i do want to call on audible, citibank at the moment, citibank is another corporation that is down 2%e lows, offering individuals and small business companies and customers impacted by the coronavirus all kinds of fee waivers for the customers, they will be eligible for fee waivers on a monthly basis. if you are thinking about worries regarding liquidity or weather will start to see failures and certain lending situations at least for now citibank will assist both business and personal. in the wake of miami canceling the ultra music festival, that happened yesterday in the latin food festival, let's take a look at live nation, the shares are falling to a one-year low over the coronavirus. they continue to threaten live events and entertainment festivals. right now live nation is down for an half percent, down to $53 even. there is one big question still hovering over a lot of companies heads sxsw, the big media and entertainment festival and ask austin, texas, it is still on, tour traders, markets are on special lows, the dow down fewer than 300 points, how about that. >> it's a littl

el acuerdo se firmo con las instituciones bancarias wells fargo, citibank, morgan chase, y us bank. >a todo, advirtiÓ la alcaldesa de san francisco haciendo un llamado a la comunidad a que lo Único que podemos hacer para frenar el Índice de contagio es no salir de casa y seguir las Órdenes de toque de queda y distanciamiento social. >> lamento decirles que lo peor aÚn estÁ por venir, dijo director del departamento de salud pÚblica. aÑadiendo que la ciudad necesitarÁ más fondos estatales y federales para poder proveer suficiente cuidado mÉdico con el gran nÚmero de contagios que se esperan. tambiÉn enviÓ un comunicado a la comunidad latina. >> nadie serÁ discriminado basado en su estatus legal. esta es una ciudad santuario, quienes necesiten hacerse la prueba deben hacerlo. por primera vez en la historia el hospital ucsf de san francisco ha hecho mÁs consultas virtuales, permitiendo que mÁs mÉdicos se concentren een los pacientes graves. ramÓn: es importante seÑalar que la condiciÓn migratoria de una persona no tiene nada que ver para que sea atendido. el gobernador gavin newsom dio a

newsom firmÓ el acuerdo con citibank, wells fargo, chase y us bank.deben o no deben prestar servicios. tayana: luisa es dueÑa de un restaurante en san josÉ, nos explica por quÉ segÚn la orden, puede mantener sus puertas abiertas.. >> un restaurante cualquiera es esencial.las personas tienen la necesidad de comer. por mÁs difÍcil que sea la situaciÓn, todos necesitamos comer. tayana: a pesar de que enfrenta restricciones. >> puede poner sus Órdenes a travÉs de la web. tayana: no son tantas a comparaciÓn de los negocios no esenciales. marisol tiene un salÓn de belleza. >> los salones no son esenciales. tuvimos que cerrar. tayana: ella y todos sus compaÑeros han estado sin trabajar desde mitad de mes. >> es algo diferente difÍcil porque no estamos haciendo el dinero que siempre tenemos entrando cada dÍa y trabajando. nuestro negocio se tuvo que cerrar 100%, no hay excusa para estar abiertos. tayaana: entre los negocios que no tienen excusa de permanecer abiertos, no son considerados esenciales estÁn las tiendas de ropa o productos no comestibles, centros

citibank, mastercard, the volatility of markets are creating trading revenues for big banks. instead of buying stocks we sold put options. $25 put on citibank for six months we got paid 20% in a flat market we make 20% in a rising market we only make 20%, which is the downside but we pro ebl have six to ten weeks ahead of us on news of the virus getting worse. we are looking to the horizon, looking at companies we want to own, and premiums at puts. >> do you think we may already be in a global recession at this point? >> i think almost certainly we're in a european recession. it looks like the u.s. is on the cusp of a recession and will go into q2 if we're not there already. you've seen what's happened in china and china has done a great job containing this. 20% slowdowns in industrial sales. all of these are going to be hit. i don't think this is a long-term thing, though. i think it's more like 9/11 than 2008 if we get central bank policy that we've done to provide liquidity, i don't think there's a run on the banks that's the thing that creates market turmoil when you don'

lifetime and these are the the happy talk propagandist for the bond dealers like goldman sachs and citibank and the others who have put this false sense of security as if interest rates could go forever negative at best to say that we would go backwards in time. forever because but the bottom line is that now time has value as it should the yield curve will get normal but not after. or will see which countries can survive the bomb crash foreign countries particularly in asia who've been the victim of america's bomb bubble are resilient and they're already coming out of the cold with crisis because they've built up resiliency the u.s. has no resiliency goldman sachs is expecting the economy and the united states to decline by 24 percent in the 2nd quarter whether or not you know we'll see civil disorder because of that i know in our in terms of our just in time neal liberal sort of a con a me there are i noticed supply chain issues in our local area where it's supermarkets still 56 days later have no supply so i don't know what people who haven't stocked up or who don't have any supplies at

and credit card companies like american express and citibank. david? >> so, spethat's help much need. rebecca, thank you. >>> there is news tonight on the checks that president trump wants to send out to american families. the proposal calls for this. if you make up to $75,000, you would get a chuck for $1,200, and it's all part of a major bailout. some of that money going to business. and so, our jon karl asking the president today, will you guarantee that that money won't go to executives and more stock buy-backs? jon is at the white house tonight. >> reporter: tonight, senate republicans and the white house introduced their trillion-dollar plan to boost an economy battered by the coronavirus. >> can you still get this done, like, early next week -- >> if we don't, we're going to get our ass kicked. >> reporter: the plan includes relief for workers, small businesses and the industries getting hit hardest, including airlines, cruises and hotels. will you guarantee that the money, the billions, the tens of billions of dollars -- hundreds of billions of

74 basis points or.74% off the session lows we did hit historic lows for more now, i'm joined by citibank strategist. i don't even know where to start. what has been the most interesting to you given what we've seen the past few weeks now? >> the realization that this is a global shock it is not contained, it is 85 countries. it is global just coming to the realization, governments and people will adjust to the shock. it is not the economy is overgrown. there is not excessive production or collapse the true collapse where there schbt diversification. you don't take your vacation in another part of the world. you stop the vacation. this impact is something investors are coming to grips with they'll see more the public understands this. it is not going to be a spanish flu but it is going to be a global shock >> over the past couple of years when we thought the trade tensions would come from the united states and china. even that, the two world's biggest economies are going to battle with each other the world economy hangs in the balance, yet markets still hit in some cases historic highs or

then there's those to go to college and in fact you remember in the stock market crisis when the citibank was having a fraudulent stock broker the deal with the stock broker is we will get your daughter into kindergarten if you give a good stock market report here and. the weeding out process begins oh already in grade school to go to a school of can get you in to the prestige coed so it really is a right of terri aristocracy that's emerging we're talking about i knew you were going to say this because that's why i wore my kindergarten outfit. this is going to come up in fact we've had this scandal as well not only do we have the celebrities and the powerful people apparently paying bribes to get their children into these schools which shows you that even though they have this huge wealth that the importance of getting that degree from a particular university regardless of what you actually learn at university is so important now in our economy and we have the hereditary issue is something like 40 percent like a huge percentage especially white americans at harvard or certain select unive

homeowners, 5 of the country's largest bank steve her mortgage payments, jpmorgan chase, wells fargo and citibank postponing payments for 90 days. loans from fannie mae or freddie mac will be eligible for d ferment. rob: new york city healthcare workers have one less thing to worry about as they battle the covid-19 crisis, they are offering 1-month rentals free to anyone with qualified medical id can sign up through the end of april. at dodgers and angel stadiums in la forced to park when facilities became overflowing. jillian: as the pandemics of stones and across the country americans are getting creative with ways to keep fit under quarantine. rob: we brought in an expert to share tips on staying healthy from home, certified women's fitness specialist and fox news reporter anna:man, good to see you again. we will go right into it and talk about exercising when you are in your house when you have no equipment. what do you do? >> reporter: you can't use that as an excuse. my strong sexy mom program find anything you can around your house. i have a mom using tins of baby formula to do bicep curls

help the lower income or middle american, you need to pass a law that these places like chase and citibank cannot charge more than 5%. they are charging up to 30% on people. it is almost criminal. the most they should be able to charge for the next two years is 5%. everybody right now is going to the store with their credit card. if you lose your job, you will lose your credit card. if you want to help people, make a law. don't let these people robbed the american people. host: he's talking about credit. let's ask about crisis as well. we have seen shortages at grocery stores. how concerned are you about crisis jumping quickly -- prices jumping? >> i think we should be mindful of price gouging as a general matter. people should not be allowed to charge astronomical fees on credit cards but also prices on basic goods. that is something the government can do about. on the other hand, the price mechanism is something that works very well most of the time . we want to be careful and mindful not to mess too much with the price system. yes, price gouging, we need to do something about it. especi

on the financial front, 200 banks including wells fargo the citibank, j.p. morgan, chase, and u.s. bank, have all agreed to a 90 day grace period for mortgage payments for those affected by this virus. the governor also urged all californians to keep following the state home order. >> we can bend the curve. we can defeat this virus. we can't defeat it unless we commit to fulfilling our individual obligations in our collective responsibility is to meet this moment. >> he said help is on the way from two billionaire businessman, tesla ceo elon musk has promised to distribute ventilators. burton group founder richard branson is shipping 150,000 test kits. california reports a 70% increase in the number of cases from just yesterday at more than 2500. at least 53 people have now died . today, federal officials confirmed that two people had traveled on the grand princess cruise ship that was held in the port of oakland earlier this month have also died from complications from the coronavirus. as for testing, governor newsom said today the 66,800 tests have been performed. the results for

. >> reporter: some of the nations largest banks including wells fargo, citibank, jc morgan chase, and u.s. bank have all agreed to a 90 day grace period . the economic impact is likely to be significant. the governor said 1 million californians have already filed for unemployment since march 13 >> reporter: the bay area's hardest hit county saw a big increase in cases today. santa clara county health officials reported 8040 cases, bringing the total up to 459. another person there has died, bringing the total death up to 17. san mateo county has 165 cases, and sadly, four more people there have died. five deaths in total. three of the people who died for older adults. the fourth person was described as an adult. san francisco is now up to 178 cases and went death. in marin, there were 53 cases. sonoma has 37 and went death. napa county reports three cases. solana have 24-bit contra costa has 108. alameda county has 135 cases in two death. two passengers who contracted coronavirus from the tree and chris's presenter has died. the health and human services confirmed they got after being

meeting today with the head of seven big banks including bank of america, citibank, jp morgan, goldman sachs, wells fargo, and the sun trust-bmt. it's going to be recommended to the president that the april 15 tax line filing be delayed for small and medium advise size to -- >> they don't have to pay an interest or penalty on that that will have an impact of putting over $200 million into the economy. it will be very good for the individuals. >> we should just clarify as well, it's not the meeting that's been canceled but the pool coming in to take some pictures of the meeting that was canceled. the treasury secretary also saying this morning there will likely be targeted assistance for business hit. >> i want to be clear. this is not bail-outs but there may be specific industries that are highly impacted by travel, that have issues with lending, and just like after 9/11 the government authorized certain loan guarantees, we may consider that. >> the president in the meantime trying to calm the markets and keep the market from slowing down. yesterday, the senate republicans have plans t

morgan" and "citibank." and all the loans totaled $408 million. ebbers secures them with "worldcom's" stock. >> he was getting all these loans based on, you know, the company's, um, uh, you know, reputation. and i think that was because he sort of saw these things as-as the golden ring of having, you know, worked so hard and climbed so far. >> for the moment, ebbers is enjoying his farms and ranches and yachts. his life is built on the belief that "worldcom's" stock will continue to defy gravity. but there's trouble on the horizon. by early 2000, the outlook for the telecom business is stormy. >> the long distance business was just not a cash cow anymore. it once had been. but it had just been decimated, partly because there was so much competition. >> on wall street, the entire telecom sector takes a nose dive. in june of 1999, "worldcom" is trading at $62 a share. by the end of 2000, it's tumbled 70 percent to just $18 a share. but bernie ebbers remains an aggressive cheerleader for "worldcom." >> is "worldcom" a financially sound, solid, surviv

he also announced four of the country's largest banks, wells citibank, andnk, j.p. morgan chase have agreed to waive mortgage payments for 90 days for those impacted by the virus, while bank of america agreed to a 30 day waiver of payment. >> i want to start by just thinking our speaker nancy of the the leadership senate, particularly chuck schumer for the stimulus bill. that was just announced. we are hopeful that it will not only passed but hopeful it will fulfill the promises that are being made in terms of its impact. thene is naive about magnitude of this crisis and i am not suggesting the magnitude of this stimulus will even meet the moment. i certainly have strong points of view there will need to be more in the future. let me just acknowledge would work and progress. that is manifest in the state of california by our back of the envelope estimate as we process more of the details of the stimulus bill. we will be the beneficiary of over $10 billion just in the grand portion of the package. some 5.5 billion dollars alone will go to the state itself. the rest w

meeting with the ceos of seven big american banks and included in that list is the bank of america, citibank, jpmorgan, goldman sachs, wells fargo and truest which is the new combination of bb and t and suntrust. the senate told republicans he wants to suspend the social security payroll tax to inject more money into the economy. and he wants to push back the april 15th tax deadline for small and medium sized individuals. >> we are going to recommend to the president that we delay, we allow the delay and that they don't have to pay an interest or penalty on that. that will have the impact of putting $100 million into the economy on that will create a big stimulus. that will be good for the individuals. >> bill: at the administration also pulling out the post-september 11 playbook and steven mnuchin also saying this morning that there will likely be targeted assistance for organizations that have been hard-hit by the virus. >> we are not looking for bailouts but there may be specific industries that are highly impacted by travel, that have issues with lending, and we may consider that. >> bil

bank much america, citibank, jpmorgan, goldman sachs, wells fargo, u.s. bank and truist.ust, lead and bb&t, leaders from those banks will be present. the government is trying to hammer out the response to the coronavirus, the treasury secretary talked up the idea of potentially delaying the tax filing deadline. treasury secretary steve mnuchin saying up on capitol hill not only individuals might be able to ask for a delay, he went well beyond that as well. listen. >> for small and medium-sized businesses, for hard-working individuals, we are going to recommend to the president that we delay, we allow the delay and that they don't have to pay any interest or penalty on that. that will have impact of putting over $200 billion back into the economy, and that will create a very big stimulus. that will be very good for the individuals. it will be very good for the economy. reporter: senate democrats also released their economic relief measures. they say a package should include things like paid six days. six months loan forebearance, rental assistance and small businesses gran

is the fort lee dollars to h windows a basically no cost or low guaranteed credit will be used by citibankp morgan, and then any big monopolists or large companies that can get access to it to buy of their competitors and buy up small business who are honestly now and really distressed state because they don't have any revenue. that is what is going to happen. i look for to the progressives who are supporting this like congress woman ilhan omar supporting a wealth tax later on for all of the well that they are right now transferring to wall street. amamy: cnbc jim cramer said d lt week the economic downturn from the pandemic couldld leave the uniteded states with just three retailers after the crisis ends. >> we come out of this sooner than other small businesses can open -- if we come out of this later, david, they're going to be three retailers. there will be amazon, walmart, and costco. that is something the government cannot afford to have happen. amy: matt stoller, if you can respond to what cramer said? the white house, president trump singh we are spinning much more time wearing abo

then the head of citibank said that they need to support of, support of small business is critical. he said the other side is there is uncertainty on the demand side. so working to put in forbearance programs and lending limits, upping lending limits within those programs as well. ken griffin of citadel said the weak spot is the smaller business, especially the gig economy workers. that is a sampling of what you're about to hear from around the room. but the bottom line headline here, 8:00 tonight, we believe, announcement from the president. the bankers saying that they are sound, that their institutions are sound, and the next question is, what exactly do we hear next from president trump? i believe we'll get the play out soon. connell: is that oval office address tonight? reporter: traditionally 8:00 would lend itself to that though we don't know the exact setting. the president at one point said 8:00, probably 8:00, and then he said later around there. bottom line is, i'm guessing. i don't know. maybe some of this is still being worked out. president said we'll hear from him ton

brian moynihan's done a great job with bank of america and we own jpmorgan and citibank. >> what about american airlines, with both the leverage piece and the fact that they face a month's long if not quarters long business hit here >> yeah. american is in the weakest position we have been adding to it down here we also own delta and ual. but the one thing that i think you can say with confidence about certainly delta and united airlines is that i would put it almost -- almost impossible for them to go bankrupt and the reason i say that is warren buffett owns 9% or 10% of each of those and warren bought more delta stock in the 40s recently and i would be highly confident that if those guys needed help he would be there with his standard 8% preferred and he had 130 billion on the balance sheet so i wouldn't expect any issue with those except just the price changes that we have seen. again, i think - >> for american, does it become a survival of the fittest? consolidation? i'm surprised there's not a better reaction to details of the emergency loans from the government will look like. in

bank of america says 2880 to 2040 citibank says transitory shock, no recession, rebound coming in the second half. jp morgan says large but temporary and maintaining overweight for u.s. stocks kudlow, we will get through this within months. steph, who is right? >> targets are silly at this point. we don't know what the economic is -- >> but the targets reflect a view. >> understood. >> the view is -- it is overwhelmingly blip. these people, and rob and joe by the virtue of how he is buying thinks this is just going to be a blip. >> i do, too it could last, though, longer than expected. that's the reason why having a long term target by end of the year is silly. because you have no idea the economic impact, the earning impact we just don't know. we are not really going the see stabilization i don't think until you get enough tests in the system, which seems to be 4 million by the end of next week and then you are going get the real numbers then that's probably not until the following week maybe you have volatility the next couple of weeks it is not just the virus it is the economic imp

development program leader, he's also just throwing everything out there is pulling the banks jp morgan citibank bank of america okay they're all coming in to talk issues going forward and how we might possible to protect some industries. shale it got attacked on monday show industry united states saudi said 4 people in a 21th longer want right, we can't make oil 20 so we see job losses and to the news is going to get bad. but how bad does it get it is questionable all right well you brought up the oil obviously for that for the sector for for oil companies. that's bad news it will just drop so low. >>because of all that but there's got to be some positive affects for consumers right for district is gas prices will go down that's a plus that's a plus what other possible. thanks a. >>so monday we lost $2 trillion in capitalization of big companies. i don't remember that what i do want. remember is that coronavirus as it continues its push bond yields to record lows. bonds are used to took lynn you and me money to buy houses to lynn corporations like apple monies. they can build a big operations i

the ceos of bank of america, citibank, jpmorgan, goldman sachs, wells fargo, u.s. bank and trust, no doubt discussing how stable the credit markets are and will be, or if and when the virus begins to stress the system. let us bring in right now the head of american securities associati association, ron kruszewski here in a fox business exclusive. ron, if you were in the room with the president right now, as many bank ceos are, what would you tell him that you are seeing right now? >> you know, some fear and some panic is certainly gripping the market. it appears that the impact on the market, i know the market's forward-looking but the impact on the market is much greater right now than the impact on the population of this virus. there's a lot of speculation as to how far this is going to go. what i'm trying to tell investors is remain calm. the u.s. people, the economy, is the most resilient in the world and this will pass. we need to have some calm here. liz: absolutely. absolutely. but i think we just need to hear from you what you are hearing from your loan cus

many of your competitors such as citibank and bank of america already have sensible policies to ensure responsible lending to businesses in the gun industry. under the city policy all of the banks business partners and the gun industry must require a background check before they sell a firearm and they prohibit the selling of firearms to teenagers. these i believe our commonsense policies that increase public safety and to save lives. so i want to ask you what you commit to changing wells fargo's policies on financing the gun industry? >> first of all i d didn't wanto say i share your concerns about the impact of guns. sitting here today, i don't personally believe i know enough to make that commitment that i do know it's something we need to be far more thoughtful about the. i do know we've created financing for someht nonpartisan research and as part of that we need to go back and make sure we are thinking about what the do is in theo sensitive industries and i'm not making judgments one way or another.r. it's just not something i've spentd enough time on but i recognize your concern

your competitors, such as citibank and banc of america sensible policies to ensure responsible lending to heir businesses with the gun industry. under the citi policy, all of banks business partners in the gun industry must require a background check before they firearm and they prohibit the selling of firearms to teenagers. believe, are commonsense policies that will increase public safety and save lives. so i want to ask you, will you commit to changing wells fargo's policy on financing the gun industry? scharf: congresswoman, first of all, i do want to say i share our concerns about the impact of guns. sitting here today, i don't know ally believe that i enough to make that commitment but i know that it's something far more be thoughtful about. i know that we have created some for some nonpartisan research. and as part of that, we need to back and to make sure we're thinking about what the right hing to do is in a series of sensitive industries and i am not making judgment one way or the other. t's just not something that i've spent enough time on yet, but i recognize your concerns.

greatnow -- and this is a by my colleague -- citibank and thische bank are part of deal tied to can see to casinos that mgm tried to buy last month. the plan for at least $2 billion in mortgage-backed securities, and we know that the market has had issues along with the casino industry. it is a lot of money. we expect to cli more of these deals. i do want to call out -- we expect to see a lot more of these deals. i want to call out another instance my colleague wrote about last month, about el dorado resorts. they had also issued some of a takeover. this is angroup, but issue that many banks will have to deal with in the casino sector, but more as we go along. alix: thanks so much. great to chat with you, bloomberg's sonali basak. let's keep a little check in here on working from home. the work from home environment may have actually been an added benefit for employers. people are working longer hours, according to virtual private network service provider nor do nordvpn.-- provider in the u.k., france, and canada, the working day is extended by an average two hours. so instead of workin

david bailin, citibank, and greg daco.sation you don't want to mess on the fed and treasuries. the former federal reserve bank of indianapolis joins us later today. this is bloomberg. ♪ ♪ taylor: good morning. i am with francine lacqua in london. great charts i want to show our guests. team.s from our b.i. i want to post this to david bailin, first quarter earnings for shared growth year after year now looking at -2%. a year ago it was -1%. how are you folding in this economic uncertainty into innings growth in q1, q2 2020? david: it is particularly hard to do that analysis. we continue to refine it, and clearly we are going to see a decline in activity and earnings in march. the largest impact for the u.s. is to come in the second quarter, when business activity is going to be curtailed and we are going to see a cascading effect across all industries. some industries are far less impacted. those could have a small decline in earnings. others could have a large decline. we looked at each of the industry segments. it is pos

heads of major banks will be here 3:00, roosevelt room, citibank, jpmorgan, wells fargo, head of suntrust and bb&t. as trump administration continues to hammer out the economic response to the coronavirus, one of the measures looking at is the delaying the april 15th tax deadline. testifying up on capitol hill this morning, treasury secretary steve mnuchin talked up the possibilities of delaying uncle sam's pay day for individuals and went well beyond that as well. listen. >> for small and medium-sized businesses, for hard-working individuals, we are going to recommend to the president that we delay, we allow the delay and that they don't have to pay interest or penalty on that. that will have the impact of putting over $200 billion back into the economy and that will create a very big stimulus. that will be very good for the individuals. it will be very good for the economy. reporter: up on capitol hill as well today a new stark reminder how the coronavirus could be a challenge for many, many months ahead. dr. anthony fauci testifying that this very well could be just the beginning. >> i

i've heard from american express, citibank.sis, and there are a number of wireless providers. at&t, verizon are letting people pause their bills without service suspensions if they are facing hardships because of the coronavirus. george? >>> coming up here, how thousands of college students are banding together and getting crucial supplies for those in need. >>> and as we work into the weekend, many parents across the country are asking a big question. can my children still have a play date? how kids can be social and still stay safe. >>> and all-star chef michael symon is joining us live with a delicious meal you can make at home and freeze for months. there he is right there. we'll be right back, everybody. make from home, and freeze for months. there he is. we'll be right back, everybody. oroms. or more representation in our government. the census counts us all. and an accurate count helps inform where billions go every year. so, don't miss your chance to be counted. we're kind of depending on you here. complete the census,

want to help the lower income or middle american, you need to pass a law that places like chase and citibank't charge more than 5%. they are charging up to 30% on people. it is almost criminal. the most they should charge for the next two years is 5%. torybody right now is going the store with their credit cards. if you lose your job, you're going to use your credit card. if you want to help people, make a law. don't let these people rob the american people. host: he is talking about credit. prices as well, we are seeing shortages in grocery stores, how concerned are you about prices being -- jumping quickly? guest: i want to be careful there. i think we should be mindful of price gouging as a general matter. tople should not be able charge astronomical fees on credit cards, but also prices on basic goods. that is something the government can do. is somethinghanism that works very well most of the time. signal scarcity, so we want to be mindful not to mess too much with the price system. price gouging, we need to do something about it. especially in finance, the caller is right. but in gener

the economy meeting today with the heads of seven banks this afternoon including bank of america, citibankoldman sachs, wells fargo and the president tried to calm the markets to keep the economy from slowing down. yesterday proposing to senate republicans a plan to suspect social security payroll taxes until the end of the year. that would reduce to zero the 12.4% payroll tax shared by employees and employers. in 2019 the revenues from that amounted to $914 billion. i asked the president's chief economic advisor larry kudlow how the president could accomplish that and not blow a gigantic hole in the budget. here is what he said. >> the payroll tax holiday is a bold move, very bold move and always been a bold president. we've been cutting taxes and rolling back regulations and changing trade deals and opening up the energy sector and doing things that nobody thought we could do. >> the president is also thinking about making the cut to the payroll tax if he can get it permanent. democrats who supported a smaller 2% cut to payroll taxes in 2010 slammed the president for the idea of a tax cu

leaders of bank of america, citibank, jpmorgan, goldman sachs, wells fargo, u.s. emergency rate cut by the federal reserve and the administration formulating a stimulus package. the measures being talked about right now include potential payroll tax holiday through the end of the year, paid sick leave for those impact bid the coronavirus along with help for small and medium businesses in the form of loans and tax deferrals for distressed industries. president trump continues to push the fed for more rate cuts tweeting yesterday at one point, quote our pathetic slow moving federal reserve headed by jay powell which raised fed rates too fast and lower too low should get to level of competitors. while lower rates might be good for me, you, millions of borrowers out there, means less revenues for banks and they have been hit especially hard during this selloff here. by the way, dow futures right now heading into this day last check down about 6, 700 points or so. the meeting coming in 3:00 o'clock hour right as the bell will be closing on wall street. the vice preside

my name is irwin umbau, and i'm a managing supervisor of citibank. support bill barnickel about three years, and i think the three words that can describe him are dedication, motivation, and commitment. my nephew, who recently separated after seven years from the air force, came to me and said i'm separating into civilian life. bill took him by the arm and walked him through the process of getting all his benefits. bill and i study martial arts in the same school. there was a veteran there who separated from the navy, and he walked him through the whole process of getting health care, education, housing, and career development. i participated in a lot of his efforts, and i look forward to participating with him in the future. i have not been with him socially where he has not found a veteran to help. i hope that helps you. >> good morning. my name is gordon tan, and i'm born and raised in san francisco. i'm here in support of hanley chan. i've known him for many years, and i know his dedication with the commission. he's always hard working, has a goo

he also announced four of the country's largest banks, wells citibank, andnk, j.p. morgan chase have agreed to waive mortgage payments for 90 days for those impacted by the virus, while bank of america agreed to a 30 day waiver of payment. >> i want to start

on the financial front, 200 banks including wells fargo the citibank, j.p. morgan, chase, and u.s. day grace period for mortgage payments for those affected by this virus. the governor also urged all californians to keep following the state home order. >> we can bend the curve. we can defeat this virus. we can't defeat it unless we commit to fulfilling our individual obligations in our collective responsibility is to meet this moment. >> he said help is on the way from two billionaire businessman, tesla ceo elon musk has promised to distribute ventilators. burton group founder richard branson is shipping 150,000 test kits. california reports a 70% increase in the number of cases from just yesterday at more than 2500. at least 53 people have now died . toda