joining us now is mark zandi of moody's analytic. we are thrilled that dr. i could join us this morning. you have a chart that speaks pursuit -- to the participation across age and race in america. what does it say? mark: participation collapsed in the pandemic, down about 2% from where we were pre-pandemic, and it is across-the-board, across all ages, ethnic groups, educational attainment. it just shows you distress in the labor market. those folks that stepped out of the workforce step back in and continued to look for work, the unemployment rate measure would be closer to 14%, not the 10%. tom: this is really important because jon and i get a ton of emails which say mark zandi is right, the 10% number is a fiction. is the 10% number a fiction? mark: it doesn't do justice to the stress in the labor market. they haven't changed any of it ismethodology, so accurate in that sense, but it is not giving us a clear sense of the stress in the labor market. people have stepped out of the workforce. they are not looking, and they want a job. they don't think it is v

we are thrilled to bring you mark zandi of moody's.ys the unemployment rate is higher than 10%. mark zandi coming up. stay with us. this is bloomberg. ritika: with the first word news, i'm ritika gupta. it is one of the most powerful storms ever to hit louisiana. hurricane laura made landfall earlier today with winds up to 150 miles per hour. they have now slowed down some. still, the hurricane brings the threat of a 20 foot high storm surge and flash flooding. authorities are concerned it could make some areas uninhabitable for weeks. vice president mike pence says america's economy is back on the way back. at last night's republican national convention, pence praised president trump for the way he has handled the economic crisis caused by the pandemic. vp pence: because of the strong foundation president trump poured in our first three years, we have gained back 9.3 million jobs in the last three months alone. [cheers and applause] and we are not just opening up america again. we are opening up america's schools. ritika: pence also e

mark zandi. guest: no. i don't think so.nk if he went down that path, the president went down that path and uses executive order do these things, he would be challenged in the courts very quickly. i think he would lose. obviously it will be a court se, and debate and can go -- who knows how that will actually end up. my sense of it is that he does not have the authority to do that. so he has to go through congress. tend of the day, the constitution established three branches of government, congress is there to control the purse. so-called pursestrings. what does government spend its money on? if president trump went down that path he would be abrogating that responsibility congress got under the constitution. i don't think that would be legal. again that would likely be a court case. my guess is the president is using this as kind of a negotiating gel, ploy to come to some kind of resolution here. i think he wants to come to a resolution. purely from an economic perspective, the lawmakers need to do this. they should do this

me now is carson group founder ron carson, and also with us is moody's analytics chief economist mark zandiis correct y thank you both. mark, i understand that you are coming to us from westchester, pennsylvania what does the pennsylvania economy say about who could win this election? >> it will be close. the economy is struggling. the pandemic has countrydone a damage a lot of lower middle income households that are reliant on fiscal support and of course we haven't gotten any additional fiscal support from lawmakers. but despite all that, the stock market has done pretty well here so high income households have done okay. but net/net, i think that it will be a pretty close election. at least that is what i see in my backyard here a lot of trump sign, a lot of biden signs. hard to determine who will win i think it will be close election based on my eye going of things. >> and i think safe to say that your thoughts echo most of what america is thinking right now. ron carson, what do you think? the economy, is it the economy that will dictate who wins this election and if so, what does it sa

mark zandi joins the panel.ks for joining us mark parham stocks the punches got most the headlines this week, but tells was going on the bond market? >> well, their record lows. ten-year treasury are closing in on 1%, officer reflecting the panic and the bad news and prospects for global recession. so rates are falling. not falling is much as corporate bond yields because her concerns about the credit quality of the companies. so we are seeing spreads at wyden for high-yield debt and other corporate debt. mortgage rates are falling, they are more tied to long-term interest rates as you pointed out 30 year fixed-rate mortgage rates are now pretty close to record lows. if there's any good news and what's going on here, it's for homeowners and folks who are looking to refinance their mortgage. this a bigger time to do it. jack: want to ask about that but quickly due to the falling yield is worse to come? >> i think it signaling recession. i think we're going to have a global recession. if the cdc is right, and the

host: this is mark zandi joining us from moody's. our first call comes from baltimore. this is michelle, the democrat'' line. caller: hello, thank you for c-span and addressing the issue that we are living on borrowed money. the economy is not doing as well as they try to portray it to be. my question is about the tax cuts. i am 58 and this is the first time i will have to pay taxes. i have always gotten a refund because they take out extra. because i live in maryland and i cannot claim the full amount of my state collapse -- taxes and interest. i am actually having to pay taxes for the first time in my life, even though i have them take out additional taxes. i want to ask you about the real cutst of the so-called tax on the middle class, and about the tariffs. how do you think we are doing? because we are borrowing money to pay for the tariffs, so i would like to get your thoughts about that. guest: you make a good point about the tax cuts. the benefit is uneven, clearly the bulk and the benefits went partlks in the top -- top of the income distribution. people with hi

i think we lost -- we lost our signal with mark zandi. we'll continue the conversation another day. amy walter and mark zande, sorry for the technical issues there. coming up, president trump denying a report that dedisparaged u.s. service members killed in combat. up to 60% on top hotels. and when you save up to 60%... let's play. you're always a winner. you got... up to 60% off your hotel! but isn't that the only one? you're a winner! priceline. every trip is a big deal. 100% online car buying. carvana's had a lot of firsts. but isn't that the only one? you're a winner! car vending machines. and now, putting you in control of your financing. at carvana, get personalized terms, browse for cars that fit your budget, then customize your down payment and monthly payment. and these aren't made-up numbers. it's what you'll really pay, right down to the penny. whether you're shopping or just looking. it only takes a few seconds, and it won't affect your credit score. finally! a totally different way to finance your ride. only from carvana. the new way to buy a car. i wanted more from my c

mark zandi joins us from philadelphia this morning. : you had already predicted this would be the shortest but arguably most severe recession in history. what did we learn from the data we got this week? >> well, it was good, about as good as you could expect, almost 5 million jobs were created during the month. that's on top of 2.7 million in the month of may. so we've gotten about a third of the jobs back that we lost in march and april. unemployment declined, properly measured, it's about 12%. hard to imagine that that's a good number, but it is a good number compared to 20%, which we got in april. that was the peak. but here's the thing, marget are. the -- margaret, the unfortunately uunfortunate thing, the unexpected better economic news is a result of the very rapid increase in business reopenings too fast because now the virus is reintensefying and the pandemic is raging in a lot of key states across the country. they're pulling back. and that's not in the data yet. that's coming down the road. so i fear that the best economic ne

the new proposal would establish a points system with mark zandi don't be some english language proficiency skills qualifications current salaries and professions. only applicants with enough points would be granted a coveted u.k. work permit however many u.k. industries such as health care rely on overseas workers to do the heavy lifting and warned they could face libor shortages should the proposal be adopted it says if the very thing that the level of your salary the term move how valuable your worry is and what skills you have but we know that there are people in the relatively low paid occupations like social class who are skilled and. and then you 1st make keep these people out johnson's new immigration scheme still needs parliamentary approval but with a wide conservative majority approval is all but guaranteed. telecom has reported record profits for 2019 of 3900000000 euros making last year the most successful in its history mostly it has its u.s. market to thank subsidiary team obama attracted millions of new customers a takeover of team of our competitors sprint also recently rec

moody's analytics chief economist mark zandi will be with us to talk about the state of the u.s.conomy. watch c-span's washington journal, live at 7:00 eastern friday morning. join the discussion with your phone calls, facebook comments, text messages, and tweets. ♪ >> talks continue between congressional leaders and the white house on another coronavirus economic aid bill. as of now, the house stands in recess for the month of august, holding pro forma sessions every three days. in the senate, mitch mcconnell says he plans to remain in session until an agreement is reached. no votes are currently scheduled for women -- when the senate returns monday. once the deal was announced, all lawmakers will have .4 hours notice to return to the capital for votes. you can follow the house live on c-span

mark zandi has led the charge at moody analytics for years.is out of the factory known as the university of pennsylvania. prescientn incredibly .ook what is the price chairman powell is going to pay? down the road, there's got to be a price to pay. what is it? price,here is probably a but i think he has no choice but to go down the path that he's on . the economy is flat on its back. the risks are very high. but it don't think there is any choice to be -- any choice but to be aggressive here. tom: i totally agree with your analysis, but there's got to be a price to the expansion of what we've got. you are at moody's, where you are linking economics into credit rating, etc. what is the price to pay of this multitrillion dollar expansion? mark: two things. prices,uice up asset markets, equity prices, credit spreads, real estate values. that ultimately may be a problem down the road, if markets get overvalued and particularly turned speculative. that is something central banks in the fed are always watching out for, so that is a possibility. the

mark zandi, chief economist at moody's an lalytics.to start with what's projected to be in the covid plan we have been talking about with others in the program. new round of stimulus checks, extra $300 a week in unemployment benefits, $300 billion for small business loans, fema funding, money for vaccinations, and schools. there's no corporate liability protections right now. right now, no state or local aid. it is still a moving target. it is not done yet. from what you see these bones of a deal, is it enough right now? >> yeah. it is enough i think to allow the economy, which is struggling, today's unemployment claims are testimonial to that. we got a number on retail sales, they declined in november after declining in october. the economy is clearly on the edge of recession. if lawmakers don't act, and that's most important. need to sign the bottom line in the next day or two. if they do that with this $900 billion package, it will be enough, but it will be just enough to get to the other side of the pandemic. >> we are not seeing s

. >>> mark zandi is with me right now. mark, thank you for being here. you to not believe this is just about people posturing in politics. what do you think is fueling what we're seeing? >> i think the markets investors are discounting the possibility of global recession. i think if the buyer is concerned in a similar way similar to what the cdc is suggesting will happen, that disruptions will be so significant and severe that we will suffer an economic downturn. that's what investors sense and fear and that's why they're selling stocks. >> i want to step sideways into my natural skepticism into this. you like volatility. you often trade on fear. it gives you a chance to create action on what is a stre sophisticated form of bet making that you make in the market. isn't that part of this as well. >> who's we? are you talking about me? no, i don't trade in the market. >> no, i'm saying people on the market that trade. you can except yourself. talk about the rest of them. >> no, i don't think that's what this is about. you don't see a decline like we have s

mark zandi on the phone with us. mark, let's talk about the fed. this is when you need the fed to come in. the question is what should they do when you already have such low rates? >> they have to cut rates more. they cut rates in an emergency move last week. it seems like a long time ago now, but they cut it last week, and i suspect they'll cut rates again pretty soon. unfortunately, there is not a lot of room to maneuver. we're not too far away from zero, so my guess is at this point they'll take it to the so-called zero lower bound. we'll get to that zero interest rate in not too far in the future. then it's up to the trump administration and congress to get it together and pass fiscal stimulus. that's what we'll need. >> mark zandi, thank you very much. we have bill de blasio, the mayor of new york city. new york has what's called a community spread, so people here are spreading it amongst themselves. big question, what do you need now to stop this, and are you getting that help from the cdc and the federal government? >> what we've been asking

let's bring in mark zandi with moody's analytics.always talk about small business as the job creator. but they are really not. new business is the job creator and by default new business tends to be small. you start small, you grow, you hire people. the numbers right now around small business are very, very dire >> yeah, they are. as you point out, many are failing and particularly in the industries that have been directly impacted by the pandemic and business information are nation remains very depressed. so yeah, i think that you are characterizing the state of affairs among small businesses accurately it is a very difficult time. and a reason to be not only nervous about the strength of the current economic recovery, but about the recovery -- how long it will take to get back to full strength. it will take quite some time because many of these businesses aren't going to make it to the other side >> they are not going to make it because these aren't giantn debs and let's be honest, the government decided winners and losers particul

christine romans, mark zandi, i really appreciate both of you. thank you. >>> coming up, data indicates there may be a glimmer of hope in new york city's fight against the coronavirus. as you can see, it's a beautiful, sunny day in the city. lot of people are getting outside. officials are pleading with residents not to ease up on social distancing. mayor bill de blasio is emphasizing the city is not out of the woods. he'll join me live to explain why next. let's raise a cup. to those who donate their time. who go from making coffee to making masks. and turn their store into so much more. from all of us at dunkin', to all the heroes keeping everyone running. we thank you. to all the heroes keeping everyone running. what did verizon build their network for? people. and when people are depending on you to make an average of over 600 million calls and send nearly 8 billion texts every day... you do whatever it takes. noticks and fleas?o simplifies protection. see ya! heartworm disease? no way! simparica trio is the first chewable that delivers all t

mark zandi, the other great economists have said just that, just that. consumer purchases are helping the economy from getting worse. there's money in the pockets of consumers to help them pay the bills and shop in stores and more. what do our republican friends want to do? cut the benefits to americans who are spending the money as soon as they get it, taking one of the fute policies stimulating the -- the few policies stimulating the economy off the table. that's why an analysis from a respected economic forecast at moody's -- hardly a political organization -- say that rue ducing these -- reducing that's benefits or letting them expire could cost over a million more jobs this year. and, fourths, and finally, the i had wrongdoinglog get together and come up with a plan and it doesn't work. it's going to be impossible to implement. republicans at the last minute while they waited and waited and waited -- three weeks ago speaker pelosi and i wrote to senator mcconnell and said, sit down with us. they wait until they're off the cliff and now they come up

i am joined by mark zandi, chief economist of moody's analytics.nd to look at the challenges airlines face, as people increasingly cancel travel plans, ben mutzabaugh, who follows the industry for the points guy, an air travel advice website. welcome to you both. mark zandi, i want to start with you. how do you explain what happened today? >> i think we saw over the weekend what happened to a major economy italy shutting down , milan and venice. people realize if it could happen there, it can happen in boston and orlando and seattle. it really spooked investors. on top of that, the saudi's and the russians got into a battle over oil and oil prices collapsed. that spooked a lot of investors and energy stocks. finally, there's growing concern about the policy response. what is the trump administration and congress going to do to help what's going on here? so far investors are not getting , a good feeling. that makes them nervous as well. there was a confluence of things that came together. made it a really bad day. judy: you say really bad day. they

duffy's subordinate mark zandi saw the email and described it in his testimony before the house. as sandy testified, it was blair who conveyed that, quote, the president is directing a hold on military support funding for ukraine, and that email only addressed ukraine. blair's email raises several questions. what other discussions took place about the president's decision to freeze the aid? did the president or mulvaney give blair a reason for the freeze? did blair know that the president was holding the aid to pressure ukraine to announce investigations of his political rival? we also know two days before blair sent his email to duffy, ambassador sondland told ukrainian officials that he had a deal with mulvaney. the deal consisted a white house visit for president zelensky and ukraine conducting the political investigations that president trump sought. that is what prompted ambassador bolton to say he was, quote, not part of whatever drug deal sondland and mulvaney are cooking up. blair is mulvaney's senior advisor. did blair know about the sondland/mulvaney deal? did he know t

joining me now is mark zandi, chief economist for moody's analytics. i'm glad you're here.d your deep dive into this with much interest. i want to dig into the various elements in a second but overall, how much do these orders even if fully implemented, do -- how much do they do to help? is there a there, there? [ inaudible ]. >> no, there's no, there there. >> i think we're having -- >> not much at all. it's distracting from the practicalities of -- implementing something like this any time soon. >> mark, we're going to try to fix -- we're having a technical glitch. welcome to the coronavirus era. we're going to get back to mark in a second to continue that conversation. in the meantime try to fix that, let me move on to this, president trump claims that he is optimistic a covid vaccine will be available by election day. by the beginning of november. but vaccine experts tell cnn there's no way that will happen. that's not just -- that's not opinion. that's based on data from the drug company moderna, the first company to begin phase three trials on a vaccine candidate in t

mark zandi joins the panel.parham stocks the punches got most the headlines this week, but tells was going on the bond market? >> well, their record lows. ten-year treasury are closing in on 1%, officer reflecting the panic and the bad news and prospects for global recession. so rates are falling. not falling is much as corporate bond yields because her concerns about the credit quality of the companies. so we are seeing spreads at wyden for high-yield debt and other corporate debt. mortgage rates are falling, they are more tied to long-term interest rates as you pointed out 30 year fixed-rate mortgage rates are now pretty close to record lows. if there's any good news and what's going on here, it's for homeowners and folks who are looking to refinance their mortgage. this a bigger time to do it. jack: want to ask about that but quickly due to the falling yield is worse to come? >> i think it signaling recession. i think we're going to have a global recession. if the cdc is right, and the virus shows up here in

but moody's chief analyst mark zandi thinks it'ss far f from o. >> i think the market is going to go up, go down,, g go all around. but i r really don't see it comg back in any significant way. at least not until it's c clear that the infectionons from the virus are peaking and starting to come dodown. but feels like we're a long way from that. >> zandi says the u.s. economy may already be in recession or even in free fall. >> this is unprecedented. the only thing that remotely reminds me of this is 9/11. but that was f for a day, maybe two. this is, you know, going to be a month or two or three. >> zandi calls the recent stimulus package a big positive step. he says it would provide meaningful financial suppoport companies with loans, loan guarantees, and grants. >>> tokyo electric power company projects its net profit for the current business here will fall by two-thirds. tepco says that's due to the cost of preparations for removing fuel debris from a damaged reactor at its fukushima daiichi plant. tepco released a mission for decommissioning.g. the comompany will post about $2 bi

and mark zandi, i want to start with you. how do you explain what happened today. >> well, i think we saw over tht the weekend happened, italy shut down milan and venice and people realized if it can happen there, it can happen in boston and orlandand seattle. so i think that really spooked investors. and on top of that the saudi and russians got into a battle over oil and oil prices could lapsed and i think that spooked a lot ofinvestors inenergy stocks. and finally there is growing concern about e policy response. what is a trump administration and congress going to do to hep address whating on here. so far investors aren't getting a good feel being that.th and i thin makes them nervous as well. so it is a confluence of things ahat came toght, to make it really bad day wrz you say really bad day, they are sayintg worst drop in what, a decade on wall street. i was just reading the s&p 500 lost $5 trilln in value since its record highs just a few weeks ago. it sounds prettdrastic. >> well, i think recession risks are high. i

right now the dow jones industrial average down 146 points, so mark zandy is with us, chief economist for moodies analytics. talk to me. as we're reporting the president has been down playing this because he's worried about, according to folks we know in the white house, he's worried about folks panic ing and the markets tanking even further. i'm just wondering, is that appropriate, joyou know, down playing it for the sake of the markets? what do you think about that? >> i don't think it makes sense. i think it's important to be honest and transparent. if he's not, the american people are going to figure that out pretty quickly and that's just going to create a lack of confidence. and you know, the fact that he can't get on the same page with the cdc, and by the way, the cdc seems to be where we should be paying attention. >> cdc and nih. >> exactly. that doesn't lend confidence either. >> you made news this week saying all of this raises the probability of a recession from 20% to 40% because of this coronavirus outbreak. why do you say that and what would the conditions need to be? >

oh, a wish to the world is no 0 if you like, mark zandi not we. you click the comedic the feeling that the chasse us piece i'm looking is to be charged. just to be neat for like our wayne train. not us. not. it's not a good hard look at the tough guy that never let you know about the problem. well, you know, a lot about what i'm talking about. a lot of the problem coming up out of the yellow is the only thing that ends for the next. it's for your dad to do your best. when you score people selected me when it's you ones, it will up lisha aid to you is the cure for good and is the only thing you'll need cheek in the night in my mind's task of boring. so those other things that they keep you safe, only just joined only the only food as if you read the money. now you need you plates that you cannot be butchered and you say to them, one of them honestly do not as easy as i do gauges. please divorce. well, you do, there's no, you're going to jail, you know, a police officer. i'm working in community college. sure. our enemies want to skype by the only t

a critical, necessary condition for a healthy economy is a healthy population. >> mark zandi, alwaysppreciate your expertise. thanks for making it more easy for us to understand with everything that's happening in economics right now. >> we have some breaking news as well i want to get to right now. the white house apparently making a new proclamation aimed at stopping people coming into the country with the virus. cnn's kristen holmes joins us at the white house. what is the president doing, kristen? >> reporter: well, ana, the white house just announced that they are suspending travel into the united states or at least entry into the united states for any non-u.s. citizens who have been in brazil in the last 14 days. now, this, of course, comes as brazil has become a hot spot, with more than 300,000 cases. and i want to read you part of the statement that we got from the press secretary, kayleigh mcennayny, who says today's actions will help ensure that foreign nationals who have been in brazil will not become a new source of infection. these do not apply to the flow of commerce be

hold then men testified that nothing on the ground had changed in the 2 months of the hold and mark zandi of the o.m.b. also confirmed that an ambassador taylor to testify that quote i was not told the reason why the hold had been lifted now let me take a moment to address another defense side expect you will hear that the aide was released and investigations were never announced so therefore no harm no foul right well this defense would be laughable if this issue wasn't so serious 1st i've spoken over the past 3 days about the real consequences of inserting politics in a matters of war real people real lives are at stake every day every hour matters so no the delay wasn't meaningless. just ask the ukrainians sitting in trenches right now and to this day they are still waiting on $18000000.00 of aid that hasn't reached them jennifer williams who attended the warsaw meeting with vice president prince described president zelinsky he's focused during this time and you testified in your deposition in that conversation president selenski emphasized that the military assistance the security ass

joining us, mark zandy. omy is the one thing that is keeping this presidential race alive. we're going to get a strong gdp report, and we already know the president's narrative. i built a great economy, and it is back. why is that message misleading? >> well, it's coming back, stephanie. i mean, we're digging out of the hole that we fell into early on in the pandemic. but we still have a long way to go. even with that big gdp number for q3, we're still going to be only two-thirds of the way back from where we were pre-pandemic. of course, what matters to most people are jobs. and in terms of jobs, we're only about halfway back to what we lost during the start of the pandemic. so we're making our way back. that's great news. but we've got a long way to go. and the other concern, as you point out, is the economy is now feeling very soft because the pandemic is intensifying. doesn't look like congress and the administration are going to get together and pass another fiscal rescue package any time soon. and that

moody's analytics chief economist mark zandi will be with us to talk about the state of the u.s. economy. watch c-span's washington journal, live at 7:00 eastern friday morning. join the discussion with your phone calls, facebook comments, text messages, and tweets. ♪ >> talks continue between congressional leaders and the white house on another coronavirus economic aid bill. as of now, the house stands in recess for the month of august, holding pro forma sessions every three days. in the senate, mitch mcconnell says he plans to remain in session until an agreement is reached. no votes are currently scheduled for women -- when the senate returns monday. once the deal was announced, all lawmakers will have .4 hours notice to return to the capital for votes. you can follow the house live on c-span and the senate live on c-span two. isas governor greg abbott urging local residents to get their flu shots early this year. he made this suggestion alongside public health officials at a medical center in dallas where he talked about precautions for slowing the spread of the virus. >> wan

we appreciate it mark zandi, ryan detrick, and brian weinstein. well, $350 billion of those small business loans will be made available starting tonight at midnight, but is the government truly ready to roll out the program? kayla tausche is looking at how washington is trying to get this up and running and kate rogers has been speaking with small business trade groups about what to expect kayla, let's start with you. >> reporter: kelly, banks who are going to be making these loans have been warning washington that the program is not ready for prime-time first, they don't have general guidance, they haven't been provided an application to become sba lenders and there are some more specific questions about the structure of this program that i'm told multiple industry executives raised with the treasury secretary directly in a series of calls arranged by trade groups over the last few days hear what the two specific asks were smaller banks wanted treasury to increase the interest rate paid if these loans are not forgiven for a company. it's currentl

let's go to the european parliament in strasbourg if idea to correspondent mark zandi welcome max so what do these countries hope to achieve with this dispute mechanism. well some say this to be the last part of the unraveling of the iran nuclear deal and it all started when the u.s. pulled out of its 2018 now you 3 which is a germany france and you can see mention that they are very reluctant to take this step because there are fears that this would even trigger a faster enrichment of. faster nuclear enrichment so this dispute the triggering of the dispute mechanism is hope to comply to get iran to complain get iran back to the table and that the hope is here that it does not lead to sanctions and you get everybody back to the negotiating table and the 3 are not giving up and let's listen to what the you what the high representative joseph barrel had to say. they did dispute resolution mechanism is not to very imposing sanctions. game of these mechanisms used to result issues relating to the implementation of the agreement within differing work of the joint commission. i think it's

. >> are you familiar with the economist, mark zandi? >> i am. >> would you characterize him as a conservative economist? >> not really. >> did he advise democrats or republicans? john mccain, generally viewed as a credible conservative economist. he had said that the tax cuts of 2017 for every dollar you give away, you can hope to reclaim $0.32. that's a 68% loss on investment. so tax cuts don't pay for themselves. and because tax cuts don't pay for themselves, we went from an annual budget deficit of $600 billion to more than a trillion dollars. and it's projected that we will take in $1 trillion less than we spend for this year and the outyears moving forward. under -- because tax cuts don't pay for themselves, in the 36 months of this presidency, there's an increase in $3 trillion to the national debt. that's because tax cuts don't pay for themselves. because tax cuts don't pay for themselves, you have a medicare cut of $756 billion over ten years. you have a social security cut of $24 billion. you have a medicaid cut of $920 billion

our correspondent mark zandi now from brussels with more max european parliamentarians aren't entirely happy with the dean what are the main criticisms. that's right be rich but it's also important to point out that a majority of parliamentarians are happy that a consensus could be reached and they're well aware of the urgency of the situation and it's also their job to point out as a job as a european problem and to point out shortcomings and we heard this in the debate this morning i mean for example. the head of the largest group in the european parliament. criticised cuts to budget we also heard that from heard that from many other problem in terence this morning i'm he pointed out there's less money going into health programs less money going into migration he pointed out that funds of. proposed for border guards were missing and then also another huge issue debated this morning in the parliament was the lack of funds for climate initiatives which used to be or still is a cornerstone of from the line that commission presidency and the funds for that program were also severely scal

now, one of the nation's top economists, mark zandi, predicting our new normal. store closures like nike and apple. restaurant traffic and travel way down. will cost the economy $120 billion in gdp by the end of march. issuing this warning. >> well, the economy is shrinking. we're in recession. people are pulling back. >> reporter: but treasury secretary steve mnuchin disagrees, saying the virus won't cause a recession. >> we're clearly going to have a slowdown, and later in the year, obviously, the economic activity will pick up as we confront this virus. >> reporter: tom, the fed says the u.s. economy entered this challenging time on strong financial footing. they say they'll keep the new policy in place until it's clear the u.s. economy has weathered the storm and is back on track. tom? >> rebecca jarvis tonight on that breaking news from the fed. rebecca, thank you. >>> tonight, president trump spoke in the white house briefing room, along with his coronavirus task force, led by vice president pence. our trevor ault was inside the room and trevor, just yester

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and so as the protests that 100 day mark zandi is speaking about that being a change in tactics and his start has always been a fragile security situation in lebanon are there fears that they could be further 1 violence or was violence. quote definitely because people are angry people are becoming poorer they're losing their jobs a lot of them will tell you we don't have another choice we have been peacefully protesting in the street for over 3 months our voices are not heard but what they're doing in this building was there is a new government but this new government is only a reflection of the previous government yes there are specialists have been appointed but they have been appointed by political parties which means that they are loyal to these political parties and what the people want is for the new administration to fight corruption so the question they ask if they are loyal to the political parties how are they going to open investigations how are they going to retrieve stolen public funds on monday 11 on a parliament is expected to meet to ratify the 2020 budget a lot of quest

>> so mark zandi's team, you know, mark is a big supporter of nancy pelosi. they put out analysis that i don't trust. sometimes they put out great stuff. but if you pay people a lot more to stay at home than to go to work the idea that there are more people going to work doesn't add up. >> that's not true. you saw the yale study from july. you saw it from a couple -- can i quote from it? quote, we find no evidence that more generous benefits disincentivize work either at the on set or expansion as firms look for expansion over time. wrong? >> yes, it is wrong. when we get the full data it will be surely reversed. just think of the logic of it. if you take a median family say in tennessee if they don't go to work under the $600 plan, then they get $90,000 a year and if they do go to work, it's $50,000 a year. staying at home and getting $90,000 and going to work it's $50,000, it -- i wonder haven't played with their data yet, but i really don't believe that study. >> all right. i believe and i have heard from so many americans that they want to go back to work

. >> mark zandi, appreciate your insights today.e'll continue this as we go through the challenging days and months ahead. >>> neiman marcus is now filing bankruptcy. the second to file for bankruptcy protection this week. j. crew did it on monday. restructure financially so they can stay open now in the hope after the pandemic. before we go to break. a look at the economic pain many are feeling right now. pittsburgh international airport converted one of its parking lots into a drive-thru food bank and distributed more than 23,000 pounds of food in just two hours. on their way. every day, all across america, we deliver for you. and we always will. overnight, they became our offices, schools and playgrounds. all those places out there are now in here. that's why we're still offering fast, free two day shipping on thousands of items. even the big stuff. and doing everything it takes to ensure your safety. so you can make your home... everything you need it to be. wayfair. way more than furniture. daddy, i found you! good job. now i'm

i think mark zandi at moody's put it the way, i think people are coming to the realization that the jobs may not be coming back or coming back quickly, all conflating with racial tensions boiling over. it is going to be a very difficult week scope forward -- a very difficult few weeks going forward. jonathan: unemployment approaching 20% this coming friday, the relationship between china and the united states breaking down, and historical tensions deeply rooted in american history coming to the surface once again, and s&p 500 futures are totally unchanged. . we will spend all morning talking about this on bloomberg tv and bloomberg radio, but i have to say, it is quite remarkable. tom: it is quite remarkable, but i will say this again, i have seen this disconnect between finance and investment over social unrest in the social good of the nation. far more importantly, we've got a whole series of guests up to hopefully ins, and a bloomberg way where we are not as strident as other networks, but i think what is so important to understand, it is the leadership forward and the political space

. >> mark zandi, thank you so much. >> sure, john. >> the lieutenant governor of wiscons wisconsin, both african-american men, their thoughts on this moment of america's racial reckoning. in a safe place and your child safer. to close, twist until it clicks. tide pods child-guard packaging. unlike ordinary wmemory supplementsr? neuriva has clinically proven ingredients that fuel 5 indicators of brain performance. memory, focus, accuracy, learning, and concentration. try neuriva for 30 days and see the difference. that's why usaa is giving payment relief options to eligible members so they can pay for things like groceries before they worry about their insurance or credit card bills. discover all the ways we're helping members today. or credit card bills. no no no no no, there's no space there! maybe over here? hot! hot! oven mitts! oven mitts! everything's stuck in the drawers! i'm sorry! oh, jeez. hi. kelly clarkson. try wayfair! oh, ok. it's going to help you, with all of... this! yeah, here you go. thank you! oh, i like that one! [ laugh ] that's a lot of storage! perfect. you're welc

. ♪ kailey: coming up on "bloomberg technology," mark zandi off, salesforce ceo.off, salesforce that is at 5:00 p.m. eastern. this is bloomberg. ♪ york, i am kailey leinz with guy johnson in london. markets," andberg this equity market is hypersensitive to news on a vaccine. guy: vaccine news coming from a dharna, saying -- mode dharna, , saying it'serna vaccine stimulates an immune response in older adults. thathas been a concern those most honorable will be least able to generate an immune response. in rna vaccine is using the immune system to produce a response to the virus, does generate a responsem. ernana hitting -- mod hitting session highs, still up once .7%. -- 1.7%. kailey: it is day three of the rnc. mike pence is set to speak tonight and one of the core issues is the future of american energy policy. we spoke about energy independence. a great job done making ourselves energy independent, relying on new technologies like horizontal drilling and fracking to allow us to increase production in the united states. it is important that we maintain our postur

and for those of you joining us on television and radio, this number one thing we have seen is mark zandi suggesting a 14% on employment rate is the feeling in america away from the published 10%. one more idea. fxt was your observation on in your reading this weekend? was it developing countries are more em-like? jonathan: start with g10. people are questioning the euro-dollar move. it went a little quickly and we started to question may be the european recovery and underestimating the resilience of the u.s. economy because of that data last friday. in em, it's all about turkey. but we will feel that maybe what's happening in turkey can bleed out and spill over into other areas. tom: a couple good notes on that. a trifecta of confidence on wall street with j.p. morgan asset management leader joining us. and also with great work on portfolio management and fx. formerly a trader with ubs and there is nothing like losing money as a traitor to give you -- as a trader to give you clarity is a portfolio manager. let us turn to the linkage of the dollar to your world of emerging markets. is it

the ceo of walmart and the fed president for the dallas fed bringing in another big name, that is mark zandiit is good to have you back on the program. millions of americans are in mortgage forbearance taking a pause in paying their mortgage at some point, that will have to turn around. how do you see this ultimately all playing out? >> businesses reopen and people get back to work the forbearance programs you are mentioning run off as long as 12 months from now. hopefully by then, most people are back to work unemployment ends, we have a vaccine and life moves on. that's the optimistic scenario we may have other problems if the virus reintensifies and things don't open. we'll have some credit problems. that's probably what the stock reflects is that we'll have problems down the road the big question as many see it based on what i'm hearing and seeing is what is ultimately going to happen with consumer demand those working are saving a lot of money we are not going to peter luger. we are not traveling has the economy already been damaged enough that people will hunker down and sit on their c