tom k: so what do wages do? we end up with something a little more robust because of all of the stimulus? tom p: i think you have to disentangle these ideas because i don't think you necessarily need wage pressures to see a robust outcome from a gross perfect because of all of the stimulus in place. one of the things we have been fond of highlighting is if you look at the level of savings prior to covid, seasonally adjusted, etc., at an annual rate, we were running at $1 trillion. that is where savings was in the quarter prior to covid-19. today it is about six times higher. think about that. it is six times higher. that is obviously the of stimulus -- the effect of stimulus. there's quite a bit of ammunition that the consumer can unload and not be able to prepare economic activity in a really robust way. i think it is a really interesting part of the conversation. one of the things we have been saying about q3 is that you were going to see a pretty rocksolid bounceback. consumption grow at 0.0% pace for the thr

tom k: are marching orders for our team was to get a really smart set of voices with a broad sectiontakes on economics, finance, investment. we have done that, moving from ellen zentner to betsey stevenson and tom porcelli, and now joining us is james glassman. he has a wonderful sense of the fabric of our economy from sea to shining sea. you have been on the road. you have experienced the pandemic airplanes. what are you hearing from j.p. morgan plants? james -- from j.p. morgan clients? james: it is all over the map. this challenges ahead, but i think we have done a good job. we had 40 million people who had no job to go to in march and april, small businesses. program that the ppp did a great job helping businesses get a lot of those people back on the payrolls, so i think the financial support we are getting from a lot of what congress is doing is helping throw out lifelines for people. there is a big challenge for the next six months as you try to run a bids this -- run a business under social distancing guidelines. i hear stories all over the map. i think it is encouraging, tho

and you look at this team and my good friend rosa delauro working with my good friend tom cole and my working with k grangers and all the wonderful members of this committee, how much we have done to make this a better world for all of us. so we will keep some of these activities among ourselves, but i thank you for referencing all the important work we have done and the partnership between the bipartisan partnership between my friend tom cole and you. we really worked together on this committee and a bipartisan way. i love this committee because the work touches critical facets of life that are really more important now than ever as we respond to the covid-19 crisis. whether it's a medical innovations that will lead to cures and vaccines, investments to strengthen public health infrastructure, or support the schools, college affordability, childcare, or workplace protections. the bill before us build on our commitment to invest for the people. that's what this bill is all about. and it's why when people come on this committee, whether they are democratic republican, you really feel a tremendous opp

tom. >> pierre, thank you. >>> millions of american families on edge tonight that many expanded unemployment net,k officially expiring today. congress and white house appear nowhere close to a new deal. more than 52 for unemployment s march and 20 million facing possible evictions. here's kyra phillips. >> reporter: tonight, the $600 a week that millions of jobless americans have depended on to survive will formally expire, as congress and the white house battle over a new deal. >> what do you say to those americans that are about to lose $600 a week? >> that they need to be calling the offices of chuck schumer and nancy pelosi and say, get to work. >> reporter: with the clock ticking, lawmakers meeting late into the night to hammer out a deal. but negotiations went nowhere. the gop offering to extend those $600 payments for just another week, but democrats refused to accept it, calling the short-term fix a stunt. democrats put forward their own stimulus bill months ago, but republicans only came to the negotiating table this week. >> we need them to recognize the gravity of the situation. >> reporter: chica

k will abide stimulus. trump and biden will provide stimulus. good morning, everyone. tomw york, francine lacqua in london. thrilled you are with us. everyone is really talking, and this goes back to the chan

k will abide stimulus. trump and biden will provide stimulus. good morning, everyone. tom keene in new york, francine lacqua in london. thrilled you are with us. everyone is really talking, and this goes back to the chancellor's speech yesterday and what we will hear from biden today about a labor picture. and the shift from a pandemic and furloughed over to a real question about job layoffs. francine: yeah. i think this is the time. in the u.k., we had the many budget yesterday that gives a little more support to workers. if you look at most of the furlough schemes in the u.k. and what is happening in the u.s., you can assume some of the money would run out by the end of the summer. this is the exact time to look at the permanent shift to the labor economy and what did come in two to three years. tom: we have a terrific our for you. we will talk to our guest about mr. buffett, mergers, and acquisitions. we acquired the first word news in new york city. ritika: joe biden will call for a moderate approach toward reviving the u.s. economy today. in his speech in pennsylvania

k. altria so i'm naive to not believe that right but if you tell me that tom hanks is part of a cannibalistic pedophile ring that seems to be on the pill to me without really some serious evidence how do you keep yourself between being naive and maybe over conspiratorial. well democratic societies or hire people to be vigilant so we need it to as a citizen walk to the government interest groups whatever and make sure they're not abusing whatever power they have and undermining our bedrock ground rules against for fraud. so it's healthy to engage with conspiracy theories sometimes it can go overboard as you point out and just the same you know we find that people who have very high levels of conspiracy thinking will believe almost any conspiracy theory that they come across but people with very very low levels of it will reject conspiracies that are true like m.k. ultra so being at the extremes isn't very good it's much better to be somewhere in the middle where you're willing to consider these ideas but perhaps wait until there's better evidence that jared is there some need to believe a cons

off, while the video is still recording >> we're making joe form his own k-pop group, with fellow blue dog democrats tim kaine and tom're called kissing boys parade >> jimmy: guys, guys, stop these are terrible none of these ideas are going to help the campaign at all. [ ding ] [ phone vibrating >> uh-oh sorry, jim-jim, we got to ghost your ass there is some serious drama at biden h.q. >> yeah, we told joe to participate in that viral challenge where you shave your leg hair off and glue it to your face to make a funny moustache. but he got it flipped, and shaved his head and eyebrows and glued it to his leg. yikes. [ laughter ] >> jimye >> jimmy: we have a great show for you tonight. andy samberg is here he stars in the new hit movie on hulu, "palm springs." and he's always keeping people fed during tough times jose andres is here, as well [ applause ] and we got great music from perfume genius stick around we'll be right back with more of "the tonight show," everybody. ♪ (♪ ) here we are a. red, blue, 16 percent undecided. but 2020 had us shook. so we gave the world another look. and saw a future of differences cele

tom: this morning, in america, it is a jobs day thursday. there is a holiday friday. something about repeated injury and happiness. today's word is miscast if it ksification. i how to helplue the surge in cases of the virus. per capita, arizona, it is worse than new york ever was. mexico surges. france is better. in the united kingdom, nejra -- simply forever a change. good morning, everyone. this is bloomberg surveillance. keene in new york. francine has a well-deserved day off. nejra cehic joins us from london. i am absolutely baffled by the need of the united kingdom to take a summer holiday. what

territory of the west ba n k how much of the territory of the west bank should be annexed by israel in their view... i do apologise for the quality of their of that piece from tomworld's upcoming supply of the drug remdesivir. the treatment has been shown to help people recover faster from covid—19. 0ur medical correspondent, fergus walsh, is here. what does this mean? it means that for the next three months virtually all stocks of remdesivir, the antiviral drug proven to cut hospital stays for 15 to 11 days, so a proven treatment, will be in the us. the nhs has said they already have enough stock of remdesivir to treat patients here but the production coming out of gilead sciences, an american company, are going to be going to the us. fortu nately going to be going to the us. fortunately there is another drug, a steroid, dexamethasone, which is more effective and very cheap and widely available. so thankfully the old steroid drug dexamethasone is available worldwide and whereas remdesivir cost £1900 per patient, dexamethasone costs £5 per patient so we are very dexamethasone costs £5 per patient so we are very lucky and fortunate that there is another drug whi

in k rebuked -- china stock rally cools as the state funds start selling, a sign the government wants to start to slow the surge. this is uber surveillance. i'm francine lacqua in london. tom keene in new york. tom, a lot of the focus is on what we saw in china. we saw that incredible rise in stocks with chinese authorities saying maybe slow down a bit, and the focus on the euro group, and what we are seeing in the u.s. with the number of deaths rising by the day. tom: the virus is front and center in america. it is extraordinary to see the different stories, geography. the polarity, disneyland outside los angeles is closed. the employees have just said no. and the magic kingdom in disney world, they are attempting to open it, even with the virus in florida. when i am looking at the markets, without question, is the de-risking going on? the u.s. yields have really come in in the last 48 hours. francine: you reminded me in the last hour, there was a big move on u.k. guild. let's get to first word news with ritika gupta. ritika: good morning the coronavirus milestone keep piling up in the u.s.. the number of new cases has climbed over 60,000 in one day for the first time, an

tom keene in new york. interesting stuff going on here, with an ecb meeting, and of course all the other market activity as well. -- dow -30, dell futures futures -- we are speaking with ohl,icult -- david kho is more than qualified to continue the discussion on negative rates. i want you to talk, david, about negative rates to the public money market funds and short-term paper. bankst understand how the withove forward day today these interest rates. david: we have seen because there is an in norma's amount of revenue with the money market funds, they are quite low. so in terms of interest rates basically making these kinds of asset classes less attractive, and from the ecb part, perspective, this is exactly what you want to achieve, you lessto make risk attractive. it is a measure, and experiment, to push money more into risk advances out of the money market fund. of: this goes to the heart julius baer. , just very simply, if there are challenges in asset management, how will julius baer attack that? why do you -- adapt to that? why do you position your accounts with the stresses of negative interest rates? david: of course we try to accompany our clients to shift duties more risky segm

in k rebuked -- china stock rally cools as the state funds start selling, a sign the government wants to start to slow the surge. this is uber surveillance. i'm francine lacqua in london. tomyork. tom, a lot of the focus is on what we saw in china. we saw that incredible rise in stocks with chinese authorities saying maybe slow down a bit, and the focus on the euro group, and what we are seeing in the u.s. with the number of deaths rising by the day. tom: the virus is front and center in america. it is extraordinary to see the different stories, geography. the

got in, my 401(k) and my investments have gone up a little bit until the pandemic, but even still i'm still working. there is opportunity. it was just have to go out and look for it. host: tom, tell us how old you are. caller: 73. host: appreciate your call. michele evermore, your thought?5 guest: one thing i would say in response to that is if he has been working that hard, that long, it is really unfortunate shiftedsociety we have from a defined benefit pension to a defined contribution model where a drop in investment returns in your defined contribution plan means you have to continue to work past 73. once this pandemic is over, we should start to have a more robust conversation about why retirement security isn't where it should be. host: let's get one more call here. anna. south windsor, connecticut. also recently unemployed. you're on the air. caller: yes, i am. thank you. my comment is to the young lady there. emotion -- for the you can see the emotion in her face that she is concerned, she cares, and she knows what she is talking about, and i just quickly want to say i love her, i don't even who she is, but she knows what she is talking about, and she is concerned

got in, my 401(k) and my investments have gone up a little bit until the pandemic, but even still i'm still working. there is opportunity. it was just have to go out and look for it. host: tomll us how old you are. caller: 73. host: appreciate your call. michele evermore, your thought?5 guest: one thing i would say in response to that is if he has been working that hard, that long, it is really unfortunate shiftedsociety we have from a defined benefit pension to a defined contribution model where a drop in investment returns in your defined contribution plan means you have to continue to work past 73. once this pandemic is over, we should start to have a more robust conversation about why retirement security isn't where it should be. host: let's get one more call here. anna. south windsor, connecticut. also recently unemployed. you're on the air. caller: yes, i am. thank you. my comment is to the young lady there. emotion -- for the you can see the emotion in her face that she is concerned, she cares, and she knows what she is talking about, and i just quickly want to say i love her, i don't even who she is, but she knows what she is talking about, and she is concerned for