thanks. >> bill is chair and ceo of miller value partners. a lot to digest there. what an hour it's been we did reopen stock trading in that interview the dow down about 8.5%. the nasdaq down right now. the s&p at 2339. down 7.5% and it is a worst picture in oil right now crude is cratering again hard to say it but building on the worst month ever it is crushing the sector explaining the action today. wti crude hit a 18-year low. broke $22 a barrel the outlook for fuel demand is bleaker every day with travel restrictions the whole sector down more than 40%. let's bring in brian sullivan. you rightly keyed into the saudi story, the supply aspect of this yesterday, as well, seems to making it worse and down 20% in oil again and the journal talking about we could go below $10 with a global storage glut. >> well, they must be watching cnbc at the journal. this is -- when you have a barrel of oil that nobody needs or wants, and all the storage tanks are full, that barrel has either zero value or even negative value because you've got to pay somebody to take it away to m

as bob mentioned a couple of moments ago, last hour, bill miller said this is the buying opportunity of a lifetime. >> there have been four great buying opportunities in my adult lifetime the first was in 1973 and '74. the second was in 1982 the third was in 1987, and the fourth was in 2008 and 2009. and this is the fifth one. i think this is an exceptional buying opportunity i don't mean to put all the money in it at once, but i think layering it in right now is the way to go. >> let's bring in david kelly, chief global strategist at jpmorgan asset management. john bellos is with western asset management david, let me begin with you is bill miller right >> i think it is a buying opportunity. i don't think it's as good as the buying opportunity in 2008/2009, because i think we have a long way to go to wade our way out of the social distancing recession here. i think 2021 will really be the year of recovery i don't expect to see a significant economic recovery that year. but i think he is generally right, though, because we have seen stock prices come down very far. we've seen valuati

delever and those knowing that cash is probably the best place to be. >> you know, guy adami, we had bill miller on the exchange today and he was talking about this is a buying opportunity bill's a long-term investor and one of, if not the most successful active managers ever outside of business warren buffett. he came on and said he thought it was a buying opportunity. i want you to listen and respond, sir here you go. >> there have been four great buying opportunities my adult lifetime the first was in 1973 and '74 and the third was in '82 and the fourth was in 2008 and 2009 and this is the fifth one. i think this is an exceptional buying opportunity i don't mean to put all of the money in it at once, but i do think layering it in right now is the way to go. >> do you agree with that? we lost -- do you think that this -- you're not calling a bottom no one's asking guy adam ti to y this is the bottom and can you -- >> who is he calling it a bottom for? >> a lot of people at home are not necessarily whether or not if it's a buying opportunity for stocks and they're trying to figure out, quite fr

he thinks it's one of the greatest buying opportunities he's seen in a long time much like bill miller told kelly. it's just, yes, it was a sobering, it was a scary interview with bill who clear sli concerned that we're not doing enough >> i'm sure, bill -- scott, excuse me, i'm sure that he wasn't shorting the market and trying to talk it down i understand he wasn't hiding anything he was very open about his intentions to buy stocks in the fact that he thinks the market is go to going higher. but i do think there is a little butt bit of a conflict in what he was saying just as if he said company x stock is going go to the moon but by the way, i'm selling it the same suggests that i'm buying stocks but saying things that are going to push the market down to create better buying opportunities i don't think for any second that was calculated by him i'm not suggesting that. i do think that there is a bit of conflict there that we should point out to viewers in terms of the way that market dynamics works and the typical disclosures we make. >> i will say this at times like this and other t

is this just exhaustion from the selling, almost kind of a clock work kind of rebound because as bill milleraid yesterday, you can't keep sustaining panic at these levels >> i think people are assessing brent prices, which ever you're following and if you look at spot prices, there's a combination of some technical levels you got back down to those 2016 first quarter lows in both wti and brent and some part of the technical soir tories i think on the fundamental story, there's plenty of speculation there's a push on the additional pumping that's coming out of opec and the reality those fiscal both budgets and saudi arabia at $85 a barrel and even in russia, it's 45. you know, there is a moment of sanity here and there's a lot of geo politics behind the scenes that i think are starting to weigh in we are an extreme oversold positions. obviously, recession as a fallout from the crisis here is how people need to assess oil and gas demand and the it's particularly acute and very different than in 2016 when you consider what's going on with the airlines ultimately in commodity prices, in oil, we'

we think this has been a process that's taken two years to complete >> i understand your point bill miller called it the five gatest buying opportunities. thank you for your voice be well. >> thank you rob, you heard that. you heard our gang earlier what do you tell people as woucone of the top financial advisers? >> first, i say thank you. best job, most responsible job of getting the news out there both good and bad. i commend everybody on the team. first, i think people have to understand what is happening this is a fear based run on the economy causing market stress, business stress and personal stress everybody deleveraging to ale r alleviate the stresses it's created a negative feedback in the market structure. there's been a lot of talk about the breakage in risk it's a marriage of self-preservation akroscross a number of fronts it's like a storm that's brewing offshore one we know is going to hit and one we know will do damage we come together as americans. we brace for the impact. we help the affected and move forward with the thoughtful response p from my view this has been all h

you put bill miller on the phone or some value investors, people are opening up and starting to buy here. liz: what are you buying? >> it's time to start buying, from the fang stocks which have gotten beaten up, that have businesses that aren't going away to cash flowing stocks in the food space. i think there's plenty of opportunity in the market. liz: phil and john and mike novogratz, we do have to run. we are probably going to have you back up on the horn because it is a fast-moving market. our sincere thanks to all three of you. dow jones industrials down down about 7.9%. happening right now, this could move the markets in one direction or another. the senate is on the verge of voting for that $100 billion coronavirus stimulus package. the house of representatives already passed it last week. they are voting for amendments right now. the trump administration has also pitched an $850 billion stimulus that is still a bit short on details. hillary vaughn is watching the clock here on capitol hill. when do we think they will really start in full force to begin voting? reporter: the votin

bill miller says now is an exceptional buying opportunity. are they right?et's bring in one investor preaching caution. a portfolio manager for vale. company. great to have you with us. -- villareal company. great to have you with us. everyone is selling at the moment. how important is it to have a strong cash position? >> obviously it is a great situation to have a big cash position. we are fortunate enough to have suffered last year from the cash drag during a positive year. it's nice to have cash on hand right now as the valleys become more attractive. shery: what are you buying right now? now, are not buying right we still think there is more to come, when it comes to the downside. we are seeing really attractive opportunities. what we have seen, in addition to some of the companies you would expect to suffer, like hilton and the others, there is a number of companies that have absolutely no reason to have a pullback in here and yet are still suffering with the markets. there are interesting things that we are close on making purchases. haidi: can you te

>> bill: thank you, david lee miller and alonso deserted part of mary city at the moment. thank you, sir. just across the river in new jersey, and that usually busy city of hoboken are empty. this is a drone camera from a bit earlier. the governor calling on people to stay home from 8:00 at night till 5:00 in the morning. he stops short of calling it a curfew, but some towns and some cities are putting stronger restrictions in place there in jersey. the governor of california ordering that states nearly 40 million residents to stay home until further notice. people can leave for the essentials including getting groceries, prescriptions, or commuting to certain jobs back and forth. governor gavin newsom says he expect the virus one fact more than half of californians unless they take this action. william is live on the west coast with more on that story, hey, william. >> governor newsom set a patchwork of cities are doing their own isolation orders is not going to stop or even slow down this virus, that it would, in fact, 25 million californiane medical system, so last nigh

. >> bill: think you you, david lee miller.nwhile about 10 million people in northern california are told to shelter in place which means going outside for essential activities such as the grocery store, the gas station or the pharmacy. that order is in effect for nine counties in the bay area. health officials are trying to stop the virus and spread of california. meanwhile, cleveland, ohio, is releasing some of the inmates. at new york's governor is saying he can consider that after an inmate and a corrections officer tested positive. one lawmaker suggesting a lot of people are scared about finding something to eat. thousands of blood drives canceled across the country. we are live in the food bank and a blood center where you can find out in a moment as to how americans on a day-to-day basis are keeping pace. it's the next one. you always drive this slow? how did you make someone i love? that must be why you're always so late. i do not speed. and that's saving me cash with drivewise. my son, he did say that you were the safe

bill. and i reserve the balance of my time. the speaker pro tempore: the gentlewoman reserves. the gentlewoman from west irginia. ms. miller: i rise in support of the bill requiring the government accountability office of the social and historic contributions that minor league baseball has made to american life and culture. this past year, major league baseball proposed eliminating at least 40 minor league teams. m.l.b. says their goal is to modernize the system but affected communities say the plan is misguided. minor league teams are often found in smaller cities. i have two in my district and i know they have a vested interest in our community and have a positive economic impact and contribute to our diversification. i have spoken with the fans and they tell me how the teams provide a sense of community, pride and togetherness and improve live built in the region. there are other benefits they provide. for example, the average cost of a major league ticket is over $30, compared to the under $10 for the minors. and that cost rises when you factor in parking, concessions and souvenirs. minor league baseball also offers an

joining me to sdurus to discussm miller, and the newest guest star on bill maher's show. victoria, dean of the school of public affairs at the university of texas. victoria, to you first. what did you think? >> first off, in terms of the optics, i have to point out how jarring that was. but it was finally we got a full robust conversation of the coronavirus. i remember that just three weeks ago, steph, you and i were together debriefing the last debate where the coronavirus didn't even get a mention until 45 minutes in. so we saw here both candidates deal with it substantively and very effectively. but what was most interesting with biden, what we saw in the debate and in the last couple of days is he's taken on the mantel of what we expect of a president in the face of a pandemic. we want someone who does public policy management. thinks about how they'll bring in those experts into the situation room. and second, we want a comforter in chief, something that president trump does not do in the least. somebody that says we're in tough times. we're in the trenches. it's bad

open in central park to treat seriously ill patients and david lee miller has been on that story for us today in central park. >> bill, new yorkers have never seen anything like this. a outfield hospital under construction here in central park. its location along fifth avenue, directly across the street from mount sinai hospital. the facility that is still under construction will have as many as 68 beds including ten that will have a icu capability. i'm going to step out of frame and let you take a closer look at the hospital tents. there will be a total of 14 when it is completed. construction began on sunday, and by tomorrow morning it will be up and running. the state brought together a charity called samaritan's purse to make this a field hospital reality and i talked to the doctor in charge respecting social distancing and he said he never imagined coming here to help during a medical emergency. >> i never thought i would be in central park doing this. we've done this in war zones, earthquakes and hurricanes but this is a very improbable location. we are blessed to be here and happy to work alongside new york to

out with a clean bill of health, they will still have their temperature is taken, but they are free to go after that. indeed, some stricter measures there. thank you very much, monica millerk out what is behind the outbreak. scientists in britain say they can test coronavirus samples from hospital patients and reveal its entire genetic code within hours. the research could help track the spread of the disease, and explain why some patients get ill but the vast majority don't. our medical correspondent fergus walsh has this exclusive report. this is how coronavirus samples arrive at liverpool university. bio—security is paramount. the samples from throat swabs are contagious, so this part of the process was a demonstration. otherwise, we couldn't have filmed inside the containment lab. the scientists here are tracking how the virus is spreading from person to person in the uk. so we have some patients, and we have no doubt idea how they got infected, but by looking at their genetic material and comparing it with others, we can fill in the missing link. it's like a detective story. and with that information, we may be able to understand the spread of the disease better, whi

bill street, sorry, going to have to cut you off there. we have futures on the front foot. this is bloomberg. ♪ matt: welcome to this is bloomberg. millermatt miller. u.s. lawmakers agree on a $2 trillion stimulus plan despite the impact of coronavirus. it goes to a vote later today. in europe, let's progress. the euro area finance ministers take a small step toward a rescue package. spain records its biggest daily death toll

we begin this hour with the fate of the stemless bill on the hill to a member of the royal family coming down with the virus. but first, david lee miller has the latest from here in manhattan. >> governor andrew cuomo held his daily briefing a short time ago and he is has the has enough gloves, gowns and masks on hand at least for the moment but that could change in the next few weeks. he stressed the biggest problem is a shortage of ventilators. he's telling washington that new york should be the priority for getting assistance, specifically ventilators, based on the number of cases and a 21 day projected timeline when it is expected that this crisis in new york city is going to peak. he says other locations at various times will be hard-hit and should be providing help as needed. he described his plan as "a rolling deployment." >> once you address that hot spot with that intensity, intense equipment and intense personnel, then shift to the next hot spot. and have more of a rolling deployment across the country than a static deploymen deploym. >> the governor also said the state faces a critical shortage of hospital beds and it's anti

bills out of the senate why the city. well butter could be the 1st of a ph exulting they could be on the puppy of a ph auntie. miller some idea of a premium on trying to prove they probably of the proceedings of criminal. and so i mean i'm still. took own admission i'm so mad and he was asking. this but how little colombian made any last career ahead of this if you have more looking at the bottom of the least of his hopeful jay showed us who are let's have a shout out who are this whole kim activity what i feed very nearly full so the public and what i need to see a lizard celerity get. a little used to limit i look you keep asserting for a lib you know you're buying no cuz of them but we mean well to see her be workable or be very good and we're going to overlap with the bottom of the how would assuming that the my old computer blizzard is that. what an award was shaken if you hit the. bat and i'm not about to give a woman a maturity s.e.'s he let me buy the ativan or assuredly and. julia would you know shots of what was. the theorem and there's usually quite a few at the heart of the city. heavy and my mother and

series of bills worked out between pelosi and mnuchin and they see what's needed >> thank you back to the phones and your sources there we will bring in ron insana and michael farr, ceo of farr miller and washington. good to see you all here >> i think the market is looking for a comprehensive package as quickly as possible and while we're coming off the highs -- >> only half of it >> maybe a third if the president does, indeed, declare a state of emergency and force the stafford act and get fema involved in this where cash can be passed out to affected individuals that would be something that would probably help market sentiment, but everybody has been saying they want to see a broad sweeping piece of legislation that handles a variety of different issues simultaneously. doing this piecemeal may make it tougher for the markets to digest over time. >> michael, do you think they'll accept any signs of progress and the government has hinted it might come in layers when it was one kind of big bang piece of legislation? >> yeah. i think so, kelly. i think the message was very good and targeted and it had -- there were reasons behind it and the testing certainly seemed to have worked ve

miller is in new york with more details. good morning. >> good morning, in the battle. coronavirus, new york city mayor billblasio said the city is on the front line and is running out of supplies. at least 26 people in the city have died from the virus. and 4,000 have now tested positive. the mayor addressed reporters on a remote location to prevent spread of the disease. he is asking washington for masks and ventilators and other items. he warned without the help of the federal government time is running out. >> i know our federal government has the capacity with the finist military in the world. the largest by far. extraordinary resources. they can create any credit line they want to save the lives of americans. but we are not seeing that. not even close. >> start today statewide in new york everyone else can only have 25% of the employees show up for work. governor cuomo to provide struggling new yorkers with financial relief ordered banks to suspend mortgage payments and fees for up to 90 days. we are just learning that new york state, new jersey, connecticut and pennsylvania called for slowing of all

sandra: mayor bill deblasio warning half of the city's residents could become infected with the coronavirus. hospitals overwhelmed with patients as the number of deaths nears 300. david lee millerve at mt. sinai hospital in manhattan with the latest. >> new york city hospitals are bracing for an increase in the number of coronavirus patients. according to the latest stat 12% of people who test positive statewide have to be hospitalized. now, here at mt. sinai hospital, new york's east side, we just got a statement that said seven hospitals within the mt. sinai system will set up triage tents outside the emergency room. according to the statement it will help limit the spread of the disease including from patients to doctors. hospitals like this taking measures to do whatever they can to cope with the increasing number of patients. new york city accounts for more than half the cases in the country. mayor bill deblasio says although half of new yorkers will get the disease, he is calling it a very limited experience. now let's take a live look at elm hurst hospital in nearby queens, new york, they have more coronavirus cases than any other part of new york city, the epicenter of

bill is the president is protecting those people. so, now with these plans, small businesses hopefully will be able to hire back a lot of those people. >> let's bring in senior fellow at university of virginia millerary of labor in the obama administration. let me put that quote to you from secretary mnuchkin, these numbers right now aren't relevant. what do you make of that? >> yeah, that tells you a lot about the priority of this administration that we have 3 million people who are going their unemployment offices or applying online. they are going to get on average about $385 a week. that will go up under the stimulus. then they will try to figure out how to stretch that out to pay their rent and buy groceries and so when you say that's not relevant, that, in my opinion, shows the mistake in priority for this administration that they are probably frankly more concern how the cruise industry is doing than how american workers are doing. what's important to understand as staggering as those numbers were yesterday they probably even understate the reality of how bad the situation is right now because we know a lot of the shelter-in-place rules didn't go into place until after this data was collect