make this decision and it's a good sign for development out there. paul: all right. that's it for this week's show. thanks to my panel and thanks to ♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street. '. maria: happy weekend, everyone. welcome to the program that an loses the week that was and helps position you for the week awe head. i'm maria bartiromo. we've got a a great show this weekend. coming up, white house senior adviser kevin hassett is here to update us on the economy, where we are today and the push for another phase four stimulus plan. then later, ceo dr. patrick soon cheong on his company's efforts to develop a vaccine. but first, the white house has all but assured that that a stimulus plan is in the cards.

peter navarro last week on this program on what to expect. >> the phase four, when you talk about a $3 trillion program by nancy pelosi, you hear from mitch mcconnell only $1 trillion, the president is very interested in something on the order of at least $2 trillion with the bulk of that focused on bringing home our manufacturing base starting with pharmaceuticals and medical supplies and equipment. maria: and joining us to talk more about what a phase four stimulus plan might look like as well as a timetable, white house senior adviser kevin hassett. kevin, it's great to see you, thanks so much for joining us. >> great to be here. maria: i know you've done a lot in the way of stimulus, throwing a lot of money at this economy. assess where we are right now. we saw some very good retail sales numbers this week, we saw good jobs numbers last week. has the recovery begun? >> yeah, absolutely, the

recovery has begun. i think that, you know, pretty much we're looking for an acceleration over the summer if then real boom in the second half of the year. and you're seeing it really in all the numbers right now. as you mentioned, the retail sales really surprised on the upside. i think what happened really is that the people who kept their jobs didn't go out and spend much because they were stuck at home, and the people who were unemployed got very generous unemployment insurance, and that piled up a bunch of cash up in people's accounts. the supplies stayed out there because of president trump's smart policies like the ppp, so when the demand came back, people were raring to go. you can see it in the numbers. yeah, i think absolutely the economy has hit bottom, it's coming back much sharper than anybody expected. and then the question, the rest of the outlook really is related to the disease again. you know, does the disease flare back up again and so on. you've seen some stories about that, but if you look at the national numbers, they're heading in exactly the right direction. they've been trending down.

the number of tests is trending up, the positivity of tests is trending down, hospitalizations are trending down. but there are some hot spots like arizona, south carolina, even california now where you're seeing a pick-up in cases. so now what we're really going to do is hopefully see that all of this infrastructure that we tboilt address hot spots, if it can go in and put the embers occupant, i think there'll be a great deal of confidence for people going back to the economy and doing so with gusto. maria: so it, are the spikes that we're seeing a result of testing? i know you're up to 23 plus million tests that have been done, or is it the result of the reopening? because we're all waiting to see what takes place after the two week incubation period from when the protests first started. are we going to see spikes because everyone was together, standing together in the protests across the country. >> right. if the social distancing models are correct, we will see more spikes because of the protests, absolutely.

if you look right now at the places where there are spikes, they're frustratingly difficult to explain in the sense that, like, so there's a spike in oregon which isn't a particularly open state and, you know, there are spikes in arizona and south carolina that don't seem temporally correlated with changes they've done. i think i the disease kind of has a mind of its own, it pops up some places. but what we're doing now is swooping in with cdc people and tests and folks who track contacts and so on and trying to get the thing under control a lot quicker than we could back when we didn't have tests. last january there were no tests, and now we've got zillions of tests. as soon as we find a case, we can test all around that person and try to contain it. maria: so what about the stimulus and the next package of relief or the next package of stimulus, whatever you want to call it? you heard your colleague, peter navarro, talking about getting the supply chains out of china, perhaps firing up the manufacturing base in this country. how much of a priority is that

for the next package, and what are the priorities? is it community banks, certain industries for direct aid? what do you want to see? >> right. well, first of all, peter was exactly right that restoring activity is a high priority for the president. when he mentioned the $2 trillion, he was being peter navarro, the guy who's watched washington his whole life, guessing what might happen. but the president hasn't set a firm number yet. he has said that he wants to, you know, cut the payroll tax and throw money at reshoring so that our supply chains are secure again. and he also is very interested in litigation reform so that all these businesses that open up don't get sued into oblivion ever time somebody, you know, gets a cough after going to a restaurant, for example. so, absolutely, the president has high priorities. he's willing to negotiate with democrats who have other priorities, and i think where it ends up will depend a lot on the first thing we talked about, the evolution of the data. the economy's absolutely booming

in july, then it's really, really clear that not a lot more help is needed, then the stimulus bill will be smaller. and if, you know, things are not quite as good as they've looked in the last couple weeks, maybe it'll be larger. the president has asked us to design a data-dependent plan that responds to situation on the ground in july, we expect the bill to pass at the end of july, and we're going to get a heck of a lot of information by the end of july which will be essential, really, to designing a smart policy. one thing, for example, like we absolutely need to have drug production a lot more centric in the u.s. it's something we've discovered during this pandemic, and that's really a national security concern. things like that we're looking at closely, got a lot of good ideas. but the president, i don't want to get ahead of him on which one he's going to choose. maria: kevin, where do you see growth today? which industries do you believe are going to lead us to growth in 2021? >> you know, i, you know, i think i've known you almost for 20 years, maria, and one of the

things that we've noticed over time probably together on your show is when the housing sec editor takes off -- sector takes off, then the economy really booms. the thing that's striking right now is new residential construction is really looking like it's lifting off. and if we get a new residential construction boom, then the economy's going to surprise even the optimists on the upside of the second half of the year. that's the sector i'm watching closest. maria: i lo it. we will keep watching as well. great to have you this weekend. >> thanks, maria. maria: see you soon. kevin hassett. don't go anywhere, the chairman and ceo of nat west joining me to talk about efforts to develop a covid-19 vaccine. how soon can they get that on the market. stay with us. ♪ ♪ oh, we love our new home. neighborhood's great. amazing school district. the hoa has been very involved. these shrubs aren't board approved. you need to break down your cardboard. thank you. violation. violation.

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♪ ♪ maria: welcome back. the race i to develop a covid-19 vaccine in focus. more than 150 vaccines in labs

across the world are currently in development including the u.k. where human trials begin this week. biotech company nat k. west is one of the companies lending its expertise to fighting to beat covid. the chairman and ceo is joining us this weekend to discuss that and a lot more. doctor, it's great to see you again. thanks very much for joining us. >> thank you for having me, maria. maria: so i want to talk, first, about your concerns about many of these companies in development for a covid-19 vaccine. you are looking at cells and developing drugs based on these cells. tell me the concerns that you have and why you say at this point it doesn't look like half of the country is even going to take a vaccine because of the concerns that you have. >> well, i think this is a concern that, you know, dr. fauci has also voiced and a lot of is the scientists are now voicing, that every vaccine in

development is going after the outside of the virus called the spike, trying to develop antibodies. and so that was the rush to start the development. finish -- unfortunately, we soon realized that what we want to do is not only go after the outside, we need to go after the nucleus of the virus. and that's called the n. to my surprise, we are the only developer of vaccines that's going after both n and spikes. with we don't have antibodies, but we also have t-cells. you need to have this injection of what we call memory so that you have long duration of protection. and the antibodies, as we begin to learn, don't last very long. [audio difficulty] yes. so the idea by going after the

innards of the virus itself, you develop a t-cell that when the virus tries to attack you, not just your antibodies block it, but your t-cells kill it. and in order to do that, we found that you need to go after the nucleus of the virus, not the outside only. so to our surprise, we are the only vaccine, as i now understand even in the world because i've looked high and low, to see if anybody else is going after what we call the nucleus n protein, and the outside, the s to teach. and -- protein. and we've devised a way where we've put both n and s into the virus victim and inject that. we are now ready to go into clinical trialsing and i'm really hopeful that our government will support being able to develop billions of doses. we're one of the companies that have applied -- and we're

hopeful that they will be responsive so that we can have enough of these finished doses for the nation. maria: so what has been the response so far? >> well, i've had some communications with senior officials at the administration and, unfortunately, they've made the choices of -- and we are just awaiting the results from badden. i think we've been informed we should wait until we go through the process. having said that, it is disconcerting for me that every of the 130 developers in the world, all going after the outside of the virus called the spike. that spike mutates. we know that. more importantly, that spike generates antibodies and very little t-cells. when you add the nucleus to the spike, you have both t-cells and

antibodies, and i think it's really important that that novel construct be tested. that construct will also give you long duration. but at least we now know that patients who sars covid in 2003, 17 years later were protected with the memory t-cells but only to the nucleus. so there's no papers that showing 24 out of 24 patients that were tested had these memory t-cells to the n. not to s, but to the n. so it was so important that, you know, your show where it becomes known that there's an alternative just to antibodies alone. maria: and this is really an innovative clinical stage immunotherapy. i mean, this activated nk-cell

platform is also designed to destroy cancer and virally infect itself. tell me about the broad range of uses that you are expecting if, in fact, you were to come up with this vaccine. >> well, what's exciting is that the vaccine i'm developing with covid originated out of my work in cancer. we've used the same vector in 125 patients in 13 phase one trials now including trials with the national cancer institute. so the concept is not only do we activate your t-cells, we in cancer also activate your natural killer cells, and we now have, as you have presented, complete remission with metastatic pancreatic cancer e. we've also seen complete remissions with breast cancer, complete remissions for head and neck cancer. so what's exciting is this is a universal treatment of your body against cancer and infectious diseases.

so our company has really positioned itself to address your immune system. maria: i love this. so, doctor, do you think we're going to see a vaccine for covid-19 by the end of the year? >> well, you will see dosage forms. i mean, look, i think no -- moderna and others are developing against the outside of the virus, not the inside. you need to kill this virus from the inside out as well as the outside in or block it. so the spike from the outside in is antibody. antibodies may not last long. on the inside, the innards, the nucleus of the virus, you can maybe generate t-cells. so whiled you not then put -- why would you not put both dog, and we're the only ones that are doing that. so the answer is yes. you will probably have dosage forms, phase three clinical trials. i'm hopeful that we can enter into those phase three clinical

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♪ ♪ >> and it's worth noting the power that google has amassed. it's unlike anything we've ever seen in history. there's never been a company that controls more information and critically more access to information. over 90% of the searches done are done through google, and their control of search, their control of ad revenue has the ability to control what the american people hear, learn, understand. and in this instance, they really abused that power. they went after of the federalist, which is a conservative media organization,

and thaw threatened to demonetize them, to cut off all ad revenue. and in the internet world, that can be the difference between life or death. maria: and that was senator ted cruz with me this week talking about google's decision to crack down on the conservative web site, the federalist, on "mornings with maria." we are back with the ceo and chairman of natkwest, also the owner of the l. a. times and the san diego tribune. not only are you saving the world with vaccines that we were just talking about in development, but you are also the owner of two major media companies. i want to get your take on what has taken place this week. you've got the department of justice pushing back on google, pushing back on social media in general, removing their immunity to lawsuits because of this break in terms of crushing some conservative speech. your reaction. >> well, you know, i completely

agree with the senator. i think one of the concerns is that these media, so-called media platforms have taken and usurped all the work of hard working journalists and taken those news pieces and used them in this, in their platforms without any of the obligations to be responsible for the truth. so as i've said, you know, the ability to take social media and spread that news whether it be truthful or not is very concerning. the other thing that's really concerning is they've destroyed, literally destroyed the business model for all the local newspapers around the country because they usurp all the ad revenue as well. maria: has the l.a. times and san diego tribune been impacted as well? >> well, by this covid we've had a 30% drop in our ad revenue which is really the life blood

of these newspapers. and then on top of that, absolutely, i think if you see all the bankruptcies, mcclatchy's gone bankrupt, in california thousands of local newspapers have shut down, the answer is it's absolutely impacted not just now, but other the last -- over the last maybe four or five years by these social platforms, both google and facebook have taken on some of these platforms. maria: well, you know, these, these companies call themselves platforms where they're supposed to be a platform for lots of different, diverse conversations and different opinions about things, but what we've seen is they have taken a side. there is shadow banning that happens with twitter, there are instances where you scratch your head and wonder, well, why was churchill 's picture removed from google? why is it impossible to find, you know, president roosevelt in a list of world war ii heroes on

google? so because of that, the doj saying this is not a platform, this is actually a con tonight-creator. -- content-creator. do you believe google and facebook are content creators? >> they absolutely are, and i think they need the absolute responsibility that every we have as journalists. they have not only the same responsibilities, ender have the same as other people -- they should have the same as other people. maria: thank you so much for joining us this weekend. we will see you soon. thank you. >> thank you for having me. maria: don't go anywhere, more "wall street" right after this. ♪ ♪

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maria: welcome back. coming up next weekend on the program, don't miss it, we've got a big show next friday. investing legend bill ruden. pe my special guests talk about the reopening of america, don't miss it. tune in this weekend on fox news channel for a special "sunday morning futures," my exclusive interview with attorney general bill barr. join me. here's a preview. are you worried about this going into the election in are they going to censor information going into a presidential election? >> yes, you know, i am worried about censorship. i'm worried about a number of things going into the election. one, the censorship of debate. i'm also worried about undermining the public confidence and the integrity of the elections. maria: sunday, 10 a.m. eastern live on fox news channel. meanwhile, have a great rest of the weekend and start smart every weekday from 6-9 a.m.

eastern on "mornings with maria," monday through friday. 6-9 a.m. eastern right here on fox business live. that'll do it for us this weekend. thank you so much for joining me. is rest of the weekend, everyone. i'll is see you again next time. ♪ ♪ gerry: hello e and welcome to the "wall street journal at large." we've been warning you on this show for a while now about a creeping totalitarianism in this country, the steady and forced compliance where the orthodoxy is laid down by those who control most of the cultural conversation on issues like race, gender, sexuality and other topics. well, it's no longer creeping, it's marching at double speed, and it's coming for all of us who don't go along with every single world, comma and period of the program. the reaction to the killing of george floyd began as a reasonable call for