments. little irony, four years invested and quick turn-around for him. keeping cash just in case there's some deals yet to be done. neil: you know, he's not the

first to say he has concerns about how quickly we climb out of this. i don't want to put words in his mouth but a number of other institutions have said it. it won't be a v-shaped recovery, by the nature of the beast it will be slow and steady. it will be a recovery, but maybe that is why the market has already factored in all these bad economic numbers, the spending, the levels at record lows, factory orders that are record lows, all of that stuff. durable goods orders and the rest. even when it comes to friday's employment number which could be a doozy, could be north of 50%, 60%, 70% unemployment. where are you on this and the market's ability to digest all of it? >> i think psychologically, we have prepared ourselves. i hate to general foirz the worst. what is the worst. we prepared ourselves for some pretty bad numbers and frankly, i don't think the average analyst is able to grapple and quantify the effects this economy filings.

think about the unprecedented, like in travel since we are talking about that, 80% of just airlines, their service has been shuttered. and you know, you think of all the thousands of -- hundreds of thousands of flights that take place per year, all that's gone and those people moving to different cities, spending money in different cities, they're not spending. they are sitting at home waiting it out. i think the data is going to continue to be dirty. i think the recovery is going to be spotty. believe it or not, what i think is going to happen is as long as we can continue to see some states and cities opening, it might be a big jump in economic activity initially, then perhaps a backing off from there. again, i'm talking in specific areas, perhaps restaurants, things like that. because remember, folks here in texas, you look at what happened in houston, people want to get out of their house. they want to go, they want to spend, they want to be -- we want to be free. we want to be able to do what we used to do. be with our friends. i think the initial spike, it's going to be dirty, it's going to be long, but the airline

business is going to continue to morph for sure. neil: you know, one of the things that has always been interesting to me throughout all of this, the performance of gold. you know, ubs is the latest to say we could see it going to $1800 an ounce. it was not long ago where this was trading around $1200 an ounce less than a year ago. i'm wondering what you make of that, because it's done it in an environment where it doesn't matter whether stocks are up or down, whether bonds are up or down, it's like a steady slow but always getting through the race performance. what do you make of it? >> yeah. gold is -- let me just say simply put, i think gold is overvalued here. i think you need to be really, really careful as an individual investor going out and piling up in gold and thinking that that's going to be the solution to these problems. you know, gold has always been -- it's the flight to

quality because it's not a fiat currency, theoretically i can take my brick of gold, go across the border and exchange it for something of value and there are currency fluctuations and governments spending a lot of money, but then the question now becomes okay, so what does utility value and what is the real value of gold for that purpose. especially now that we have cryptocurrencies which are again, their ability to sort of, you know, obviously be exchanged or universally accepted, you are able to stay somewhat isolated from your transaction when using cryptocurrency. so i think gold's upside in that regard is a little bit limited here. remember, gold is also a utility. it's used in production, you know, lot of fine wires, electronics, things like that, contacts, we use gold and we obviously know production is down dramatically so there's not that industrial value. i would be careful with gold here. i would be careful justifying it

and again, i think it probably moves lower over the summer months. neil: all right. we can watch that. different people can differ. let me get your sense as a relatively young guy yourself what you make of the american mood going back to work? the reason why i mention it, i think given the fact that we are going to be doing this in stages, even when things reopen in new york metropolitan area, then in new jersey, the one and two states that have been hit the hardest by the virus, i think they are going to be doing it with small number of workers to begin with, then slightly larger and slightly larger but i do notice in surveys, for what value they have, that young people are generally much more upbeat about returning to work and getting back to business as usual, whatever that is. older people are not. they are still anxious. what do you think of that? >> with good cause, right? the data shows, again, data

remains dirty, that, you know, elderly folks, folks with pre-existing conditions and again, that's another thing that kind of bothers me because there's all these sort of nuances, what's a pre-existing condition that doesn't contribute to coronavirus causing my death or severe illness, there's correlations now but we don't know if they are causation so i think to your question, returning to work i think for young people, i think all americans should have a choice moving forward. i think the workplace is going to be a lot different. i think telecommuting is going to remain in place and become a mainstay and also, a way to save money for a lot of these corporations. i think younger people should go to work, they will be doing a lot more collaboration because it's hard to do it over zoom. i do 20 zoom meetings a day. i'm zoom'ed out. and you can't connect as easily as you can in person as effectively. so i think for folks who want to get to work, go for it. if you believe that you've got that, you know, you are healthy enough, able enough, go for it.

i think you have that right as american. i also believe if you feel you are at risk or don't want to be exposed, you should have that right and a combination of stay-at-home and do your work there. so i think we are going to see an evolution of the way that americans, you know, conduct our business and right now, it stinks because it's sort of separated politically, these correlations, but again, i think we need to sort of come together, find a place, a way to make it work and i think the solution is going to be a lot of ai, big data, telecommuting, with a combination of the old world. i don't think that's going to go anywhere. neil: all right, my friend. good luck in your yacht or dinghy. lake travis is a pretty big lake. always good seeing you. by the way, i want to pass along an item from charlie gasparino. he was talking about major league baseball. now senior heads or executives are telling him they will likely announce the schedule on thursday.

keep in mind with the nfl, they start in the fall. they have a little more wiggle room. they are not as vulnerable to some of the revenue issues that, for example, baseball is. but that they would announce a schedule in the fall, whether that is its normal schedule is anyone's guess. but that that is still on and they will start announcing that on thursday. we will keep an eye on that. so how the country is dealing with this because right now we are dealing with everything virtually so it makes sense that on thursday at 1:00 p.m., we are going to be our own virtual town hall and how this sorts out. the pace of states reopening and businesses that are reopening as well. ken langone, founder of home depot and bernie marcus. they became multi billionaires because they saw the need for something in the middle of one of the worst recessions in american history. so on that, they have clout.

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to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. neil: all right. well, the senate is back in session right now. the house is not. we are following it very very closely because even though no

legislation is being proposed this week, there will be heavy pressure on senators who are around on friday, because that's when the employment report comes out and it's going to be a doozy but again, people are prepared for a lousy report and maybe the headline unemployment rate, north of 15%, 16%, up to 18%, no way of knowing, just that it will be very very bad so that will increase the pressure on the senate, when the house comes back, on the house, to provide more stimulus. the president seemed open to that in the forum last night from the lincoln memorial on fox news. i want to go to joe lieberman, the former connecticut senator and democratic vice presidential candidate. senator, always good to have you. i just have a feeling, i know it's weird when one, you know, body is in session and the other is not, but i can imagine that employment report on friday is going to push more talk for still more stimulus. do you agree? >> yeah, i totally agree.

let's start with some thank yous or appreciation that at a time of really unprecedented partisanship in washington, this coronavirus crisis has brought republicans and democrats, white house and congress together and the legislation they adopted which is enormous, really, was adopted across party lines. but i think the unemployment numbers this friday are probably going to show that the economic crisis is deep and there will be pressure on them to do something more and it will probably get harder this time, as they also try to get into -- democrats try to get in more aid for state and local governments, republicans try to limit liability of business people who open now after the closing. so we are in for some tough economic times which are going to challenge people in washington politically to come

together. neil: democrats have said limiting liability is not an option, they won't consider it. you heard from mitch mcconnell and others that say you should consider it because we are not looking at helping states unless they do. these could all be posturing before negotiations but how do you think it ends up, senator? >> i'm worried about it, tell you the truth, because i vote for state and local assistance for state and local governments because i think they need it and i'm for limiting liability. the danger is everyone goes to their respective corner and never come out, or whatever the appropriate metaphor is, and never come to the table and negotiate. because the country needs both state and local assistance and limits on liability to begin to recover and of course, it requires compromise. i hope both sides do that. i hope the house comes back,

too, because as america is coming back to work, the house of representatives should as well. neil: you know a thing or two about being involved in a vice presidential selection process. we are told that obviously joe biden wants to pick a woman. but could it be a surprising pick? in other words, might still be a woman but a surprising pick? you were a surprising pick in 2000 when al gore chose you. that caught a lot of people off guard. could we be similarly surprised here? >> yeah, we could. there's probably some logic that might argue for that. of course, i had no idea what vice president biden will do and this is one of those moments where the vice presidential choice really will matter, because we are in a crisis. and i think vice president pence has been very visible and i think effective in responding to the coronavirus crisis, so vice

president biden has got to choose somebody who may meet certain -- she's a woman, but people have to look at this woman and say she could be vice president or in a crisis, president of the united states. so that may mean people with political experience but it also might mean somebody who's got a business leadership background, or even a military background. i don't have anybody particularly in mind but i hope the vice presidential search for the biden campaign goes far and wide, because it is really important to his campaign and also to the future of the country. neil: you know, senator, you knew joe biden very very well. obviously you have heard all of the tara reade charges against him and none of the prominent female names mentioned as a potential running mate had criticized him one iota. are you surprised by that?

>> there's a little bit of quiet criticism i have heard -- not so quiet, actually, attributed to people who are pretty high positioned in bernie sanders' campaign, but i think it's a combination of knowing that joe is going to be the nominee and not wanting to get into a battle with him but also frankly, what he's charged with by tara reade seems so inconsistent with what most of us know about him. on the other hand, as he himself said, you give credibility to these charges and i think we should do everything we can to provide all the information he has in response to the charges because if he doesn't, the media and the republicans will keep pestering him about it and this will become more of a focus of

the campaign to the presidency than joe biden wants it to be. neil: do you think he has botched his response, too little, too late? just your thought? >> do i think his response -- no. i think his response was pretty good. i must say, i offer this respectfully, i understand that you give your papers to a university as he did, the university of delaware, a lot of boxes, i think 2,000 boxes, not the easiest thing to go through to find anything with the name tara reade on it. i don't think it would be fair to ask joe to open it to the public now, because most people -- most members of congress that give their papers to some place to deposit don't open them up right away. i think there ought to be at least a good faith attempt to see if they can find anything from that period of time in the

papers, if possible, with tara reade's name on it just to get this over with from the vice president biden's point of view so it doesn't keep coming back at him throughout the whole campaign. neil: all right. still too early. we will see how that goes. senator, be well, be safe, be healthy. >> you, too, neil. great to be with you. take care. neil: same here, senator. all right. dow still down even though lot of states are beginning to open up, particularly in florida. let phase one begin. after this. look, this isn't my first rodeo...

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look, reverse mortgages aren't for everyone but i think i've been 'round long enough to know what's what. i'm proud to be a part of aag, i trust 'em, i think you can too. trust aag for the best reverse mortgage solutions. so you can... retire better. neil: all right. charlie gasparino here to bring us an update on the nfl season, maybe starting as planned in the fall. i guess with a schedule maybe out by thursday? charlie: yes. we have been reporting, we were saying that major league baseball executives expect or

highly expect a baseball season in some fashion in 2020, our football sources are telling us you can absolutely, almost guaranteed there will be a football season in 2020. this is from sources close to the mlb commissioner's office. here's what we know. the schedule, the nfl schedule, is likely to be announced on thursday. now, i don't know if the schedule is going [ inaudible ] as it usually does in september, maybe they push it back a bit or maybe not. but we are going -- they are eyeing, at least as of now, to release the schedule as of thursday. there's definitely going to be football this year. we just got to see exactly how it works. one of the interesting things about football is it's less dependent on fans in the stands. baseball gets a lot of money from those fans in the stands. that helps pay the bills. most of the -- for obvious reasons, it's a longer game,

bigger season, more games in a bigger season. yes. football's a lot different. they depend on tv revenues and others -- and sponsorship deals, so they believe they can actually start the season on time, from what i understand, and guess what, they don't need fans in the stands. they can do it and still maybe even have, you know, sound effects of fans cheering. that's some of the stuff they're talking about. bottom line, i think it's almost a guarantee -- never a guarantee until you see the press release, but from sources very close to the commissioner's office and close to major owners in football, there's going to be a season, the schedule is coming out, the target date for the schedule is thursday, and you know, how it un-ralphs frravelse is anybody's guess. my bet is at least the initial beginning of the season, there may not be fans in the stands and there will be sound effects. but we'll have to see how this

thing progresses. but as of right now, football is a 100% go for 2020 amid the pandemic. back to you. neil: all right. thank you very much. charlie gasparino on that. the sound effects thing is a little weird. but it is what it is. all right. let's go to phil keating in florida as that state begins to slowly but surely kick off it's very aggressive reopening. three key counties being watched. phil keating with the latest. hey, phil. reporter: you know what sounds great? getting back to normal and back to everything open again but reality is we are still a ways away from doing that. however, florida did begin phase one first thing this morning and that means most restaurants in the state can once again have indoor dining but with limitations. here at harriet's in key largo, which has only been takeout for weeks, today customers are again allowed to sit down at the table, eat breakfast and lunch. james carlyle could not wait. >> it feels nice.

you get kind of tired of takeout food every day. they do have the best breakfast in town. so it's a no-brainer coming here. reporter: most state parks also back open today as well as most beaches. this is a live look at clearwater beach. swimming, sun and exercise is allowed again but with social distancing still enforced. people today, as you can see, are spaced out from each other. florida's phase one means restaurants and retail can both resume in person business at 25% capacity. elective surgeries can resume. social distancing restrictions do remain in effect, though, and masks continue to be encouraged. what remains closed in florida are schools, bars, gyms, spas and salons. and people are still not allowed to visit their elderly loved ones at nursing homes and assisted living facilities. exempt from florida's phase one are the three most populist counties in the state where you have half of the state's covid-19 cases and deaths.

that's miami-dade, broward and palm beach counties. everything, the shutdown stays the same. beaches, retail and restaurants still not back open. since south florida marinas reopened on wednesday, this first weekend of that was jam-packed with boaters. so much pent-up demand that many were turned away after sitting in their cars and trucks in long lines for hours. in palm beach county yesterday, a big flotilla of protesters. crews from jupiter down to president trump's mar-a-lago. some called it a trump-tilla. clearly a big indication that a lot of floridians are eager to get out of the house and get out and return to some normalcy. as far as when the governor would announce and enact phase two of florida's reopening, he has not set a timetable but says phase two will likely come in weeks, not days. neil? neil: phil keating, thank you very, very much.

looks beautiful there. phil keating in florida. again, on the staggered rollout, getting back to business or trying to. then there is the whole issue of helping the states like florida, also a lot of democratic governor-run states getting some help. steve mnuchin on that earlier. >> we're not looking to bail out states that were poorly managed. what we did do in the cares act, there was $150 billion that was allocated to the states for coronavirus expenses. one of the things the president just instructed me to do, and we sent out guidance on friday, that states can use the money for policemen, firemen, first responders, without limits so we can make sure that none of those people who have been fighting the front lines in any way are impacted by the states having low revenue. neil: could that shot be tighter on the treasury secretary? all right. whatever works. in the meantime, liz peek with us right now. fox news contributor. what he was saying essentially

is that we are open to help, we have heard from a number of republicans we are not going to bail out those who made mistakes in the past and budgets littered with unfunded liabilities and the rest, but he is open to it. but the proviso seems to be if we are open to it, we are also very eager for liability reform, something mitch mcconnell has mentioned, others have mentioned, that would, you know, help businesses shield themselves from lawsuits. but what do you make of it? >> well, first of all, i think the liability issue is very very important. i wrote about that six weeks ago. how can you -- it's being portrayed by democrats as being only something of importance to big businesses. i think just the contrary. it's small businesses who have no protection, who don't have phalanxes of lawyers and so forth. if a little shop opens and someone claims three weeks later they got sick because of visiting that store, that's a real problem. that could put a small business out of shape.

i think that's really an important thing to be talking about. as far as the state funding, i think mnuchin is totally right. first of all, it is a bargaining chip, to be sure, because a lot of democrats running states want money, but i was on a call this morning with govern or of oklahoma and he said he would only put out so forth or allocated about 4.4% of the money that he got for oklahoma in the cares act. the point is, why rush into this next tranche of funding? let's take a breather and see what differences are already made, let's see what the requirements really are, and by the way, one of the things he wanted was exactly what mnuchin talked about which is giving the states flexibility to use that money however they wanted. so i think we are on a good path there. but look, it's no surprise to me that those states that are opening up, run typically by republicans, are doing so

because they understand that the economy is essential to the health of their people. democrats who are pretending that there's no connection between those two things, you know, their states are in trouble and i really don't see the federal government stepping in to fix that. neil: liz, this rollout eventually of states getting back to work, you always worry that, you know, in balancing economic needs with health needs, it's a very delicate struggle. i get that. how do you think it's going to go and how is it going thus far? >> i think florida is a really good example. they have taken the most populous and vulnerable communities and said okay, you have a lot of old people, there's a lot of density here, we can't protect everybody that we need to protect. so let's let other counties and communities open up, let's see how it goes. we are obviously going to check very carefully if there's any

spike in infections or whatever. but look, this has to happen increasingly from another governor this morning, i heard real data about increases in unemployment, increases in suicide that they believe are linked to those increases and also, the fact that hospitals are sitting there empty, not taking care of cancer patients, for example, who need radiation treatment. i mean, this is all just a little bit upside down now. i think governors across the country have to look at the entire well-being of their state, not just what's happening with coronavirus. neil: well put. liz peek, very good catching up with you. be well. liz peek. meanwhile, some of the retail as we told you about like j. crew now filing for bankruptcy, macy's slowly opening up some stores, but one that has thrived in this environment even with the extreme swings has been amazon. and that's coming back today,

after a wicked selloff on friday, but what's interesting now, is the stock could be under pressure in the future because jeff bezos, let's just say they want to hear from him in congress. we'll explain. this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. i have the power to lower my blood sugar and a1c. because i can still make my own insulin. and trulicity activates my body to release it like it's supposed to. once weekly trulicity is for type 2 diabetes. it's not insulin. it starts acting from the first dose. and it lowers risk of heart attack, stroke, or death in people with known heart disease or multiple risk factors. trulicity isn't for people with type 1 diabetes or diabetic ketoacidosis. don't take trulicity if you're allergic to it, you or your family have medullary thyroid cancer,

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to starting owning gold today. - with nearly two decades in business, over a billion dollars in transactions, and more than a half a million clients worldwide, u.s. money reserve is one of the most dependable gold distributors in america. neil: all right. i don't think it's hurting the stock today. i know it's well off its highs, but the house judiciary committee does want the tao tal jeff bezos. that's going to create waves. hillary vaughn has more. reporter: congress does want to hear from amazon ceo jeff bezos himself to explain why company representatives told congress something different that now 20 former amazon employees are telling the "wall street journal." they say that the company does use access to third party sellers' information to make copycat products that then

directly compete with those same or similar products. that caught the attention of the house judiciary committee that now wants bezos to come forward and explain the difference in opinion himself. congressman david cicilline, tweeting this. amazon has had multiple chances to come clean about its business practices. instead, its executives have repeatedly misled the committee and the public. enough. as ceo and founder of the company, jeff bezos must be accountable for amazon's record of dishonesty before congress, together with six of my colleagues i am calling on him to testify in light of the gravity of the situation, i am also considering whether a perjury referral is warranted. amazon is responding to this "wall street journal" report that claimed they have been accessing third party seller data to then make their own competing products, telling us this. quote, as we told the "wall street journal" and explained in our testimony, we strictly prohibit employees from using non-public seller-specific data to determine which private label

products to launch. while we don't believe these claims made in the "journal" story are accurate we take these accusations very seriously and have launched an internal investigation. so right now, the house is out of session so we don't have a date for when bezos could appear before the committee, but right now, it's essentially his word against 20 of his former employees. neil? neil: okay. here we go. hillary vaughn, thank you very, very much. it's been warming up in a lot of of the country so you have been using your air conditioner maybe and everything is working fine. what if i told you our grid, even with so many companies down, not running, is being taxed like never before? we are on that after this. 300 miles an hour,

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neil: is our electricity grid in some serious trouble? you would think with the economy all but shut down, that that would not be the case, at least on the corporate side, but you would be wrong. jeff flock has been exploring all of that. hey, jeff. reporter: it's an interesting story, neil. it gets a little complicated. number one, demand, yes, is down big-time. by the way, solar installation right here. going to tell you why we're here in just a moment. first, demand down not only in the u.s. but all around the world. italy, in the first weeks after

the shutdown, down 22%. spain down 15%. new york and the state of california, down 7%. what did that mean? well, it meant a lot of providers started to shut down their coal plants, their natural gas plants, because they had renewables like the solar installation we're at. in germany, last monday, 40% of all of the electricity generated in germany came from solar. and almost 80% came from renewables. why is this? because once you build a solar array, it doesn't cost you anything to operate. you just get the free power, almost free after you pay for the construction costs, unlike coal and natural gas, where you have to have a raw material. in the uk, here's another amazing fact, they went 18 straight days, 438 hours, without using a coal-fired plant. it's the first time that's happened since 1882. that means some coal plants can

be forced to shut down now because the demand hasn't been there. what does that mean when demand comes back? yeah, an analyst, energy analyst said it could force coal plants to close earlier than previously expected. what does that mean when we start to come back? is there enough capacity? as we know, renewables are great. the problem is, it's a sunny day today for the solar array here in chicago, operated by exelon, but when the sun goes away, so does the power. wind, same kind of deal. is the grid going to be elastic enough to handle us when we get back to full strength? that remains to be seen, sir. neil? neil: i like the way you explained that. that could have been a lethally weighty story but you just stepped back, looked at the big picture. always love your reports. jeff, thank you. reporter: i hope you followed it. i appreciate it. thank you, sir. neil: well, if my thick skull can follow you, believe me, they followed you. jeff flock on all of that.

now to edward lawrence on the latest battle in the paycheck protection program. very very popular, you know, oversubscribed, you know the whole story on that. i guess it begs the question, does this mean still more funding for the program or is that it? reporter: you know, it really depends on who you ask, neil. but i can tell you that right now, $176 billion has been spent of the $310 billion in that second round of the pot there. some very interesting things when you dig deeper in these numbers. get a load of this. take a look at this. with all the numbers, 71% of all the loans written there are for under $50,000. we are talking about 6.1 million loans reaching very small businesses. according to the small business administration, by far, the largest amount of money being paid out is going to the state of california. that's more than 320,000 businesses there that asked for loans, more than $33 billion being processed through.

the next amount of money, new york, at $17 billion, threw more than 164,000 loans. the state with the least amount, if you're interested, of money processed through, is vermont. $192 million and about 4,000 loans. the treasury secretary steven mnuchin told me he's not looking to re-up this program again with more money. he told our "mornings with maria" this morning that at the end of the eight weeks, companies will either pay it back as a loan or it will be forgivable. listen. >> this is the way the program was designed by congress, and we think it has the right intent to get the money to employees. so i don't have the flexibility to change that. reporter: and the treasury secretary saying that a significant amount of companies are giving back this money, those large companies he identified for tens of millions of dollars, that money being added to the pot this week to be reallocated, to be sent out again to small businesses. also, consumer banking groups,

we are hearing concern that the rest of the money in the $310 billion pot has been already spoken for. the small business administration says they do not have a q line set up for loans. that's up to banks that are prioritizing their loans as they come through. it's supposed to be first come, first served but again, the demand is significant for this program. back to you. neil: i can't think that they would be ignoring this employment report on friday and the pressure on them for still more stimulus, not just for this program but for a host of others. what are you hearing? reporter: the feeling, and i actually asked the treasury secretary about this, the ppp, and the feeling is after eight weeks, enough of the economy will be reopened so therefore, they will be able to get through without having this money, because the goal here is not to subsidize or have a perfectly subsidized economy from the federal government. it can't keep printing money. the goal for the administration

is to get things up and running, have these businesses ready for when the economy does fully reopen. but the thinking is that after this time period, enough of the economy will be open again, some of the businesses can survive on their own. again, we have to see where we are with the virus. neil: absolutely. that will dictate everything. thank you very much, edward lawrence on all of that. we will have much more after this. . .

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neil: normally when a company announces layoffs in perverse sensual street likes it because they're getting their expenses under control. not sew when it is general electric. the stock is down 5% right now. the news, ge aviation will cut 13,000 jobs if the coronavirus continues to hit travel. then of course added to that news that warren buffett's berkshire hathaway has abandoned its investments in for major carriers including american, delta, southwest an united n the environment where come back for airlines could be very, very slow and very gradual, and according to the head of southwest years in the making, investors didn't take long, they say even with you cutting jobs, that will not be enough. the stock slipping 5%. it is a reminder in this environment, airlines, anyone connected with airlines, anyone who makes airplanes from boeing to host of others.

this is not the best of times. slowly but surely getting back to work has not changed that equation thus far. that will do it for us. cheryl casone in for charles payne. cheryl: i'm cheryl casone, in for charles payne and this is "making money." the nasdaq is slightly higher by 29 points, being led in declines by airlines as neil was talking about as well as tensions between the united states and china which have erupted again. we're going to get into that. today's losses following two straight weeks in the red. nasdaq could be bright spot on monday after two weeks of declines. president trump says a coronavirus vaccine will be available by the end of the year and his administration will put their full power and might behind a promising new