this is the one business show you can't afford cement on fairmont a sale in washington coming up markets continue on the rebound as the u.s. senate finally passed the nearly 2 trillion dollar relief packages plus oil prices last more than a $1.00 a barrel per day what does that mean for its futures plus some companies reluctant to open shop too soon we'll tell you how china is handling its recovery but 1st let's start by tracking the krone.

over 19 and factions continue to surge globally the number of cases exceeds 490000 that's nearly doubling in just one week now the death toll at more than 22000 the pneumonia causing virus has been rapidly increasing across europe and the united states cuba is the latest country to join a 20 percent of the global population that's already on lockdown of the world health organization concerned now more than ever on the number of health care workers being infected. evaded little ports we also know that one old infections. are walkers and many more busy. of. those services to respond. to all of us as of yesterday it's

a little board at $6200.00 in fact that it will cause. list all the. individuals as best as we can so in the last 24 hours spain saw a small decline in fatalities where $655.00 people passed the spanish health ministry said the total death toll rose to nearly 4100 while the number of confirmed cases climbed in one day from 47610 to more than 56000 now the spanish parliament extended its state of emergency through at least april 11th iran has been another country significantly impacted by the corona virus a total death toll of more than $2200.00 and nearly $30000.00 infections the country started an intercity travel ban and while many are ignoring the government's call for people to avoid public places authorities are warning people

to stay home otherwise they will face legal consequences and saudi arabia instituted a nationwide curfew just this week state media reported the curfew would last from 7 pm to 6 am and it's set to last for 21 days its neighbor the united arab emirates halted passenger and transit flights from entering or even leaving the country for at least the next 2 weeks cargo however is still permitted while india plans to spend $22500000000.00 to help the poor in a country with more than $1300000000.00 people and now india has reported $716.00 cases with 14 deaths but they implemented a nationwide lockdown for 3 weeks prime minister narendra modi is acting pretty quickly before the highly populated country gets much worse the united states now the 3rd leading country with the number of confirmed cases just behind china and italy the us talk to more than 69000 total and fractions with a death toll now of more than 1001 than 200000 were reported on wednesday and this

was a. new high for the u.s. and just a single day health officials say the worst is still yet to come the copen 1000 has led to a record 3300000 americans who have now filed for unemployment which is a huge jump from last week's 281000 this while the u.s. senate finally passed the nearly 2 trillion dollar relief package and is now on its way to house or to the house for a vote on friday meanwhile director for the u.s. national institute of allergy and infectious diseases dr anthony thought she said that we need to be prepared for the virus to come back but we're starting to see now in the southern hemisphere in southern africa or in the southern hemisphere countries is that we're having cases that are appearing as they go into their winter season and if in fact they have a substantial outbreak it will be inevitable that we need to be prepared that we'll

get a cycle around the 2nd time it totally emphasizes the need to do what we're doing in developing a vaccine testing it quickly and trying to get it ready so that we'll have a vaccine available for that next cycle well for more numbers an information on the corona virus be sure to check out our portable dot tv up and look for the section tracking corona virus and for more on what this means for the global economy we are joined by bus co-host chrystia kristie. well even as the market continues it's been bad today jumping over 6 percent in the s. and p. fed chair drone policy said that the united states quote may well be in a recession but that the fed will take every action to support the economy when it reopens policy just before unemployment data was announced and as you mentioned sarah it showed a spike in claims to 3280000 as business slowed to a standstill in recent weeks so for reference a little artist number of new complain of benefits ever recorded in

a single week prior to this year was only 695000 back in 1902 today's jobless claims number is almost double that of expectations of 1700000 increase with the service of being hit the hardest now despite the data markets surge for a 3rd day straight bring the dow up about 20 percent as optimism rises on the hope that the historic stimulus bill will pass by voice vote friday morning and people will start getting their relief checks in as early as in 3 weeks utilities and energy is where the best performing sector is thursday as energy was hit the hardest and oversold while utilities is traditionally considered one of the more defensive sectors indicating that the wild swings and volatility is not over and as analysts are upgrading stocks on the rebound the ratings agencies have learned from their mistakes back in 08 and they are determined not to make the same ones again and as such moody's and s. and p. took a hammer to credit and are slashing corporate ratings at the fastest pace on record

short has now become the biggest fallen angel as the s. and p. downgraded it to junk overnight the biggest downgrade so far all come from energy sector leaving at $85000000000.00 autos a $1000000000.00 followed by aerospace and defense at $33000000000.00 now over in europe lawmakers are expected to approve over $40000000000.00 in emergency funds to cushion the economic fallout this is the 1st ever remote vote as members practice isolation and social distancing that you see has also given itself unprecedented levels of authority in its plan to buy back 7. the 50000000000 euros in additional bonds this now essentially means that almost all the constraints and limits and restrictions that apply to previous asset purchase programs have been completely removed as christine lagarde announced quote there are no limits to our commitment to the euro so even as we are now in a brief period of calm optimism in the equity markets the 1st time in about 3 weeks there is still too much uncertainty in the air and too soon to declare a lasting bottom extraordinary central bank measures along with historic fiscal

efforts have worked to stem the purge but now comes the really hard part the implementation and the execution they have learned from 08 that ensuring cash and liquidity to the economy to mitigate the widespread unemployment and curve insolvencies can make the difference between a short contraction versus a prolonged recession and as most companies are now facing cuts with an uncertain timeline for reopening they do not have the luxury of time and they are in dire straits as the stimulus bill makes its way to approval timing is everything now in order to prevent a long term erosion to the market to confidence and the over all that they will market well kristie the g 20 leaders are holding an emergency call a virtual call that is to discuss the handling of this pandemic now the u.s. and china have been playing the blame game of sorts on each other of about who started the virus they say they're prepared to set aside these differences for now

will they be able to do so and what can we expect. well yeah after this is comes after a year long trade war and now months of bigger and playing the blame game so now they're going to try to put those issues behind them and focus on the best path to moving forward so we'll see if both sides both cooler heads will prevail and president trouble now has to basically assert american leadership and dominance as america has typically been viewed as the leading international body however as of late america has faced pretty heavy criticism by the international body as they see davey's wasted in partisan. hearing in washington on matters completely unrelated to the coronavirus nor to pass the stimulus package so right now go perception is not that great well it's really important that they stick together and that all international bodies work together given the right now the united states is a 3rd world leader leading a country with the worst case of the chrono virus a boom bust co-host christi i thank you so much. on thursday oil prices

fell after seeing gains for 3 sessions as demands for a fuel fell on travel restrictions well demand is lower but output is rising so to help dive deeper into oil and the overall economy we turn to check on u.s. holdings rick rule. thank you so much for being with us today i know the oil has been pretty volatile too in in the recent months ever since the opec meeting earlier this month but i do want to start by asking you the department of energy was planning to buy about $3000000000.00 of oil for the nation's strategic petroleum reserves however the funding for that was actually left out of this 2 trillion dollars stimulus package what a fact might this have on companies in the oil patch. i don't see that there's much that can be done in the near term for companies to do well. through the u.s. strategic petroleum reserve as policy probably doesn't do much for the industry although the idea that they might buy something when it was cheap. it is not in and

of itself a bad idea it's interesting that the $2000000000.00. got 302 trillion dollar stimulus was basically a christmas tree it had its spending proposals in it for everybody to see much less that much more about politics i suspect that it is about the economy well it definitely had a several sectors but interesting enough it did not have it on this this oil and energy being hit the hardest especially about saudi arabia. their oil price war with russia that started earlier this month after the opec meeting a us secretary of state might pump a 0 he's hoping to end in pressuring the saudi arabia to change its course over producing more oil like it said it would after their initial deal that would end by the end of march and that they would start producing more of this oil by april especially at a time when demand is already plummeting do you see the saudis budging on this or

even russia rather. i don't think that they'll be financially able to continue to fight for very long markets are messy but the truth is that the cure for low prices is low prices well this is difficult for producers it's a huge benefit for consumers low prices like this constraint sustaining capital investments which take your production themselves over time the truth is that with the increase in u.s. production we have systemic oversupply in the world markets because u.s. depletion rates are very very very high a short period situation and ruling begins to take care of the supply over problem my other concern i don't know if it's a concern but my suspicion is that neither the so the saudis nor the russians will be able to continue the price war for too long a time or i might be come to just that especially given that they too are having

more cases at least at russia starting to appear some cases from the coronavirus as all global markets are suffering from this but i am speaking of commodities i want to turn to gold which is a huge one right now it's an increase of stanch only in the 2nd half of this past month and march almost reaching its all time high how much of this price action is actually related to increasing national debt and the confidence that we have in the economy where michael had to in the future especially we're hearing that it could be a threatening a shortage now. wonderful question you'll note that the gold price was increasing even before the coronavirus gold prices traditionally have increased during periods of time when savers were concerned about the maintenance of purchasing power in their own currency the u.s. debt and deficit as you mention has been can have been a concern to investors for at least 12 months and the fiscal stimulus that is

almost certainly now the public policy response to the coronavirus will only exacerbate these trends with the u.s. 10 year interest rate at effectively 0 my friend jim grant calls blonds the alternative to gloat return free risk so one can expect in the circumstance that confronts us now that gold will do very very very well the past is prologue gold stocks will recover later remember the gold stocks are stocks it was dark gold stocks are down too but they will respond in time well it's already almost at an all time high so that goes higher and that will be interesting a new record breaking for gold so if you haven't gotten it already you might as well start looking for it before there's a shortage of the commodity rick role of c.e.o. and president us from holdings thank you so much for fair time and explaining this further to us. thank you for having me time now for a quick break but hang here because when we return we'll tell you how the latest relief package compares to the 2008. 101 boom bust co-host ben flawed as we go to

break here the numbers out of. the stock market i could imagine trading in a 1000 again on the dow and that would be an appropriate level given the true underlying economic factors the bond market interest rate should be 45 percent in the 30 day interest rate ok that would mean bonds would be down 506070 percent but that's that's something that's return to a normal valuation and that's what we need right now. your government and our government and all the other major governments of the world know what's going to them and when it's going to. but they haven't told you and

they haven't told me they haven't and they'll. imagine something as big as the earth is going to cause tidal waves earthquakes volcanoes erupt and it's going to help. so very for a while right. my great grandfather's quote. nobody would care about the law or prison so you'd have wallace the shoot her of. a turtle lice between the and the. child's seemed wrong. why don't we all just don't call. any new world yet to shape out these days become educated and in gains from an equals betrayal. when so many find themselves worlds apart we choose to look for common ground.

the coronavirus is having a huge impact on several sectors of the economy and that was causing a delay for a large drug maker merger that's right milan and pfizer are pushing back their plans to approve a deal to merge until june 30th this is due to the coronavirus also due to restrictions on large meetings in the netherlands of the country where mylan considers their legal home in a joint statement milan and pfizer said there are no additional changes to the previously announced terms or plans regarding the transaction adding the 2

companies remain highly confident in the benefits of the pending transaction to their respective shareholders and other stakeholders in the merger is part of pfizer's longtime plan to split the company into 3 parts innovative medicines lower margin off patent drugs facing generic competition and consumer health care the combination is expected to have a revenue of $19.00 to $20000000000.00 by the end of this year currently the priority for both companies they say is to keep its employees safe and healthy during the outbreak. the u.s. senate passed a 2 trillion dollars stimulus package to give the struggling economy a boost this is in the wake of the coronavirus well president trump is pushing for america to get back to work by easter that's only a few weeks from now many businesses are reluctant to open their doors well legal journalist molly barrows contributor much of their lawyer has more on what it will take to get the economy back on track molly a few weeks away is a shorter shutdown

a wise move here. i would think not and i think most experts certainly agree with that unless trump has a crystal ball knows something that we don't most businesses are going to be pretty reluctant to jump ahead of this virus when these numbers continue to spread so right now many experts are saying the best thing we can do is get this virus under control that's what's. to be best for the economy because we're going to pay for it one way or the other we can pay for it now with shutdowns or we can pay for it by opening too soon having the virus spread and continuing to wreak havoc on businesses as well as lives so right now they're saying hang hunker down stay the course until this virus subsides and also hopefully they can find an immunity drug to help those people who may have it but aren't necessarily showing symptoms to determine if those folks can go back to work which will help as well right and we already heard like dr fox he said earlier in the show this virus could be cyclical and come back in the fall and that we're hoping by then to have some sort of vaccine or some medication to control it but what are some of the risks of opening

businesses too soon well there are a number i mean right now you've got a lot of help for businesses when it comes to mortgage lenders landlords rent creditors they're willing to work with businesses right now because they're all in the same boat they may not be willing to do that if people open too soon and visitors patrons rather don't come in to patronize those businesses because people do naturally distance themselves studies have shown pandemics like this occur so they could risk losing those business resources also many people schools are closed they have responsibilities at home with their children or maybe caring for an elderly or sick loved one so there's too many balls up in the air right now to make it a wise choice for businesses to open according to most experts there are some of the reasons just a few right and at least governors are at least following this their own orders and seeing their cases get worse but china's economy for example now is barely now starting to recover can the u.s. learn anything from what they're doing and what exactly is their plan. it does seem

like they can learn something from what they're doing although it's still a little too soon to tell just how well this will move forward as far as china's economy is going but they have definitely put the priority over maintaining containing rather than controlling the virus that made that the priority rather than restarting businesses they're just now starting to slowly reopen businesses in stages it's been going on for the past month and they've said they've seen about 80 percent of the businesses that were operating before the pandemic hit start to come back online but it's happening mostly in coastal areas also among higher paid workers are lower paid workers those that are in the tighter knit communities like with the cities the more tight population zones they're not opening as quickly because there's still control trying to control the virus there as well so you're going to see a lot of ripple effects from here on out it's a slow recovery but again hopefully what we can learn from china is that we should put people's lives over business for absolutely and we're barely starting to see

the recovery we have to remember the united states is about 3 months behind it china so they'll have to act wisely in order to save lives like you said molly barrows contributor with america's lawyer thank you so much for your insight. well now that the united states congress is moving forward with the massive 2 trillion dollar stimulus bill to keep the economy moving well without question there will be some huge concerns over whether this massive amount of cash will have the effect that lawmakers are claiming it will and whether or not it's even enough well consider the fact that the stimulus bill is nearly 3 times the size of the 2008 banking bailout and yet it's a scope is actually very different well in 2008 the goal of the stimulus bill was to save banking entities that were too big to fail well this time around it's not just major institutions that are at risk instead it's the entire middle class well hundreds of millions of americans are being told to stay indoors and millions of workers are simply not allowed to go to work so the big picture question here is

can this new stimulus save the economy well joining us now from washington us co-host and investigative journalist ben swan but let's start with this simple question do we have any idea of the actual losses that americans face when the economy has been forced to stop for at least 2 months. well we really don't right now and this is so unprecedented that there's really no numbers and i've been searching for that really for the last couple of days trying to figure out exactly what the real costs are going to be for not just american families but for small businesses for large corporations which employ a lot of people or small businesses in this country employ the majority of americans and so when you look at for those specific numbers sarah the reality is they're not out there right now what is the actual cost of grinding to a halt the entire major american economy for at least 2 months and keep in mind you have a lot of these doctors and specialists who are saying oh it's to go on even longer than that but the truth is we don't even know that we can go for 2 months this

tonight trillion dollar bill as you just pointed out that was passed by by the senate now goes through the house eventually when congress passes this thing this is about half the size of the entire federal budget for the year so and that's only expected to last really a few weeks it's not like we can keep passing these stimulus bills over and over even though people like steve minucci at the treasury secretary say that we will if we have to and that's just ludicrous it's a little scary to hear that but we've never seen anything like this at least not not in our lifetime for that matter especially during these times but when we use numbers like 2 trillion dollars that's usually we see billions we're not we're pretty familiar with that with when it comes to military contracts and such but trillion 2 trillion the words almost become meaningless when you try to understand the scope of just how large this bailout actually is give us an idea of what this means for the economy and for how long. well you're absolutely right 2 trillion

does almost become meaningless let's make it even more meaningless how about that when when the congress is saying 2 trillion dollars will be spent to help revive the economy keep it going 5 $100000000000.00 is going to go to large corporations $350000000000.00 is going to go to small businesses about $100000000000.00 is going to flow to direct assistance to americans but while that's happening you have the fed saying it's going to print 4 trillion dollars and make loans to corporations and to businesses so in all we're actually talking about 6 trillion dollars on the table right now larger than the entire economy for the year and the reality is over the budget excuse me for the year and so what we're looking at here is how do we even begin to pay for this the way that everyone is just the fine it is they're saying well these are just these are just loans that are going to get people back on their feet well it's not a loan to send direct assistance to people's pockets but i would argue that's probably more effective than where it's going to actually go when it goes to these

businesses and corporations there are more effective ways of doing this for instance go in and say the insurance companies if you're you know pay for that that essentially the delay that restaurants and retail of head cover that insurance in the feds will reimburse you for it that's probably more effective than all this money sarah that's going to get wasted and spent basically going to friends of friends and that there's a concern that later comes hyperinflation which is the danger that we've talked about here on the show that we have about a minute left but i want to get this question and and this new reality of employees working from home that's what we're living and how do companies actually survive. well the reality is that companies are going to have to look at this is a positive and i think there is a positive through all this which is that you don't have to be inside of an office all the time i think a lot of companies are going to restructure themselves in a way that says we don't want the majority of our workforce in office they're going to have to do it from home and it's going to be more effective in case god forbid something like this happen again in the future when you have to be prepared somehow best spent on thank you. so much for your time. that for the time you can catch

boom bust but as always starts on youtube dot com slash boom bust r t r c n n time. to . join me every thursday on the alex simon short and i'll be speaking to guest of the world of politics sports business i'm show business i'll see you then. know what i'm going to be up there see on the. i don't mean you guessed it roman not new dorp or. i kind of we're on the. course of the now i think it's

higher than our. members of the african mafias conway's them safe and quick passage to europe but once they. leave they are in sleeves and they comfy chair util. will not some of them leave you know my minor accident you know if this unit can get it out to him. on the cheek when. they sold the. lead. on court of the important it was the persona but ok given that are discovered a normal length.

your government and our government and all the other major governments of the world know what's going to and when it's going to. but they haven't told you and they haven't told me they haven't announced. imagine something as big as the earth. is going to cause tidal waves earthquakes volcanoes are going to wrapped and it's going to chill. so we're in for a while right. my great grandfather's. nobody would care about the law or prison so you'd have wallace that should have. a turtle lightsome between them and the.

welcome to the 200th episode of redact it's night namely caravan e. well what a time to be alive guys we're all experiencing the same thing right now everyone sitting at home either working or taking care of their kids and wondering the same thing why do we ever wear pants it's never been fully explained to me well pants or no pants we still have a great show for you tonight we're going to cover the quest to find a vaccine a few of the reasons why the country.