morgan wells fargo bank of america and citibank just those 4 banks own 81 percent of it so those are the guys getting bailed out by the fed in the mean. time u.s. housing j.p. morgan chase to raise mortgage borrowing standards its economic outlook darkens it just got harder to buy a house from tuesday this week customers applying for a new mortgage will need a credit score of at least $700.00 and we acquire to make a down payment equal to 20 percent of the home's value but this is an interesting concept one of fairness as it relates to the economy and it's not really baked into the american system is not designed to be fair because fair is what is fair for one person is unfair to another person and that's a highly subjective term what america relies on is free market capitalism relies on competition and that if you are successful competing then you succeed remember in america possession is 9 tenths of the law now if you don't compete successfully then you get thrown out of the game basically but that's the way it is in the united states and. having said that when you talk about banks

morgan wells fargo citibank bank of america have their bad. debt spelled out the same ordinary 340000000 americans go oh cool so thankful for my government and the central bank bailing out are bad bets here's my bad. sorry we don't have enough money for that so that they feel like the ordinary person feels like this is unfair somehow that's jamie diamond you know bad bets get bailed out over and over every single time it crashes my belt bad bets never do yes and that's why on this show with kaiser report we have put forward the notion that you will never achieve fairness in the economy that's based on money if it's controlled by banks stores and central bankers who can print 10001 for you and it doesn't and they are free to break any law they want the only riposte. is bitcoin and gold particularly bitcoin bitcoin disenfranchises and de capitalizes i'm not for decapitating anybody but i am for be capitalizing all the wall street bankers by shifting the center of gravity of money from the dollar and fear to bitcoin and that's perfectly within ou

morgan wells fargo citibank which own 81 percent of these what comes next even you know digging into the fed announced last week on junk bonds they're essentially bailing out any company that's a fallen angel so if they were a investor grade corporate rate it on a. shell to below investment grade which by the way every airline in the u.s. except for so west is no below desperate they could essentially buy those those parts the question is whether or not they start moving into things like equities or high yield bonds that are junk rated so you know that's they really proven that you know they're discounting crude investors at the start there's a concept that has been floating around for quite some time called moral hazard that is if companies make mistakes should we really bail them out of course covered 19 is a pandemic that nobody saw it coming however these airlines fail to put any cash in reserves as a matter of fact they've been using free cash to buy back their own stock to give their executives huge payouts and they brought this on themselves in many ways so should the public b

your mum did military because citibank you somebody meet. this girl you got a police officer for you do you go to. the scots think if you do go but if. the stop is a welcome relief to the cramped passages their bodies a and their stomachs are empty. t.j. i think. you. can give them mentality you. believe you were ready but road is known. as a precaution they wait until daylight before setting off again. by the early morning the vaccines have been on the road for 22 pounds. even so sharif proceeds with caution. i think i'm on the to be on your feet. but now. that you know. good judgment at these times is critical. the gamble seems to have paid off after 24 hours the taxi arrives in kiss a do good. but luck is against them. the pharmacy is closed the ice has melted and the vaccines urgently need to be refrigerated. but no money going to them to open up a mobile phone with you know i. don't know their man got no no i'm going to advise you get one foot out. the pharmacist is on his way but one passenger is tired of waiting. the 1st think of the

. >> you know, rita, you tried to go through citibank and citibank said they'll hold on to politics fore additional funding becomes available. what happened when you applied through citi? >> well, first of all, the portal -- the online portal didn't open for weeks later, eight days later. from initial date and we applied, we then submitted all the documentation and then by that time most of the funds -- funds run out. so we never got any funding and they told us our application was safe. >> your petition online, it demands a trillion dollars for the total funding of ppp. secretary mnuchin was asked about that this weekend, he said he doesn't think it will take that much, additional $300 billion he thinks will be sufficient. you guys don't. you also specifically want this plan to have tranches of money that hit particular businesses. and what you saw laid out overnight in this deal, does it accomplish what you think will help small businesses most? >> short answer is no. i think there are positive aspects in there. we can see they were very good at getting money out, but it doesn't do a

one is an sba lender but i bank with citibank, capital one.unts with both of them. even as of this morning if you go on their website, neither of those banks have any ability to be taking any applications and they keep saying just come back and stay tuned. i called my citibank representative in downtown chicago branch. the branch was closed. i was transferred to someone at a call center in india who had no idea what i was talking about. she talked to her supervisor. then they referred me back to the same web page. so i was finally able to get a loan processed this week through my existing sba loan provider, after i had made many, many calls to them. their website says, you have to put, you can't submit a application directly. you can make a request, but i somehow made it through. and my rep there is telling me maybe she will have update later this week or the beginning of next week. so you know, it has been challenging. some applications with the state of illinois and also with the city of chicago. same thing. you finish your application. some

i know that my sisters were trying to reach citibank, and it's not just citibank but they were on thene for hours and hours and i think that that has become a problem with the response time. what is it that hearsay does? >> you know, as you can imagine, right now, a lot of people want a response but they also want a proactive reach-out from their financial adviser or insurance agent. what hearsay does is we provide mobile telephony text messaging, social media, all compliant digital communications between financial advisers, bankers, agents and their clients, and what we have seen in the last few weeks is that digital touch through a human, with a human, has gone from being nice to have to a must-have. we are seeing it both ways, where the influx of client calls is unprecedented but also, the amount of activity and the amount of minutes that advisers spend calling their clients, calling them back, reaching out to them, has also increased by 3x to 4x. just really incredible amount of engagement there. of course, despite, we see them working on weekends, working at night. they can't get

as of today citibank's online process hadn't gone live. $75 billion in guaranteed loans will process, some through community banks. it's unclear how much has gotten into the hands of business owners like wendy. >> 50% of restaurants might not even make it. i might not make it. >> reporter: she closed her three metropolitan bakery locations in philadelphia. >> we need the ppp to enable us to get zoom operations, pay our bills, rehire staff. it's urgent. >> reporter: after a week of gathering documents she was able to submit her application. she's been waiting four days to hear if she's been approved. alex perry who owns a commercial sign company has been waiting even longer. >> we're down about 80%. >> reporter: perry applied through a community bank and can't get an update on its status. >> all the lenders and vendors are playing nice right now. we're all in this together, but i worry what's going to happen four to six weeks when their bills come due. >> reporter: lester, the president said he wants congress to come up with an additional $250 billion for the program and wants the sena

there doing records of dollars, they're dealing with many community banks, bank of america, citibankls fargo is very much in route. they're dealing with the bankers, it cannot go that quickly but i am hearing it is a very successful roll—out. the deed not want changes and applications, they want changes in loan requirements, but they are taking billions and billions of loans and in the very near future, the bigsby pan got —— the banks will be paying out the money? considering that the auto industry is hurting these days, are you ready to postpone... you ready to we industry is hurting these days, are you ready to we have a deal and obviously the delisting from the standpoint of it is a deal that is assigned to deal and one of the worst deals that we have ever had was nafta, where the worst trade deals ever made by any country everywhere, will be terminating that and the new deal is a great deal for country. again, we get hit by the virus and we will see where that all those, but soon the car production is going to be down for a little while but ultimately, good for farmers, great for

morgan wells fargo bank of america and citibank just.

assembly in contempt order regarding the net the nation's financial resources which had been blocked at citibank now professor the venezuelan central bank had been blacklisted back in 2019 so what is the legality of the federal reserve. and foreign assets do we have precedent for this. and it's clearly are not there are attempts in the middle of a global pandemic to range the kinds of sanctions that you're imposing i would hope for people that either and people like pope francis and others around the world have said that this is a prime to reduce sanction in the interests of global health and here is the united states not only not we do sing them but making them worse it's an embarrassment frankly of those of us in the united states who watched it so as to reach out of the it's a question who will regal step that was taken in the 1st place took block counts of the sovereign government here in a bank in new york of this city bank of new york it's a further step of even greater questionable notice in legal terms of from the federal reserve basically to take possession of another country's assets w

morgan wells fargo bank of america and citibank just those 4 banks own 81 percent of it so those are the guys getting bailed out by the fed in the meantime u.s. housing j.p. morgan chase to raise mortgage borrowing standards economic outlook darkens it just got harder to buy a house.

morgan wells fargo bank of america and citibank just those 4 banks own 81 percent of it so those are the guys getting bailed out by the fed in the mean. time u.s. housing j.p. morgan chase to raise mortgage borrowing standards economic outlook darkens it just got harder to buy a house from tuesday this week customers applying for a new mortgage will need a credit score of at least $700.00 and we acquire to make a down payment equal to 20 percent of the home's value but this is an interesting concept one of fairness as it relates to the economy and it's not really a big day into the american system is not designed to be fair because fair is what is fair for one person is unfair to another person and that's a highly subjective term what america relies on is free market capitalism relies on.

morgans of the world citibank bank of america all that stuff but the problem is especially in the situation it's not those big banks that are having a liquidity crisis as it was back then or credit crisis or credit crunch it's these small and medium sized enterprises that operate all the goods and services and deliver all those goods and services that they're the ones that are in trouble at the moment you know the last mile distribution in terms of money the former.

morgans of the world citibank bank of america all that stuff but the problem is especially in the situation it's not those big banks that are having a liquidity crisis as it was back then or credit crisis or credit crunch it's these small and medium sized enterprises that operate all the goods and services and deliver all those goods and services that they're the ones that are in trouble at the moment you know the last mile distribution in terms of money the former bank of international settlements. guy is talking about is explicit lee picked a graphically portrayed and a money velocity chart that we spend showing for a few years money velocities come to a dead halt it's just gone down every single year because the money doesn't get to where it's going on purpose that's by design because if it did then people would use it in ways that would increase the money velocity and wages would start going up and then the wall street ponzi scheme would come crashing down would have come crashing down earlier because that's inflation and inflation is the death knell to bonds and the bonds for 40 years

suspended in order to preserve capital and that was a message that has shocked the entire industry citibank likewise also warned that global corporate earnings could fall by 50 percent in 2020 and that stock prices have further room to drop to reflect the likely profit decline so while we are getting some relief today and might still be too early china which has started to reopen the economy after nouns in victory against his battle with corona virus might be fine back into another cycle in his rush to restart the economy another cluster has emerged as china reported 39 new cases as of sunday from 30 a day earlier so it does appear that the disease is reestablishing itself yet again and that round 2 of the pandemic may just be getting started or oil prices however fell monday by 6 percent despite sources claiming that moscow and riyadh were quote very close to an oil deal to reduce output now this deal brokered by president trump would finally bring much needed stability to the oil markets where they would cut production by up to $15000000.00 barrels the market was expecting a meeting to be

citibank. how are you, michael? hi. michael: hi, sir, how are you? pres. trump: good, mike. thank you, great job. michael: this is a great opportunity not only to talk about how we are helping consumers. we told you there would be renewed support in the american economy for workers. we have been working -- on march help for small businesses in the u.s.. we were impacted by covid-19. today we expanded that with an additional fee waivers. deferredw offering payments for 60 days for credit card customers, and we know that many of our credit card customers are small business owners, using our products. we are also extending our earlier for consumers and small businesses. [indiscernible] over the past weeks, our bankers have been engaging many small businesses for critical financial solutions. now come as far as the sba will beon program, it able to help a lot more. this, on thee of crisis, many have insisted that they do everything they can to repaying the people, their employees, and their customer base. we start today with a limited number of conversations and address our proc

tremendous success with this plan, bank of america, jpmorgan chase, the big banks, wells fargo and citibank today, hundreds of thousands of applications are being processed and many community banks, hundreds and hundreds of community banks all over the country are doing this where the loan goes out, it goes out to the small business, but under one condition, they have to pay their people. they have to be able to keep their people on the payroll otherwise it's a real tough loan, but they have to do that. it's been incredible how so far -- i hate to say flawlessly in three days but it's way ahead of schedule and in fact will probably increase that because the money is going to be spent much sooner than we thought and that's a good thing, not a bad thing. the banks have been incredible. the small business administration. >> sean: on the reopening of the country, are you looking more at something geographically oriented? are you looking at for the very specific challenges of the high concentration of people in a small geographic area, how do we open them and open them safely again so rebounds d

knock out a lot of companies make money at $25 a barrel i have an investments there and jpmorgan and citibank. >> what about the banks? the positions you just mentioned are the ones that discussed in the past the environment that we're currently in for the banks, are you still as positive on those investments that you just mentioned given where interest rates are. >> i bought jpmorgan i bought it when it dip into the very low 90s basically, loan demand will be very strong. they will make a spread on their money. they are very strong institutions with high dividend yields and they are secure >> very painful. i'm a realist. the problem is no fault of their oin. they'll need the government assistance they deserve to get government assistance fp. >> it was provocative and controversial. >> it was wrong. >> let me play it for you. >> it's about the current government rescue plan about which companies should be saved, which shouldn't. >> you keep saying propping up zo zombie companies are you arguing to let airlines fail fail >> yes >> why how does that make sense in the broader scheme of the econo

government treats them and provides more secrecy in some cases if the government wants to go to citibank and not why and when and where you bought something. i'm not sure about the u.s., but in many countries it is treated in a way where they are unprotected. having to bear the weight of the fundamentally conflict in agendas of the different ways of trying to accomplish anyone who's on software development can recognize a. of experienced this if you work in the states and i think in a grand sense part of this is because as a technology gets negotiated as it is being designed and produced it often ends up having to take on a series of different projects and in this case part of what i wanted to help capture is it is the evolving from the previous and one of the things that fascinates me about this work, the privacy project is that it actually worked it provided precisely what they promised to. as a whole new layer of difficulty to that and part of that new layer of difficulty is how do we verify how much of this is actually in circulation. it's who has the right to transact which things a

citibank announced it would accept application. big banks are accepting applications but not processing applications through. this has been led by the community banks up to now. white house economic advisor larry kudlow earlier today saying everyone, every small business owner who want as loan will end up getting one. listen. >> there are always start-up glitches. but hat's off to secretary steve mnuchin and the sba. they have done a great job in a very short period of time. reporter: just look at current numbers here. we're talking about huge numbers, actually. $128 billion worth of loans processed. 500,000 loans from almost four thousand lending institutions. tomorrow another milestone for the program as self-employed and independent contractors can file for the forgivable loans. there will be more paperwork involved to verify the amounts they will get. looking out treasury secretary steve mnuchin sees the program running out of money. that debate how to add that 250 program is going on now as you heard. new york governor andrew

morgan chase and citibank, have not been able to accept applications. >> is not enough to a tremendous start, but the are some little glitches, which by the way have been worked out. it is already done, it is already done. it is taking the measures, and you may even do it different, not with this, will have to probably add more money to this to save and to keep our small businesses going. >> it to the $1 trillion is needed for the next coronavirus rescue package, including more money for food assistance. she says she wants to put a bill together in time for a house vote later on this month. >>> some hopeful news that cases may be peaking in new york, push stocks way higher on wall street, the dow is up 1627 point, nasdaq was up 540, and the s&p was up 175. all three indexes were up more than 7%. analyst say that they are so bracing for more volatility, though, with markets in bear territory due to the financial fallout from the pandemic. >>> increasing number of companies shows that some of those companies are considering laying off employees because of the economic impact of this pand

we've been doing business with citibank for 30 years. run millions, tens of millions of dollars through there. they pawned off my application to small branch. they have two branches. they have no clue what they're doing. i emailed them my driver's license. you know, just feels, i'm sharing frustration of our audience. i see why people are sort of banging their head against the wall. what do you say to folks like that? >> charles, you're making me angry telling me that story because i have heard that story again and again, particularly from businesses that run substantial numbers through their bank. the big banks, guys, they're dropping the ball. for years we have heard them talk about how important small businesses are to them. now i hear story after story, banks, larger ones giving smaller customers the run around, not accepting loans unless you're an existing customer or sign on for a credit card as well this is such an opportunity for big banks to get to know small businesses and grow their banking practice but maybe this whole progra

go back one week and i think stephanie was talk about the financials but look at the movie from citibank, bank of america, jpmorgan. the moves in just a week they have made. they are still well off the highs. we know that we're seeing other areas actually take a bit of the baton. i do think there are different yars areas of the market flas have leadership retail continues to be an outmao and lowes. if you look around a little bit there are other areas of the marketplace that are performing very nicely and have shown some great performance. yesterday the move at lululemon. all we're seeing almost exclusively is really short term paper. when i say that, we're seeing option trades that go out to friday's expiration may 1st or may 8th. it's really short term stock pickers market, traders market that all fits in tcf financial today, goes out there and their earnings were very impressive. there are areas in the marketplace. >> maybe we'll bring erin into the conversation now it was just yesterday on this program when scott wapner asked jeffrey gundloch about what could happen in the market goi

markets, goldman sachs affiliate, tiaa cref, citibank, wells fargo they have all their own programs butest off contacting them yourself and seeing what you can get. this is pretty much an automatic thing for a lot of banks out there. so i encourage you, don't be embarrassed. reach out for help. back to you. connell: right. everybody is doing it or some people are. helpful stuff, thank you, as always, gerri willis. melissa. melissa: racing for a cure, we'll talk to two research is from pittsburgh about their findings and a potential vaccine that can neutralize the virus. that's next. plus the coronavirus task force is set to give an update on the pandemic a few minutes from now. we'll give you the white house briefing as soon as it gets started. stick around. nah. not gonna happen. that's it. i'm calling kohler about their walk-in bath. my name is ken. how may i help you? hi, i'm calling about kohler's walk-in bath. excellent! happy to help. huh? hold one moment please... [ finger snaps ] hmm. the kohler walk-in bath features an extra-wide opening and a low step-in at three inches, which

he started his career at citibank until one and rose to vice president of citigroup's international securities and then he is currently the managing partner of pinewood trading fund. and he is the chairman of the jack brooks foundation which provided wonderful reception for nus tonight. so please join me in welcoming and thanking jeff brooks. [applause]. jeff: thank you tony for that kind introduction. we are all grateful for you and your generosity and posting us this evening. with them is like this, i am grateful that my father's example can continue to inspire people for years to come. jack brooks, devoted his life to this country. first is a marine, then by serving his constituents as their rep. serving this constituents long enough to serve alongside ten u.s. presidents. but the best one of course, was president jimmy carter. so it is truly, truly an honor to have all of you all here to share with you this new biography, then meanest man in congress. jack brooks and the makings of an american century. on my own, i could never have accomplish as much as these two intrepid authors. ... ...

and around the world let's talk about that with citibank's chief investment strategist and economist, steven whiting. good to have you with us what does oil at a lower price point for longer mean for the global economy, one, for the american consumer, two, and for the american jobs outlook. >> well, i would look at it this way. there's usually some very mild, but widespread benefits for consumers for lower energy costs. but concentrated negative impact for producers. so from the credit perspective, it is a terrible, terrible blow, even if you share the benefits of falling energy costs for many consumers. and if we think about the particular moment in time where we are right now, where gasoline demand appears to be lower on a weekly basis than any time in the united states that we have seen since records beginning in 1991 so people are not driving, they're not filling up gasoline tank, and they're not really benefiting from that savings if we take a look at the energy industry in the united states, it seems that we had a very big drop in refinery use of energy so they're not making the

i don't know who was surprised by oil the tanks are nearly full and citibank putting out notes saying we could be out of storage and we could have much lower prices at leasting for the current month contract, but with all due respect to the show and the production i don't know if those three things are nufr. germany is going to kind of start to slowly re-open its economy on monday. are we not paying enough attention to some of the coronavirus-related information? >> think we are, brian i think the market is now trying to sort through the macro and the coronavirus. look, on other day, and today's data, first of all, retail sales would have been -- how about the days we shrugged off 6.5 million jobless claims or unemployment numbers that were catastrophic or some of the other data so retail sales shouldn't matter and neither should the index which was a joke and that's worse than the coaster so if you think about today. germany announces that they're going to start opening their economy on monday. if we did this two weeks ago this would be the headline and it would have been up 3% or 4%

. >> you have wells fargo also tapped out, citibank and chase had trouble uploading applications to the business administration, the sba. if this is the situation for big banks, how do the smaller community lenders, how are they able to do it? >> the same issue, not necessarily the scale of the loans but with the sheer inability to give the borrower information to the small business association. i heard from one community bank that had three people, that's the only amount of people they could have adding this information to the website. they asked for a hundred log-in credentials, they were given two extra. it's a problem for banks of all sizes. what i heard today, jake, as well is that the website itself went down at around 1:00 p.m. eastern time, so no one was uploading information. i struggle to give you an optimistic view of what we're seeing here. there's so much demand, and the technology can't keep up. >> today former federal reserve chair janet yellen said the unemployment rate, she believes, is likely 12 or 13% and going to continue going up. she said unemployment might reach d

the swamp with bank of america and wells fargo and i guess citibank has just now kicking in, and also no one's talking the commercial banks, the community banks. everyone's talking commercial banks, the community banks are doing tremendous volumes and they are probably doing them faster from what i understand. the community banks are the easiest ones in terms of getting the money out. so the money is getting out, the applications are far beyond what we ever anticipated and it goes essentially to the workers. we want the business is to hold onto their workers because once they lose the workers, they're never opening again. it's not going to happen. >> i'm wondering if you could expand a little bit on the form that mexico would take to the reimbursement, what form with that take, we essentially had that and i have a second question. >> president trump: there was no real cost because we are agreeing to produce a little bit less. you have it for another day, it's actually cheaper than storing it where you take it out and you deliver it to a massive wealth like the strategic reserves, our

they're dealing with community banks, bank of america, citibank, wells fargo as you know is very muchd they're dealing with the bankers. can't go that quickly but i'm hearing it is very, very successful rollout. they did want changes in applications. they want changes in loan requirements et cetera, but, they are taking billions and billions of dollars worth of loans and in the very near future the banks will be relieving the money, paying out money. please. reporter: thank you very much, sir, are you still expecting the usmca to take effect on july 1st? and considering fact that the auto industry is hurting these days are you ready to -- new rules? >> the deal is with canada, the deal with mexico, we have a deal. obviously the deal is different from the standpoint that production will be lower but we have a deal. it is a signed deal. it is a deal that is one of the worst deals that we ever had was nafta, one of the worst trade deals ever made by any country anywhere. we'll be terminating that, the new deal is a great deal for our country. that is something. we get hit by the virus an