stuart: there is the white house. the president will be emerging shortly, making his way to pennsylvania. my time's up but neil, it's yours. neil: stuart, thank you very much. we will monitor in case he says anything to reporters on the may to marine one. he made very, very clear dealing with the chinese he is not all that interested in talking to the chinese. we'll get into that in just a second. that really weighed on stocks earlier on, the fact this trade impasse could last quite a while here. residual effect of the coronavirus situation, what china knew, when it knew it, what it was sharing with us, what it wasn't sharing with us could jeopardize $500 billion of trade the president is happy to see go away if need be. we'll follow gradual reopenings in key states, some dialing

thing back. in the new york, new jersey, area, some promise that the worst-hit states are at least pondering openings as soon as tomorrow. the very latest read on all of this from jackie deangelis. hey, jackie. reporter: neil, as reopenings continue in slow phases across the country, reminder this morning's weekly jobless claims added three million more people to the list of unemployed. the number was higher than expectations but it was lower than it was last week. so that was positive. remember the total number of jobs lost in eight weeks, more than 36 million. that is a backdrop here. that is why reopening is so important. the sooner the country can do it, the more people can get back to work. now in florida universal orlando is partially reopening today. the citywalk portion is going to be on reduced hours but masks are a must. there will be temperature checks. on may 20th, the plan is to

open disney springs. that is where the shopping and dining complex is. the rest of the park is closed at least until may 31st. meantime, summer camps, this is huge issue for many people, right? it is child care in some senses. but people are looking to georgia because they can reopen summer camps with new rules. still many opting to stay closed because they're worried, the camps they are, worry how they can keep everything disinfected. the concern over supplies, cost of those supplies and health and safety issues make it easier to stay closed. the ymca of metro atlanta will open june 1st. in las vegas downtown cainer park will open today. it serves food and slew of retail. employees will have mask and hand sanitizer stations all over the place. there are signs to remind us to stay six feet apart. here in new york, governor cuomo

announcing today that the north country has met all seven metrics to be able to begin phase one of the state's regional phased reopening plan. that in addition to the finger lakes, southern tier and mohawk valley. what does phase one include for new york? construction, manufacturing, wholesale supply chains, retail for curbside pickup. agriculture forestry, fishing. but that is a very positive sign, neil at least for new york. new york city has been the epicenter but the state has been hit really hard to see that phase one moving forward. back to you. neil: right. when you think about it, the upstate region which would include rochester, binghamton, some of regions not nearly as affected they're itching to do something. we'll watch that very closely. jackie, thank you very much. i want to go to blake burman right now. president will leave shortly for a trip to the allentown, pennsylvania area but he usually stops to talk to reporters. no doubt will want to follow up

about comments he made about the chinese today, particularly that he can sort of kiss off this 500 billion-dollar trade relationship. that got raised eyebrows. a lot going on down there. hey, blake. reporter: hi, there, neil. lets of questions should be put tote president as he leaves the white house here any moment now. he is set to head out to pennsylvania. he will visit a distribution facility there on the forefront getting out needed into ppp all across the country. as the president leaves to go to a distribution center. when you talk about supply chains and ppe, it also comes as he continues to raise the question about whether or not the u.s. needs to have a relationship at all with china. the president bringing this issue, very issue up when he spoke with maria bartiromo saying that he doesn't feel it is right at this point to speak with the chinese president xi xinping. even floated the possibility of ending the relationship all together with china. listen. >> right now i don't want to speak to him. i don't want to speak to him.

>> because you know, senator cotton was saying maybe we should be limiting amount of visas we give to students who want to study things like quantum computers and a.i. >> there are many things we could do. we could do things. we could cut off the whole relationship. if you did what would happen? you would save $500 billion, if you cut off the whole relationship. reporter: in that interview the president also embrace ad strong dollar, something he has not done in the past because of the implications on trade. he also continued to push for the reopening of schools later this year, something that dr. anthony fauci has yet to endorse. >> so, anthony, is a good person, a very good person. i have disagreed with him. when i closed the border with china he disagreed with that ultimately we agreed. we can't keep going on like this. you're having bedlam already in the streets. you can't do this. we have to get it open.

i totally disagree with him on schools. reporter: talk about possible questions to the president here, neil, in upcoming moments, how about this one? the president took to twitter earlier this morning to prod senator lindsey graham who is the head of the senate judiciary committee to call president, former president obama in as a witness up to capitol hill for what president trump called, the biggest political crime and scandal in the history of the usa by far, in the history of this country, neil. only go former presidents after time in office ever gone back up to capitol hill to testify. the last time coming in 1983. neil? neil: wow. the president's comments on china, we don't need 500 billion or exact wording kind of lost me here, he does realize chinese own a lot of our debt, this could escalate very quickly. a lot of u.s. companies do business in china. i mean, that is why stocks did

sell off to the degree they did, wondering where this is going. that and the fact he is not talking to xi xinping, just adds fuel to the fire, doesn't it? >> yeah. you bring up a great point as it relates to the debt, national security advisor robert o'brien was asked about that earlier this week, he said he doesn't have any sort of worries or concerns the chinese would stop taking on u.s. debt which would throw the whole system out of whack but it is interesting, neil because while the president does levy this threat, saying quote, we could cut off the whole relationship, maria also asked him about the idea of yanking chinese stocks off of the new york stock exchange or exchanges here in the u.s. president, said, no, no, i don't necessarily want to do that. the reality if you take chinese companies off of u.s. tock exchanges, they will go uk or elsewhere to bring their business elsewhere. the president does put this threat forward, when asked about

a specific example by maria, well, maybe that is not necessarily the best business move for the country. so you know, both side to it, i guess, neil. neil: i don't know. they say you can't have your cake and eat it too but i don't know the case there you might as well eat it but that is a whole another argument. blake, thank you about that. ramifications, of that, stop doing business with the chinese, they might stop doing business with you. don't worry necessarily about a tit-for-tat, you roll the dice. if you walk away from the trade deal, warts and all what else are you walking away from? a big reason why the big international players are sort of holding back not knowing where all of this is going. in the middle. coronavirus, finding out what the chinese knew and when, this whole trade deal thing could be falling apart. maybe that was to be expected. maybe they're factoring that in, but it is out there. also to be expected was a continued surge in unemployment claims right now over the past eight weeks have ballooned right

now to more than 36 million americans. let's get the read on all of that from janice bryant, act one group founder and ceo. janice, again, no big shock there. some were expressing hope it is slowing down or the pace of claims are slowing down. where do you see all of this going? a lot of people are looking at the next employment report where unemployment could touch, 1, 18%, 20%, where are you on this? >> well, you know we're already at just about 15% and with over close to three million jobs lost last week, we are seeing a lot of changes. don't want to be a pollyanna in the midst of a storm, neil, got to tell you though, i'm in a meeting right now with some of my key executives who are probably goofing off and watching you right now, what you're telling me, we're seeing across the countries we service reexamination of how work is being performed across the board. even manufacturing companies who

had already begun a lot of their a.i. are looking new efficiencies in the age of coronavirus. companies are working with around safety practices right now. they're engaging us with technology companies, bio companies, biopharma companies, just across the board, neil, but one of the big things i'm seeing is that colleges and universities who have been a major funnel for us for future talent as we work to help grow talent, not just provide it are looking differently how they are working with their students and expecting their campuses to operate for years to come in. my latest podcast with dr. thomas morales, who services one of the more diverse institutions out on the west coast here, cal state san bernanadino, he shared some really serious changes that schools are going to be going through. now, when you think about what that means to controlled employment, about 50% of what's

happened in february shows, 55% job loss in just two months. so that means a lot of stem workers are being engaged differently as well. so no matter where you fit, 1/3 of the jobs that we have in the u.s. right now require you to have some proximity to that job. you have to be at site. so no matter where you're working, working in stem, leadership, finance, gartner said when they polled cfos, neil, three out of four of them suggested at least 5% of the jobs they thought needed to be in office will now be work at home jobs. i think what we're going to have is, a really remarkable resurgence of how companies look at work as being performed because companies are performing under these times. a lot of companies went out of business but those companies that were already embracing technology, are now embracing

employees and in a different way. here's something i want everybody to think about though, neil. no matter what you're doing right now in terms of how you're employing people your workers are going to remember how you treated them in the coronavirus 19 environment. neil: you're right about that. you're right about that. that is we'll put. thank you very much. wish we had more time. very good look at the horizon where we are right now. i want to pick up on this theme with alicia levine, bmy mellon chief investment strategist. alicia, very good to have you. one thing interesting to look at the markets, it has been a volatile day, down as much as 400, almost paring our losses almost dead-even money, are stocks overvalued? by traditional measures they still are but others are pointing, there was a great piece in the "wall street journal" about this, if you think about it, since there is no way to gauge

future earnings, those earnings come in a little bit stronger than the doom and gloom kind of forecasts out there, this is not a rich market. where are you on this? >> hi, neil, great to see you again. when you talk about valuations for the market what are you comparing it to, what are you valuing against? we still think 2020 earnings are given still too high for the year. given where we think the recovery is going in the second hatch of the year. and the reason that matters is that you can't just look forward to 2021 because you can't value 2020, you can't then put a growth rate on it for 2021. we still think you have a about a three-year recovery in earnings here, which is about what the historical record is in a recession. it takes 13 quarters to recover the old level of earnings so we're there.

we do think markets will have hard time getting much beyond 2800, 2900 here. ultimately that number higher, you expect a much higher growth rate than we do. neil: the all right. so if we're trading, roughly a moving target, 21 times the next 12 months earnings, as you accurately point out, we don't have a good handle on the next 12 months because a lot of companies aren't offering guidance, you can't blame them, they don't know what the heck is going on if they tend to be much worse than people think, then these multiples look even richer, don't they? in the near term on paper at least this is a rich market. where are you on this. >> we think it is a rich market for today. ultimately the enemy of the real economy and the enemy of the recovery is time, and longer we spend trying to get businesses up and running and the longer it takes to really get the curve of the virus down, you're just not

going to have demand recover that quickly. and in fact different sectors of the s&p are telling you that. so the top five tech stocks are outperforming the rest of the s&p year-to-date by 30%. which tells you that investors are saying, look, we believe in tech. we believe in the non-cyclicals like health care, staples. these are the sectors that even through this can grow their business, come out stronger on the other side. if you look at financials and reits though, the performance and the underperformance of those sectors are telling you that the market believes there are going to be many impairments going forward, questions of dividends of the financials. thinking about whether or not landlords will collect rent going forward, what, what the commercial real estate market looks like in the large cities going forward. so the market is actually telling you that the non-cyclical sectors are going

to outperform for a while. neil: very interesting. i always learn something, alicia. that takes a lot to get through my thick skull. alicia, thank you very much, a good lay of the land. alicia touched on this, hinted about what is going on with rents, leases, that sort of thing. in the new york metropolitan area they have almost been frozen in place. a lot of people are not renewing on leases. those coming up, saying i'm out of here, i'm certainly not going to pay as much as i did before. that's a early sign, one of the things we look at, as far as anecdotal shift in sentiment. in the new york metropolitan area, what a lot of renters seem to be saying is, we're nervous. very nervous. stay with us. in my line of work,

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number of spikes in cases in key states, texas among them, with 1000 new cases being reported. that is not gotten in the way of cases reopening plans including new york and new jersey. in new york it is possible cities in the upstate region like rochester, utica, binghamton, will resume construction, manufacturing, forestry businessing, fishing, curbside, in store pickup as well that could happen, tomorrow. in new jersey similar moves now where stores can offer curbside pickup that would include non-urgent retailers. also this, at times that we got covid-19 cases have been down, and running about 30% below the april pace. 35%. these are some encouraging developments. mix of new cases as well. i want to raise all of this with a doctor.

doctor, one of the things we're seeing you do have spikes in cases in some states where reopening is beginning, texas among them, but it seems relatively contained but that's my, you know, big picture look at it. you know far more. what are you seeing? is anything worrying you? >> first of all, thanks for having me. mere in the emergency room a lot of patients are asking, do i need a blood test? what is going on. they're seeing all the stuff on the news. so i think it is a brief explanation of what the testing is because that correlates to the numbers you're discussing. so first of all if you get sick they can do a nasal swab or nasal pcrs, you may hear that term to detect viral particles. then, once you're sick, your immune system creates antibodies, called immunoglobulins that is what the blood test detects. that is actually a blood test.

you may hear iga antibodies and igm antibodies, and igg. igg is immunoglobulin. the igg antibodies are what confer immunity. they're like policemen and memory cells. the reason people back in the day got chicken pox and didn't get it again because you created igg antibodies and didn't get it. in the past they used the igg antibodies from one patient to help other patients with coronavirus. so i expect, to answer your question, i expect the numbers to go up because we're testing more. we're testing more people with the pcr testing in the nose and testing more people with antibodies right now. so we expect the denominator to go up right now. neil: all right. but when you meet, talk to emergency room physician yourself, i mean, are they concerned, i guess it would depend on the patient, i get

that, but there is this push, you know, nationwide, let's get back to work, let's get going what we were doing before, i'm wondering how they feel about that, what their anxiety level is, all of this other stuff not withstanding? >> right. i mean there is anxiety level there obviously in both ends of the spectrum. neil: right. >> i saw two patients and one of them was extremely afraid, hey, this virus can kill me, we shouldn't open anything. the other patient was concerned about not making any money, what is happening to the economy and people are anxious in both directions, what is really hard as humans to find the middle, to be able to look at things objectively, realize, hey, we have a tendency to look at sources and new sources and journals that validate our own views, where we should keep our mind open from the best possible solution and study what we know

from history. neil: doctor, do we know enough about countries that saw a sudden spike, continued spike, russia comes to mind, india comes to mind what happens there that produces unexpected spike? or even texas where you are? is it people coming back doing it? do we have better methodologies now to keep track of more cases than we could in the past? as you said at the outset. what is it? >> it is multiple factors. i think to answer your question it would be worth comparing two particular countries. let me compare sweden and norway. semisimilar countries, and we can tie that to the united states. sweden took one approach, let it run through their society. norway took another approach, do a top-down lockdown, when you look at numbers, what happened? first of all sweden made kind of a critical mistake early on. they let it run through the

nursing homes. that escalated their numbers. that is one thing i would like to see not happen as we open up in the united states. and than when you look at numbers of both, it is reported that, oh, sweden had way more mortality, 10 times more mortality, but if you look at the absolute number of cases of excess deaths, deaths in excess of what you normally die from, heart attacks, stroke, cancers, they're actually, similar some ways. take one population, one million people and they have covid stats and another population of one million people and they have two covid deaths but if you report it as twice as many covid deaths, report it as a percent, 100% more covid cases that will create more fear. if you look at the actual numbers and you're like, hey, they're lower and not that bad. then you have to look at the long haul.

is this 100-meter dash and one country is 10 meters ahead and you can -- if someone is 10 meters ahead in a 100-meter dash they will probably win the race. if you're 10 meters ahead this is marathon that doesn't mean you will win the race. we have to look at the long haul. is one country going to shut down and eventually get the cases anyway and suffer economic ravages? so these are decisions we have to make as a nation together. neil: well-said. doctor, if you ever wanted to leave your medical profession, i hope you don't, you would make a fine business reporter because you have a way of explaining numbers better than i do, young man. so thank you, very, very much. thanks for all you're doing doctor, i very much appreciate it, dr. sudip bose out of texas. we're talking about numbers, what the president had to say to maria bartiromo. among the things he said about china, this escalating riff, a, he has not been talking to xi xinping for quite some time and even offered the possibility, quoting here, that

the u.s. could cut off the china relationship and save $500 billion. was he signaling we would cut off all ties with china including that trade deal now even the chinese are saying, you know what? we might want to renegotiate it, or worse just scrap it? what do you think senator chuck grassley thinks of that? the iowa senator and his state has a lot at stake with that deal. a lot on that after this. ♪.

>> right now i don't want to speak to him, i don't want to speak to him. >> because you know, senator cotton was saying maybe we should be limiting the amount of visas we give to students who want to study things like quantum computing and a.i.? >> there are many things we could do. we could cut off the whole relationship. now if you did, what would happen? you would save $500 billion. if you cut off the whole

relationship. neil: what did he mean by that, you save $500 billion? you quit trading with china? how would apple feel about that? how would international firms feel about that? how would farmers in iowa feel about that? chuck grassley with us, the iowa senator, on all of this. senator, what do you think he meant by that? good to have you by the way. >> glad to be with you. let me answer that for iowa farmers and other segments much our economy in iowa. we're very glad that the president signed an agreement with china. we want that to move forward. this may not be moving forward as fast as we like because the economy of china is really down. and i think if there is problems that we have with china and talk about trade, it is directly related to the irritation we have with china they're not cooperating with us and other country the and the world health

organization, that wants to get to the bottom of where the virus started, so we can make, get all of that information and maybe help us to make sure that it doesn't happen again. and i think, china needs us more than we need them, even though that may not be true for agriculture. it is true for a lot of other things. so in that particular case i think china is going to have to wake up that their 5000-year-old society, we're a 400-year-old society, they're a member of the world community of nations, the u.n., the wto, everything else they ought to live up to their responsibilities, and i think economically they will learn that lesson pretty soon. neil: still we're apparently not talking to each other. we take the president at his word he is not interested in talking to xi xinping about any of this. we do know that the president is looking at compensation or other

forms of punishment to go against the chinese how they handled the coronavirus. that does not sound like a hospitable trading environment. are you worried for your farmers, are you worried for your state? >> yes. but on the other hand if they're going to live by the rules of law we have something in this trade agreement we never had with china before and it is a process to bring any disputes to the highest levels of government and if we don't get those satisfactorily resolved we have the capability of imposing tariffs that we have recently taken off as a result of the trade agreement. so i hope that process will would work to advantage of settling trade disputes. on the other hand, i get back to what i said, i think it is to china's advantage they better wake up to, that, that they are

more transparent on all of the stuff dealing with the virus. neil: you know, belabor this with one more point, beijing, might be all just political theater, senator, they too have expressed a willingness to either void or renegotiate the trade agreement. i'm sure there is a lot of bluffing on both sides maybe, but i'm wondering at the very least, at the very least this delays that trade deal period. maybe a year or more. what do you think? >> yeah, now you're talking about phase two of what was phase one in january? neil: exactly. exactly. >> i think that, just politics and the pandemic now, just those things, if everything else was right with china we wouldn't have a further phase two agreement with china until into the next administration although it could be negotiated throughout this year but i don't

see any finality to it. neil: i want to get into this general flynn masking issue that has come to light. president, made very clear if he were advising lindsey graham, hey, have president obama, haul him before congress. what do you think of that? >> well i will leave that to chairman graham because he didn't tell me how to run the committee the four years i was chairman of the committee but i do know this, we do know that there was a meeting took place on january 5th at the white house that all these people, including biden were involved and obama involved and, and that there was a leak to the press and the leak to the press on january the 12th was a criminal act. we need to pursue all these facts. if i hope graham does have a hearing. if he has a hearing i'm going to be there participating, but meantime i've got my

investigative team in the finance committee working on this full time. we're going to follow these facts to where they lead us but for sure we need to know what obama and biden knew and when did they know it, and we also need to know when it comes to this unmasking of american citizens names that are supposed to never be disclosed because of constitutional protection most of that unmasking is done within the intelligence community because they know what else they need to know about an american citizen, maybe working for a foreign government. but it is very curious that at the highest political levels of the president of the united states that they're involved with the unmasking. and, that's, that's a real issue we got to get to the bottom of it. is it for intelligence purposes or is it for political purposes? and three years of digging into

this i come to the conclusion more for political purposes and for democrats right today saying we're doing this for political reasons i want to remind them that senator feinstein, a democrat of california and i sent a letter to the justice department february of 2017 asking for the transcripts of the ambassador, russian ambassador talking to flynn and we still, we didn't get them now and we're asking for them again. so this is something i've been working on that had nothing to do with the pandemic. so i take very personal the fact that somehow we are just being political because this is a political year and because biden's involved in this. neil: real quickly on that, senator, james clapper, brennan as well, saying, we didn't know who this american individual was talking to the russians.

we wanted unmasking to find out and that this was routine. clapper had said this was all very routine, then there was not a sort of this cabal effort to undermined the future president. do you buy that at face value? >> no. and i buy it for different reasons, a different reason. he could be saying that sincerely but you got to connect that to the fact that he lied on television time after time about russian involvement and he didn't know of any intent for political reasons to get involved in that. then when he testifies before the committees under oath he says he didn't have any intelligence whatsoever that connected him, that would tell him that we had anything to worry about. neil: so does this go

potentially all the way up to president obama at the time? >> well i wish i could answer your question and i'm not avoiding it, i just don't know yet at this time except for the meeting on january the 5th and biden, other people like samantha powers, susan rice being very close to the president, being very involved in this it looks suspicious, i wish i could tell you yes or no and i can't. neil: one last thing, i know my producer will probably kill me, probably your people as well, senator, you've been very patient, dr. anthony fauci, president said he respected the guy, liked the guy, but he disagrees strongly what he said about the risks of reopening schools too soon. where are you on this? >> it reaches a point if we were going to wait to open up the economy the way some public health people say it and, i don't know where to put fauci in

that except i know what he says on television but i don't know how black and white he is on that issue, we wouldn't, if we had to wait until new york opened everything up and other 49 states at same time we would never open up the economy. surely fauci is interested in strong public health and health system in the united states. we're never going to have a strong public health system and a health system in the united states unless we have a strong economy. so getting back to what you asked me about fauci, he can state his true beliefs have to be balanced with political realities. the political reality is, if you believe only success of this country to continue our strong economy we have got to get back to working because the federal government can borrow all this money but the federal government doesn't create wealth, they expend wealth. the creation of wealth in this

country are by men and women working every day with their, the work of their mind or work of their muscle to produce and production is what it takes to expand the economy and for everybody to have more money. if you have a stagnant economy, more people are going to have less. if you want more people to have more, you got to have a growing economy. neil: well-put, senator, very good seeing you, thank you for indulging all of those questions. senator chuck grassley joining us from washington, d.c. speaking of washington, d.c., just a little bit up pennsylvania avenue right now, the president is ready to leave the white house for this trip out to pennsylvania, allentown, pennsylvania to visit a company that is big making a lot surgical gear, all that personal protection equipment you heard about. he might take an opportunity to talk to reporters on the way out. we shall see.

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♪. neil: all right. we are going to be getting this proverbial tape play back as they call it from the president on the south lawn as he was taking off in marine one for a trip to pennsylvania tonight. he is visiting a facility in allentown, pennsylvania, that makes among other things, surgical masks, hospital gowns and other things and owens and minor has been turning them out for a record pace. pennsylvania he won that state. if you look at polls, it is a tossup. battleground states president picked up steam, depending poll you look at, he trails in the national poll. it is battleground states that does matter. president is making clear ready to take a tough chance with the chinese right now, even admitting to our maria bartiromo he is not interested in picking up the phone to talk to xi xinping in china.

he is referring to the $500 billion of it, referring how much business we do to each other. that was a bit of a shock with senator grassley. we'll hear if the president elaborates on that with reporters a few minutes ago. >> we are going to pennsylvania. we will have a great time in pennsylvania. it is a tremendous state. they ought to start thinking about opening it up. a lot of people will want their freedom. they will get their freedom very soon. we've been doing well in the numbers. i will have kayleigh say couple words. kayleigh. please. >> hi, there. i want to outline the pandemic preparedness. the obama hive biden plan references was insufficient, wasn't going to work. what our administration did under relationship of president trump do an entire 28-page pandemic report. beyond that we did exercise on pandemic preparedness in august of last year. we had entire after-action report put together.

in other words the obama-biden paper packet was preceded by a president trump style pandemic preparedness. >> much more complete which was a lot tougher. we were given very little when we came in to this administration. they have done a fantastic job. i think we'll have a vaccine by the end of the year. i think distribution will take place almost simultaneously because we geared up the military and you will see that tomorrow. all right. anything else, kayleigh? >> well-have a full update for you tomorrow guys, at briefing line by line how prepared we were for the pandemic thanks to leadership of president trump. alex? >> you want me to talk-- >> sure. >> dr. bright is up there testifying today. everything he is complaining about was achieved. everything he talked about was done. he talked about, he says he talked about the need for

respirators. we procured respirators under the president's direction. he said we need a manhattan project for vaccine. this president initiated a vaccine manhattan project, diagnostic manhattan project. therapeutic manhattan project. by the way, whose job was it to actually lead the development of vaccines? dr. bright. while we're launching operation warp speed he is not showing up for work to be part of that. so this is like somebody who was in a choir and is now trying to say he was a soloist back then. what he was say something what every single member of this administration and the president was saying. we need more personal protective equipment, we need more ventilators, we need therapeutics, vaccines. every single thing this president was on, this president achieved and dr. bright was part of a team and was simply saying

what everybody else at the white house and at hhs was saying. not one bit of difference. on hydroxychlorquine dr. bright literally signed the application for fda authorization of it, lift rally he is the sponsor of it. so this, his allegations do not hold water, they do not hold water. >> so we have had some great response in terms of doctors writing letters and people calling on the hydroxychlorquine and, this guy is fighting it. no reason to fight it. there is no reason but more importantly than that, we've hads tremendous response to the hydrox sy. we had the great response to zinc along with it and zpack. a lot of people have sworn by it

and we'll see. but i'll tell you what, to me i watched this guy for a little while this morning, to me is nothing more than a really disgruntled, unhappy person. i'm not just talking about alex, because alex said it strongly but there are a lot of people that do not like the job he did. i don't know him. i never met him. i don't want to meet him. i watched him, he looks like an angry disgruntled employee frankly according to some people didn't do have a good job. any other questions. >> chairman burr announcing stepping down, your reaction. >> who is stepping? reporter: chairman burr -- >> he is announced he stepping down? i didn't know that no. reporter: have you ever discussed the investigation with senator burr with anyone at the justice department? >> no i didn't i didn't know. when did he announce he was stepping down. temporarily.

>> when did he say. reporter: temporarily from his chairmanship. >> i never discussed it with anybody. that es too bad. that's too bad. reporter: [inaudible] >> we'll see, we'll see. we have a lot of things going on with china. i can tell you that. the ink wasn't dry on a great trade deal, all of sudden playing comes in from china. we're not happy about it. reporter: [inaudible] >> i'm okay with it. i'm okay with it. the w, if you look at world trade, not only the world health, we'll be making announcement on the world health organization shortly, soon, probably next week sometime but the world trade organization is horrible. we have been treated very badly. i've been saying it for a long time. we act on it, when i talk we act on it. the world trade, they treat china as a developing nation. therefore china gets a lot of the benefits that the u.s. doesn't get.

they have other countries that are developing nations and people sitting in the oval office should never let that happen. i'm going to pennsylvania, yes. reporter: [inaudible]. >> i don't know how they're counting. i never discussed it with them. death is death. we don't want people dying in this country. and we've done a great job. we have done a great job. i'll tell you what. what we've done on ventilators and testing, the press doesn't write it that way, because of all the fake news, we tested more than the entire world put together, the entire world put together we have many more tests than they do and better tests. and the reason we have more cases is because we have more testing. we've done a great job. and the people, the men and women that have done this great job should be acknowledged by the press. reporter: [inaudible] >> i can't hear a word you're

saying. go ahead. reporter: [inaudible]. >> i can't hear. reporter: [inaudible]. neil: you've been listening to the president of the united states. he was obviously mentioning the outset there, criticism from the obama administration, that they had prepared a pandemic report that he largely ignored. the president making clear that it wasn't sufficient, it was pretty weak. it was kayleigh mcenany making those comments. they came up with their own pandemic strategy i believe he said in 2018. now the criticism of the president is that he did not seize on early signs that this could escalate into something in late 2019, early 2020. having said that though, he was caught off guard about republican senator richard burr apparently stepping down as chairman of the senate intelligence committee. this after reports that the fbi is investigating potential insider trading on some key stocks sales, even seized his smartphone as part of that investigation. stay with us. we'll have more after this.

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neil: all right. states are opening up, not all at the pace that a lot of protesters would like to see. wouldn't you know once again, that's getting to be the case on the so-called judgment day going on in michigan, for example. mike tobin following that very

very closely. i have to get to mike in a second. sorry. i knew that was coming. edward lawrence is first on this. we will go to mike in just a second on that. first of all, edward, on what we are hearing out of the administration with regard to china and the vaccine and progress on the virus front and all. lot of things that the markets seem to be liking. i'm only noticing the gain after we heard from the president. what do you think they're seizing on? reporter: yeah, one quick -- well, the market is certainly seizing, it turned around the moment the president said we will have a vaccine by the end of the year and the military hinted would be part of the distribution which they are working on right now, how to distribute the vaccine across the nation. that is what turned literally the market from negative to positive and now it's just, it keeps going. but the president also talking about china, very interesting, going back to the harsh tone, calling it a plague out of china before the trade deal was even signed there. now, the president did not say he heard anything about senator

richard burr stepping aside as chairman of the senate intelligence committee but we do know he has done that. in fact, a fox news producer caught up with burr as he was leaving his office today and burr said he's stepping aside just because this would be a distraction. he did not admit wrongdoing. the fbi seized his cell phone this morning as part of investigation into possible trading of stocks on information from a classified briefing. on the unemployment claims, that were filed this week, we are looking at 2.98 million people that are looking for unemployment help from the federal government for the week beginning may 9th. that means that over the eight weeks that the coronavirus has affected the economy, about 36.8 million people have filed for help from the federal government. that's about 24% of the total people in the work force. now, it's horrible losing your job but the silver lining if you want to call it that out of this, it looks like the jobless claims have peaked when the data comes out on march 28th. now we are seeing a steady decline week after week of the unemployment claims.

the president told our "mornings with maria" on fox business that he believes that since we have the biggest economic shock in history, he's positioned the economy for a rebound accordingly. >> we have tremendous job capacity and i think what's going to happen is next year's going to be one of our best years. i feel that we will transition in this third quarter, fourth quarter's going to be good, next year's going to be incredible. reporter: economic advisers in the white house say the all depends on how the states reopen with this. the federal reserve chairman jerome powell yesterday saying that this is not the final chapter related to stimulus, but senate majority leader mitch mcconnell not happy with what democrats have put forward. on friday they are expected to vote on a package they wrote and did not negotiate with anyone else but among themselves. in fact, senator mitch mcconnell saying this today when he talked about the 1800-page bill. he said it mentioned candidates

58 times. mcconnell adds quote, maybe it's better if house democrats focus on cannabis studies and leave the economics to the rest of us. senator john barrasso wants to see how the phase three stimulus is going before they move on to any extra money related to this going forward. neil? neil: thank you, edward, very much. i want to go to mike tobin following the protests going on chiefly in michigan. he joins us out of chicago. hey, mike. reporter: neil, despite the rain in michigan, the demonstrators are gathering in lansing to push back against democratic governor gretchen whitmer and her extension of the lockdown. the republican-led legislature had refused to extend the emergency declaration so whitmer did it by executive order. therefore the stay-at-home order remains in place. the legislature filed suit and demonstrators returned to lansing. in the past we saw them demonstrate with weapons. the republican senate majority leader says demonstrators use weapons to intimidate they should be picked up, taken downtown and fingerprinted.

state police warn of safety protocols like social distancing are not followed, enforcement action is possible. whitmer says she just doesn't want to see a social gathering. >> i don't particularly want to see people congregating, period. we know that that contributes to spread. but if people are going to come down and demonstrate, do it in a responsible way. reporter: speaking of congregating, bars are back open in wisconsin after the state supreme court just weighed in on a very similar set of circumstances. in a 4-3 ruling the court said the governor does not have the authority to extend the lockdown without the legislature. democratic governor tony evers blames republicans. >> republican legislators convinced members of the supreme court [ inaudible ]. they have provided no plan. there is no question among anybody that people are going to get sick. we presently lead the midwest in having the fewest cases per

capita and that republicans own that chaos. reporter: local government did put restrictions in place but by and large this vacates the stay-at-home order. neil? neil: all right, mike, thank you very very much. to mike's point, what do they do in that state. already there were reports a lot of bars and restaurants will no doubt continue today, the rain notwithstanding. judge andrew napolitano on the significance of what went down in wisconsin. the court acting to overrule the governor i guess in this case for overreach. what do you think about it? >> well, it's unusual, neil, because the plaintiffs in this case, was the state legislature. the legislature of course is the legislature. they can write a law but they probably didn't have enough -- they control both houses of the wisconsin legislature, they probably didn't have enough votes to sustain or override i should say a likely veto from the governor so they sued in the state supreme court, and the supreme court agreed with the

legislature and basically said the secretary-designee of the department of health and human services was does not have the authority to issue these rules because under the wisconsin constitution, rules that govern personal behavior have to be approved by the legislature. so she acted in excess of the authority that the legislature gave her. now, this is quite significant. this is the first time during this pandemic that a state supreme court, state court of last resort, has made this argument that the governor or his designee cannot assume the powers of the legislature. only the legislature can write laws that carry criminal penalties. because of this ruling based on the wisconsin supreme court -- excuse me, wisconsin constitution and wisconsin statutes, is largely immune from

appeal to the u.s. supreme court. so this is it. wisconsin is open. whether the governor or his health people want it or not. neil: that begs the question, judge, in michigan the criticism of governor whitmer is executive fiat, i don't know what they call it in that state, but unilateral action on her part, she enacted these measures even more sweeping than the initial ones and would that be an avenue for those who are ticked off, republicans, to go to the highest court there or in other states where similar actions have been met with protests? >> you know, the state constitutions are unique and no two are alike. state laws, the same can be said about them. so a similar case was brought in pennsylvania and there, the state supreme court went 4-3 and sustained to the governor. wisconsin supreme court went 4-3 and overruled the health

commissioner. so it's hard to say how this is going to go but there does seem to be a trend for opening. i will tell you this. the majority opinion quoted liberally from members of the u.s. supreme court about the need for executives just to enforce the law and not to write it. there's about five quotes in that majority opinion from a book recently published by justice neil gorsuch. whether this was to flatter him or whether it was because he said these things in the most pithy and succinct way, i don't know. but the opinion is loaded with quotes from him. neil: that's why i like to quote your books. it always puts me in good stead with you. so you will come back on and talk to us. thank you, judge. we are talking about actions governors take and how they can be overruled or debated. right now, new jersey governor phil murphy, again of new jersey, a state we watch closely

because it has the second highest number of certainly covid-19 cases in the country, and deaths, even though they have declined markedly, the number of covid-19 cases i believe down about 35% since april peak. anyway, he seems to be hinting -- not hinting but by memorial day, new jersey beaches will be open. i'm sure they are going to subscribe to some distancing rules and the like and crowds and all that. he's also looking at the possibility of stores offering curbside pickup as soon as monday. we will closely monitor this and give you updates on that. i wonder if it's possible, can we dip into this a little bit? okay. i would like to. he might be expanding on that. >> -- to take these general guidance points and make them work for their communities. again, public health determines economic health. our shore economy is a tremendous driver of local jobs and revenues. because of the work of millions of new jerseyans, you all out

there, to slow the spread and flatten and lower the curves, we can confidently take this step today, and by the way, data determines dates. memorial day weekend is still more than a week away but the data tells us we can make this announcement now. after months at home, i know many families, probably measured in the hundreds of thousands if not millions, cannot wait for a day either down the shore or alongside one of our lakes, and i am proud now to be able to give them that day, a day they worked so hard to make possible. again, i want to thank the freeholder for traveling all the way from cape may to be with us. i thank him for his advocacy for our shore communities and his insight which has been invaluable in crafting a plan that will ensure that families will continue to create their shore memories. we will hear from len in a few minutes. so this memorial day, new jerseyans can still have the

words that ring in our ears, thanks to mr. springsteen and waites, because down the shore, everything's all right. even in these challenging times, that is exactly as it should be. by the way, we are aggressively reviewing pool protocols as well as charter fishing which are not part of this executive order, but we would expect to have some guidance in the next number of days on each of those fronts. with that, let's turn to the overnight numbers. yesterday, we received an additional 1,216 positive test results for a current statewide total of 142,704. the daily positivity or spot positivity rates from may 10th which is when the specimens were last collected was 22%. here's how this is reflected across regions of the state. as you can see, they are converged. the map we have regularly been turning to keeps showing slower rates of spread across the state.

by the way, len, not just because you're here, but a big uptick which is a good thing, in cape may county, on this map. in our hospitals, the number of patients currently being treated for covid-19 has now dropped below 4,000 and stands at 3,958. this is a great milestone to reach but let's remember this means we still have more than 3900 of or fellow residents in our hospitals. our field medical stations again reported 35 patients. this is a breakdown of hospitalizations across region. here, are total hospitalizations for every 100,000 residents again across regions to give a more balanced picture. looking at our long term care facilities, here are the numbers of positive cases, over 27,000 and fatalities connected the these facilities, 5,168 blessed souls. we continue the throw everything we've got to work to mitigate these numbers.

in our long term care facilities, by the way, we can today announce the federal, this is not the national guard, this is the federal u.s. veterans administration is providing five ten-person health care strike teams that will join the staffs at some of our facilities until june 30th. this is a big deal for us. i want to thank secretary wilke and the whole v.a. team. they are expected to be in state by literally i think tomorrow or saturday. the number of patients reported in either critical or intensive care fell again to 1,157. ventilator use continues to decline, 898. there were 171 new covid-19 hospitalizations -- neil: all right. as expected, we mentioned at the outset of the broadcast, i was hearing from a number of folks the new jersey governor phil murphy was indeed going to reopen the beaches in his state. huge draw for new jersey residents and those that find it far more affordable than going to the hamptons in new york,

will be open in time for memorial day with limitations. six-feet demarcations in certain areas. it will not include playground, arcade games, water fountains, that sort of thing, very popular along new jersey boardwalk centers, all up and down along the coast. he is looking at how this trends, the backdrop for this is positive news on hospitalizations, cases, even deaths that have begun decline, particularly the hospitalization front, one of the reasons why he's doing this right now. like his new jersey counterpart in new york, we are realizing andrew cuomo is looking at doing the same sort of thing but in phases, looking at upstate cities like utica and binghamton and rochester, where they will open manufacturing construction activities and industries in that neck of the woods. so far this does not apply to the new york city metropolitan area or restaurants. but it is a start. for the number one and two states in cases in this country

for coronavirus, it is an eager start that many residents of both states no doubt welcome. stay with us. more after this. so i listen to audible almost any time that i can. it's my own thing that i can do for me. since i don't have time to read, i mean i might as well listen. if i want to catch up on the news, or history, or learn what's going on in the world, i can download a book and listen to it. i listen to spanish lessons sometimes to and from work. yea, it makes me want to be better. audible reintroduced this whole world to me. it changes your perspective.

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neil: we are still listening to new jersey governor phil murphy. a couple restaurateurs, particularly big in the new jersey area, particularly along the shore, have been hoping and waiting for the moment the governor announced he was going to reopen the shore certainly by memorial day, they will be off and running. the difference for them, will their businesses be open as well. so far it's just the beaches, doesn't apply to playgrounds, stores or restaurants, but there is a thinking here that this is paving the way for that. that's a positive development for those hoping to see the country get back to business. certainly seeing similar noise out of new york state. governor cuomo will be addressing the media in about 40 minutes or so, might be echoing what is long rumored to be sort of an unwinding of restrictions and sheltering provisions that have been in effect in the upstate area of new york. two different new yorks, by the way, new york city metropolitan region, certainly by far the most populous and ground zero of

covid-19 cases, versus upstate, not nearly as impacted. the governor there is expected to unwind there, open up that part of the state, the vast less urban areas of upstate new york. but they do include cities like rochester and utica, binghamton, that will return to something resembling business as it was even though it will be a far cry from what it was. positive developments, all. liz peek following this very very closely, fox news contributor. liz, you have been waiting for this and saying the sooner the country opens up safely, you always indicated safely, the better. these are developments that obviously a lot of people in the financial community want to see because these states are so important to the financial community, but your thoughts? >> oh, there's no question, neil, the country has to get back to work. it's not all about economics. the side effects of this

shutdown, as we now understand them, are getting worse and worse, which includes medical issues being untreated, people not getting their cancer screenings and even cancer treatments, kids not being able to go to school and so forth. yes, i think this is a very positive development. i really think these blue state governors obviously have the hardest issue right now because as you point out, parts of new york state, particularly new york city, it's going to take awhile to get that back up and running. at the same time, it's the fiscal crisis in new york and new jersey that has to be prompting some of this lessening of restrictions. these states need tax revenues. there's just no doubt about it. neil: i'm wondering with the spike in cases we've seen, it's not been dramatic, we did see 1,000 new cases in texas, that kind of surprised people, but again, i guess within the statistical range many have looked at, but there is inevitably going to be some

spike, so governors have at their disposal the ability to rein these openings or reopenings back. how many you think will do that? >> i don't think we are going to see much retrenching. don't forget, some of the increase in infection rates come from increased tests. in a lot of these states, they are moving very cautiously, they are accompanying some opening up with a lot more testing and guess what, when you test a lot more people you find out many more people have this virus and sort of the current thinking is that great, many more americans have already been infected than we know which is actually a good thing because a great many of them end up asymptomatic or have very minor symptoms and that's a good thing because we know that the fatality rate is coming down. i don't think you are going to see much going backwards, neil. neil: i'm very glad you mentioned that. statistically, that's not just sort of a quirk development. we have far better testing

methods now so the number of cases would spike, that might have been the cases in some of these other states, so that's something to keep in mind, it isn't as worrisome as it is since we have the ability to test much easier, much faster and many many more than we used to. having said that, while i still have you, the president's thoughts on china is that apparently he's not talking to xi jinping, has no interest in talking to him, is willing to sort of, you know, throw everything off. i'm wondering whether this is, you know, a bluff, whether the chinese kind of responding in kind that we might scrap the deal or at the very least, renegotiate the deal. this was a hard-fought deal to get. is it falling apart? should we worry that's the falling apart? what do you think? >> well, i think there's a great deal to say about our relationship with china which is undoubtedly chilly at the moment. and you know, the question has been whether we could actually see this trade deal yield the kind of increase in exports from

the united states, particularly in agricultural products, that was expected. look, i think that the battle lines have been drawn here. what the chinese know is that we are much more focused on their intellectual property theft, we are looking at universities and scientists and students who are here and getting rid of them, basically sending them back to china pretty aggressively because this is kind of war, neil. we have declared war on china in terms of economic parallelism, if you want. we really demand equal treatment in terms of fair play, fair trade practices and stop all this thievery of american know-how. lately there was a story about the chinese trying to steal whatever research we have on a vaccine development for covid-19. that's pretty unbelievable. they delivered this disease to the world. the idea that they would not only not cooperate in developing

therapies and vaccines but that they might try to undermine our efforts to do so, pretty shocking. i think the american people are on board with kind of a chilliness here and you know, it [ inaudible ]. neil: all right. liz, not surprisingly, the chinese deny they are doing anything like that but we shall see. a little chilly, to your point. liz peek, always great having you, my friend. i do appreciate it. we are at session highs right now, the dow up better than 209 points. a lot of it might be coming from the details we are getting, we told you will new jersey opening some things including beaches. i went up to the new york site and what they plan to reopen are not only upstate new york but could include the construction industry, manufacturing, agriculture, forestry, fishing, retail curbside in-store pickup. what's left off the site, maybe the governor will elaborate on it, is the timing of all this.

for those looking for things to change, you are looking at midtown manhattan, the avenue of the americas right outside fox news headquarters, those sparsely populated streets and traffic will probably remain the case because new york city and the greater metropolitan area will not be part of this great reopening but it is a start. wall street likes the start. stay with us.

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neil: what do you do if you are cleared to go back to work or the life you had, but child care you were planning on is not ready to go back? in fact, out of business? now what? lauren simonetti on that phenomenon that's become a very big phenomenon. lauren? lauren: that's what every parent wants to know right now. a, will camp be open so i have somewhere to send junior and is it safe for me to send my kids

to camp. this is what we know right now. in georgia, day camp there is allowed to open with health checks when you enter. parents have to stay in their cars at drop-off. connecticut is planning its day camp to open this summer at the end of june but other states, including california, and maryland, they are considering summer school which could effectively cancel summer camp. so what do you do? camp may be the blueprint, however, for all schools looking to open this fall. listen. >> we have to entrust that the leadership of each camp and staff of each camp can be fully accountable and can execute on something that's brand new. and there's definitely risks involved in putting that burden on camps before it's put on educational systems. lauren: so what will camps that open look like? they will have medical staff, they will have cleaning supplies and protective gear for campers

and staff. kids will interact in the same small groups. you're looking at a pool but guess what, most of those pools will be closed because that's where big groups of people often gather. bus service will either be limited or canceled entirely. it sounds like a bummer of a summer for kids, neil, but for parents, as you noted, it might be their only option 'they have to go back to work. they need something for the kids to do. you know, i think a camp, i think about being close together and getting dirty. it's going to be different this year for sure. some relief for families out there is coming from the irs. they are allowing midyear changes to flexible spending accounts. these are pretax dollars that parents put aside. now with the changes, if there is no camp, you can still use those unused dollars. neil? neil: there is that. lauren, thank you very very much. all right. we told you a few minutes ago about new jersey reopening along the shore right now, or hope to certainly by memorial day.

dennis, what we don't know about new jersey is whether eventually restaurants along the shore will eventually reopen as well. that's a big difference here, because what restaurants are coming out, are only opening up at a quarter to 50% capacity. how is that impacting you? what do you think of what's happening in some of these states where they are very reluctant to even do that much? >> well, i got to tell you, first of all, thanks for having me on. we have restaurants in eight states and there's so much ambiguite from state to state. we are fortunate in our connecticut store, we will be able to open next week at 50% capacity on the patio. new york, we have a store in westchester county, we have a store in cliffside park, new jersey and also a store in pennsylvania. they are pretty much unknowns

right now. we don't have any clarity on how we are going to get those stores open, what to expect and you know, it would be great if we had that clarity so we could have time to prepare. in virginia, we are able to open actually tomorrow on the patio with 50% occupancy. and quite frankly, i think the governor sold our restaurants short in virginia, because tomorrow, salons can open, tattoo parlors can open, you know, you can get a tattoo, a massage, a haircut, yet you can't sit in one of our restaurants inside with proper social distancing. but it's just a really challenging time, neil. neil: you know, how do you handle that? i talked to many restaurateurs, not many as successful as you are, but they say all right, on paper it sounds good, going from 0% capacity to 25% or 50%, but reconfiguring your dining room

or reconfiguring either seating you outside or inside, that's a whole other bedeviling process, to say nothing of preparing your staff for that, preparing customers for that. what do you want to see that you're not seeing right now? >> well, you know, i think a few things. i think we were fortunate enough and many of our restaurants were fortunate enough to receive ppp loans, which is great, but the problem we have is you know, we need those funds for reopening costs and to bring employees back and quite frankly, we don't know, you know, what employees we're going to have when the time comes, and quite frankly, a lot of the employees don't want the ppp money. they are making more sitting at home collecting the $600 stipend so we think it's going to be very challenging to get those employees back. it would be nice if we can see some adjustments to the ppp loan

forgiveness and how we can use those funds, but you know, there are going to be costs associated with the covid protocols that we're required to put in place. retraining, retooling, getting back up to a fulml menu and restocking. i would like to see some adjustments to the ppp loan program as it stands right now. neil: real quickly, the reticence on the part of patrons going back, some said yeah, i would love to go back, i'm just nervous, being in crowds, whether they are at 25%, 50% capacity or not. how much of that do you think you will encounter and deal with as the weeks and the months, this could drag on awhile, and a lot of people forget about flying on flights across to asia, they are avoiding crowded places all together and i wonder whether restaurants get caught up in that. >> well, you know, i think we

will get caught up in that, but i also think there's a really pent-up demand for people to get out and you know, we started taking reservations yesterday for the restaurants that could open in virginia on the patio with the 50% capacity, and we did that so we can manage crowd control. and reservations are really our normal forte. normally it's just call ahead seating, you come into the restaurant, and we are fully booked in most restaurants through the weekend as of yesterday. it literally took several hours to become completely booked. so there is that pent-up demand. but there's also a big unknown. we're not really sure, you know, what part of the population is still going to be so afraid to go out, you know. i think there's going to be half, probably people like myself that are chomping at the bit to get out, are healthy and you know, don't mind being out but there's still going to be

probably half the population that aren't ready to get out. so it's really an unknown at this point. but from what i've seen over the past day with the reservations system, there's a lot of people that are just ready to get out and go. so you know, we're just making sure we have all of our protocols in place. we're training our employees. they have to sign, you know, that they understand the protocols. so we are trying to dot the is and cross the ts and make sure every guest feels really comfortable about being at a sedona taphouse. neil: i'm sure they will. you have a good reputation. it would take wild horses to drag me from that restaurant if it opens up. i wish you well. hang in there. i'm sure it will work out. >> thanks so much. again, neil, thanks for having me on. i appreciate it. neil: i was honored. dennis barbaro. we are learning about how states adjust to all of this with the reopenings and how they schedule it. in california, governor newsom

is already looking at a possible 10% pay cut for state workers to cover projected $54.3 billion budget deficit that will barely be a rounding error in how you address those costs but among the first states to say we will have to do something if it means cutting people's salaries, so be it. more after this. there are times when our need to connect really matters. to keep customers and employees in the know.

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neil: could this be a case of desperate times call for desperate measures? let's go to charlie gasparino. big news in the financial arena? charlie: usually at times like this, when profits get squeezed, markets are volatile, we are in a semi-economic -- we are in an economic crisis, semi-financial crisis, you see mergers and acquisitions and deal making on wall street among the big banks and the name that's been coming up now fairly recently but fairly heavily, this is not from

water cooler people, these are senior bankers i'm talking about, how goldman sachs is likely to do a deal at some point soon. now, here's the rationale why goldman has to do it as opposed to jpmorgan. jpmorgan's essentially making a lot of money. it's a huge bank. goldman sachs right now over the years, its financial position has weakened. it can't do the trading it used to be because of post-financial crisis regulations. investment banking fees have been squeezed. it's a much smaller firm than it was in the beginning, in say ten years ago, compared to others. it's now $59 billion market cap compared to $250 billion at jpmorgan. it's hard to compete on that level on that basis. so what we are hearing is that goldman is considering or looking at various deal options. we have heard over the past year banking sources tell fox business that they actually looked at teaming up with u.s. bancorp, another fairly significant commercial bank. goldman is an investment bank, as you know. to essentially get a model like jpmorgan's.

those deal talks fell through over leadership. i think goldman wanted to run it. u.s. bancorp didn't want them to run it. the other names we hear bouncing around as potential partners for goldman sachs, it's one i reported yesterday that got a lot of attention, wells fargo, big bank, $2 trillion in assets, under a lot of pressure recently over scandals. clearly needs some sort of a deal to get it through what it is now. other names are pnc bank which sold its stake in blackrock so it might be ready for a deal with goldman. ubs, actually buying ubs's brokerage division is another name we hear speculated. american express, teaming up with them. and blackrock. lot of people threw cold water on the wells fargo potential and i will say this. the trump administration probably would allow that deal to go through, at least that's what i'm getting from my banking sources. and here's one indication, neil, you know goldman's in trouble. they will pick partners towards the end of the year. this is a rarefied class of goldman sachs executives.

every other yoer thear they pic. what we understand, there's likely to be less of them this year, at least that's what speculation among competitor is is. that shows you they are under some financial pressure. these partners get a big chunk of their bonus pools. again, lots of banker speculation. we should point out goldman had no comment but you know, clearly, when there's talk like this, there's fire. goldman is looking for something. i think you can bet on it. whether it happens or not because there's all these leadership issues, who's going to run it. goldman wants to run it, obviously. if you are a bigger bank, you really want to hand over the reins to them. that's where the u.s. bancorp deal fell through. we will be monitoring this closely. back to you. neil: you always do and so much more, my friend. best in the business. charlie gasparino monitoring everything and anything. news breaks, he's on it. all right. we are also on a trend in new york that has a lot of folks worried. people renewing their leases, not happening. in fact, it is down, it is

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neil: you know, we saw the same phenomenon in new york city right after 9/11 where people were not interested certainly in living in downtown new york city, where the world trade towers once stood, but in the city in general. we are seeing something similar play out obviously for very different reasons with the coronavirus, where a lot of folks are not renewing their leases and those who are looking to do so want the rents to be drastically lower. the impact on all of this with jerry howard, national association of home builders ceo. he joins us i think on the phone. jerry, how you doing? on the phone: doing all right. how you doing? neil: i'm doing okay, my friend. let me get your take on what this might mean for the home building industry if people are opting out or not too keen on renting or leasing or even renewing a lease in let's say the new york metropolitan area. what do you make of that? on the phone: well, we are starting to see already an uptick in mortgage applications

as the pandemic continues to go through the country and a lot of it anecdotally appears to be people moving out of urban areas and into more suburban areas. we expect that people who have been sort of quarantined in one bedroom or studio apartments in new york city and elsewhere are recognizing that they might want a little more room if this happens again and i think that's a very real possibility. neil: how much, you kind of touched on it, just anxiety about even commuting no the city, so a lot of people saying i have been working out of my home and i might be continuing to do that, i don't need to worry about the city, i don't need to entertain owning or buying or leasing a place in the city, i can get more for my money just doing everything from here? on the phone: i think you're going to see a great deal of that. in fact, already some major

companies are telling their employees that they can go ahead and work from home. so if you're going to work from home, you are probably going to want a designated office space at home. i know already, some of our builders are telling me they are getting requests for fitness rooms in their own homes, too. people have been cooped up, want to get their exercise. so it's really possible, neil, that this will be a transitional event for the housing industry in terms of where people want to live and what they are going to expect from their home. neil: you know, we are already seeing it in a number of big companies. i think google made some headlines by sort of cutting back on a planned office real estate purchase, that sort of thing. we are hearing others who are looking, this is in the corporate market, where it's more anecdotal at this point, renegotiating office space leases for a lot less space and obviously a lot smaller rent. but what's really happening here? on the phone: well, i think right now, we are still in the

throes of it. it's awfully early to even speculate. but i think we are seeing a potential transitional event and if people are going to start working from home, there will be corporations and businesses probably would still maintain office space but they would have smaller office space. they wouldn't need individual cubicles for each employee, for example. there would be sharing. people might come into work two or three days a week instead of five days a week, you have staggered office hours so you could use less space. i think that's as real a possibility as anything right now. neil: we will watch it closely. jerry, thank you for taking the time. jerry howard joining us right now and maybe what we just showed you, midtown manhattan, avenue of the americas, once one of the busiest thoroughfares in the country, anything but. lot of people saying all right, just don't need that. just don't want that. we are on top of that. also on top of a market that seems to be rebounding from earlier losses here. a lot of this on the heels of the president hinting of a

vaccine that could come sooner rather than later. there's no way of knowing but again, he's optimistic that one could be in the offing. so too for the moment wall street. stay with us. so i listen to audible almost any time that i can. it's my own thing that i can do for me. since i don't have time to read, i mean i might as well listen. if i want to catch up on the news, or history, or learn what's going on in the world, . . audible reintroduced this whole world to me. it changes your perspective. it makes you a different person. see what listening to audible can do for you.

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company later on "your world" on fox news. join me for that. i leave you with the dow up. cheryl casone better not do anything to screw that up in for charles payne. hey, neil. cheryl: i don't know, cheryl, the pressure is on. it hasn't been a good week for me. we'll see. neil: good luck. cheryl: we do have a good market to bring to you today. i have to say that. i'm cheryl casone, i'm in for charles payne, this is "making money." breaking right now i want to show you live pictures coming out of pennsylvania. president trump is visiting a medical supply factory in pennsylvania. he will be out lining his plans to reopen the american economy. >> tremendous state. they ought to start thinking about opening it up. a lot of people want their freedom and they will get their freedom very soon. cheryl: we'll monitor the president's movements in pennsylvania. if he makes any remarks that might move the