labor eugene scalia.e: our thanks to david westin for bringing us that interview with eugene scalia. aeing's ceo weighs in on timetable for recovery as passenger travel plunges 95%. will they have the means to make it through the worst downturn in aviation history? we will discuss with carol levenson, next. this is bloomberg. ♪ amanda: this is bloomberg markets. i'm amanda lang in toronto. calhoun hasave warned it will take years before growth gets back to 2019 levels, let alone resume its growth curve it had been on. raisempany was able to $25 billion in bonds recently to shore up its cash position. how long will that last is one of the big questions. carol levenson is with gimme credit. positionrt with the that boeing is in, like many airlines, the income of cash is nil. it was able to tap the markets. give us the read on its financial flexibility, does it have for the -- what it needs for the time it is describing? carol: they give for having me. as you point out, the ability to tap the bond market for

lou: secretary eugene scalia. >>> more breaking news.ouse speaker nancy pelosi and her rad call the chems -- radical dems are proposing a a massive $3 trillion spending package to rescue us from the wuhan virus pandemic. $3 trillion. of which $1 trillion will be sent to state, local and tribal governments. another round of economic stimulus payments also being conjured up as part of that deal as are extensions of extra unemployment insurance, a pause on student loans through september and a $175 billion with which to subsidize rent and mortgage payments. it's going to be quite an interesting battle over a $3 trillion item. senator lindsey graham, one of our favorite people on this broadcast, says he wants to the find out more about obamagate, but he thinks that there's one name that shouldn't even be questioned. makes you wonder why he agrees to call it obamagate. does he? we take it up with investigative reporter john solomon. and, yes, we're talking obamagate. also, we unravel the mystery behind a missing document, a document that summ

in the next hour, we will speak to labor secretary eugene scalia about those numbers.loomberg. ♪ david: welcome back to "balance of power" on bloomberg television and radio. i'm david westin. our stock of the hour. shares are up today after announcing a new debt offering of $4 billion, on top of $5.4 billion earlier. abigail doolittle is here to explain why gm is doing so well. abigail: certainly a lot of cash that they have on their balance sheet. earlier this week, they reported better-than-expected first-quarter, even talked about resiliency for pickup trucks, product strength, so you wonder why they need to cash. a pessimist may say that they are preparing for a doomsday scenario. an optimist may say that they are really just trying to shore up the balance sheet. it is probably somewhere in between. cfo on wednesday talked about the idea that they want an investment grade balance sheet. them, so youded can make the argument that they want to cash on the balance sheet, so they have that investment grade credit rating, and not fall into junk status. david: they have

on -- eugene scalia, u.s. secretary of labor, right here on "bloomberg surveillance ." ritika: with the first word news, i'm ritika gupta. in hong kong, chief executive carrie lam has defended new sweeping laws. she promised hong kong's would be preserved. details of the chinese bill will ban subversion and foreign interference. democracy groups are planning another major rally tomorrow. a british government minister has quit over a controversy involving prime minister boris johnson's top advisor. dominic cummings has refused to resign over allegations he broke the government's virus lockdown rules. the junior minister for scotland says many voters in his district don't understand cummings' act ions, so he decided to step down. president trump vowing to move the republican convention out of north carolina unless crowds are allowed. that is a shot at the state's democratic governor, roy cooper. the president says he wants to be assured that republicans can gather in august whether or not there are coronavirus o

we'll talk with eugene scalia coming up. president trump is set to land at kennedy space center this very hour, to watch the historic spacex to become the first commercial company to send astronauts in orbit. we will have discussion with space should telecom mander. chao. more and on "making money." ♪. charles: the dow is leading the way all session long as reopening optimism is reflected in this what we call the market rotation, cyclical stocks are doing better as main street gains in the economy. rotation is also the theme of the week. we saw some bonds into stocks be. defensive stocks into cyclical stocks that just mentioned. growth into value, about the big question is can overall value continue to rally as tech stocks head in the opposite direction? i want to bring in kaltbaum capital management president, fox business contributor gary kaltbaum. you love to tech stocks. made a ton of money particularly in chips. looks like they're toppy at the moment. are you moving out of them from financials into some other sectors? >

eugene scalia joins us at 9:45 this morning. i have to tell you now, larry kudlow tomorrow, following the likely to be worst ever jobs report. that's tomorrow for kudlow. today for scalia. "varney & company" is about to begin. >>> we can't keep our country closed down for years and we have to do something. people want to go back. you're going to have a problem if you don't do it. if you don't do it, you've got a very big problem. reporter: how close are we to a permanent problem if we don't reopen the country? >> i think people won't stand for it. actually, i don't think our people will stand for it. stuart: he's right. we won't stand for it. we want to open up. that's what the president thinks and that's exactly i believe what stephen moore thinks. he's with us now. he's a member of the trump economic recovery task force. stephen, the point to be made is surely that we are opening up anyway. there's a mood of defiance in the air. there are people opening against the rules. they are doing it. i mean, this is really marching forw

labor secretary eugene scalia. that is at the bloomberg business flash.idng is ruling out federal instead selling bonds, the largest offering this year and the company says it eliminates the need for more cash. boeing burned through the most money ever in the first quarter. it is looking to shore up finances more by cutting jobs and cutting production. the worst contraction in history according to market trackers. edges 70 5 million in the first quarter. a double-digit decline from the same time last year. both firms attribute the shortfall to the pandemic. we worked at cutting more jobs. been told a coworker and company also plans to permanently shutter its on-demand effort. there is currently one location close do to the pandemic. the gatwick harbor may be closed by british airways. says there is no certainty -- the pilots say there is no certainty that air flight will pick up again. cutting funding costs from banks but it has refrained from boosting its bond buying program. you will hear about that next. this is bloomberg. ♪ nejra: this is bloomberg da

labor secretary eugene scalia. then star wars capital, state of travel industry and reopening of america. quick break and we will be right back i am totally blind. and non-24 can make me show up too early... or too late. or make me feel like i'm not really "there." talk to your doctor, and call 844-234-2424. maria: welcome back, markets are mixed this morning, futures indicating a mixed opening with the dow industrials up but the other indices lower, take a look, futures a gain of 87 points on the dow, sports fever television network futures are down 1 points and nasdaq futures lower by 50 points. u.s. stock markets focusing on reopening certainly as well as hopes of a coronavirus vaccine and treatment this as key economic data is out, jobless claims, first quarter gdp, second read, both due autoat 8:30 a.m. eastern. estimates calling additional 2.1 million jobless claims last week. american airlines and boeing announcing additional layoffs in the midst of covid-19 economic downturn. joining us to talk about this c

labor secretary, eugene scalia, mr.s so much for being here. >> my pleasure good to be back with you yes, it will be an important interesting report that we put out on friday. >> how should we be looking at reports secretary? because i know that right now we are in a moment in time, that hopefully will go away. at some point, but we are in a moment in time where we are seeing a very sharp steep contraction for the a second quarter could be as high as 30%, unemployment numbers continuing to rise we see every week with benefits should we just ignore these numbers and think well those jobs will come back? should we be looking at those numbers saying well we are falling further into recession when could get worse? how do you read these numbers. >> i think you put your finger on a really important issue how to view these we have to recognize that these reports reflect millions tens of millions of americans out of work right now, that is difficult it is painful the president has done all he can continues to do all the he can,

labor secretary eugene scalia. mr. secretary, good morning.is a huge day, a huge week where we are slowly seeing parts of the country reopen. first, to the goal of the task force in the shifting of focus to reopening the economy. how do you see that happening? >> well, we are reopening and i think the majority of the states are putting in place their plans to reopen in a measured, gradual way consistent with what the president and task force outlined a few weeks ago. i flew with the president yesterday ouch that honeywell facility in arizona and it was exciting to be on the road again. i think the president really drew energy from being out with the american people and hearing from the workers and that's a great story by the way about the facility being put up in just five weeks to begin cranking out these n95 respirators. and we are seeing across the country where we've been disciplined and careful for weeks. and you are right, we had some difficult job losses. we are turning a corner now and we are ready to start reopening across the country

here to break it all down is labor secretary eugene scalia.are mentioning are still troubling numbers. as you said, more than 40 since the pandemic resulted in the shutdowns. that said, we are turning the corner last week for the first time since february. the number of people on unemployment has declined and, that declined as much as 3.9 million. so that's a very good sign, and what we want to see as we reopen the businesses and our economies. and as we go about that safely which is so important, too. >> sandra: so much is changing in the workforce, so many businesses have had to shudder for good and some businesses are learning quite frankly they can get along with less employees. so as we climb their way out of this, how do you get people back to work? how do you get people roaring again as to where it was when this pandemic set in? >> we just had an incredibly dynamic economy up until the very start of march. there were reasons for that. policies of tax cuts, eliminating unnecessary regulatory burdens which the president had put in place w

what's disappointing is the secretary of labor eugene scalia, osha has been handcuffed.y are not out there saying let's make sure that worker protection is the number one thing we need to do because if we don't have safe workers we are not going to have a safe food supply and we are going to have people increasingly exposed all around the country. arthel: so dr. michaels, where does the buck stop? i'm not sure where you think who should be leading the charge and who lays the outline as to protect the workers, how do we keep them safe, you know, in compliance and how businesses can somehow protect themselves from frivolous lawsuits. >> you've asked the right question. the buck stops with the employer, the law is very clear, the osha law is clear that it's up to every employer to provide safe workplace for their workers and it's not that they should follow recommendations. we don't put up signs and say it's a recommendation, it says that you have to protect your workers. workers have to be able to go to work and feel safe. right now they are feeling terrified and if they -

but this morning on fox news the labor secretary, eugene scalia, tried to downplay the numbers, sayingy of those jobs are going to come back. >> there are tens of millions of americans that have been put out of work, and it's a great hardship for them. but many of those jobs are not lost yet. and i've seen three different surveys over the last week showing that about 90% of americans on unemployment think it's temporary, think they're going back to those jobs. what we want to do now is get them back there safely. >> joining us now to discuss this and more, gene sperling. he was the director of the national economic council under both bill clinton and barack obama. he'slights author of a new book entitled "economic dignity." there you see the cover. gene, so what do you think? what's your reaction to what the labor secretary says? >> well, you don't want to be downplaying what's happening now. we're going to see on june 5th that the may numbers were -- that we may have lost 25, 30 million jobs in our economy. unemployment's over 20%. and yes, some jobs it we reopen carefully and smartly

attorneys donated labor secretary eugene scalia. thanks for being here, mr.ary. >> thank you, bret. >> bret: you just read that piece about the liability protection. why is that so important for republicans in the administration? >> well, i think the stage we are in now reopening the economy, bret, we really are turning a corner right now. you have businesses and workers looking for clarity and confidence about the practices in the workplace going forward and so a number of businesses are worried that they're doing what they think are all the right things but might nonetheless face frivolous lawsuit. our focus of the labor department -- you know, we have the occupational safety and health of administration at the department, we've been working very closely with the cdc providing guidance for poor places or variety of types of work settings. my own view is that businesses taking those steps should not be subject to lawsuits, but there is concern on their part that frivolous cases might nonetheless be brought. >> bret: right, you mentioned osha, so some democra

despite the bashing our economy has taken during the pandemic, labor secretary eugene scalia believesck turnaround. >> i think our economy has a chance as we reopen now to get back to where it was -- you know, we were so strong a couple months ago. we had to take this pause. but i think as we begin getting back, people are going to be pleased to be back at work and get that economy going. >> reporter: the next week we'll get a clearer picture of the impact the coronavirus has had on our economy when dozens of major corporations release their earnings reports for the first quarter. in washington, i'm garrett tenney, fox news. arthel: well -- i thought we had a sound bite there. i guess we don't. treasury secretary steven mnuchin he had a certain warning as the justice department launches an investigation into companies applying for loans through an sba program meant to help small businesses amid this covid pandemic. so far, nearly $2 billion has been approved in the program's second round with the average loan toe at that timing just over -- totaling just over $109,000. california rece

reporter: secretary of labor eugene scalia says they estimate 50 million jobs have been saved becauseotection program helped many businesses limit or avoid layoffs. former white house adviser gary cohn believes this will be another important part of a greater assistance package that must happen to help the rebound. >> washington still needs to do more to help businesses reopen. we need to make sure we take care of the legal liability issue. i think more and more businesses would open if they felt they didn't have a threat of a legal action or liability action if someone got sick coming to work. reporter: the senate comes back into session on monday. there was overwhelming support in the house, likely to be the same in the senate when they do take up this bill. back to you. neil: edward lawrence, thank you very much. want to go to joe borelli on all of that, the new york city councilman, also trump 2020 new york co-chair. joe, before i get to what's happening in staten island, businesses trying to reopen and some getting punished when they try that, what do you make of revisiting the w

labor secretary eugene scalia. mr. secretary, thank you for joining us this morning.bers still so high and so elevated going on almost three months of this crisis as states start to reopen >> yeah, sara, it is another week of elevated unemployment claims as you say. it's a drop from where we've been and we revised downward our report for the week prior. i do think that some of the claims that we're seeing now are claims that were filed actually in prior weeks but only now in a sense hitting the books because of the volume that the states have been dealing with we still know these numbers reflect a lot of hardship for american workers and families fortunately the president and congress acted swiftly back in march to put relief programs in place and the other thing that we know is that we're reopening and i think we're now seeing a lot of people going back to work my hope is in the next few weeks we will see millions go back to work, millions going back to work at pace we've never see before either which does not means the hardship will end but we're turning a corner. >

line is when the dust settles, we want to make sure that people, i can't wait to speak with judy eugene scalia it looks like we have phase one for the white house is grand scheme to come back, how far away as phase two and can we get there without a vaccine? the lsu tigers coach o will be joining us next. and disney world is looking to reopen. >> a welcome development for sports fans across country, ncaa division i says college football and men's and women's basketball athletes can resume on-campus voluntary voluntary workouts starting june 1st. so what precautions will be taken to keep the student safe? let's bring in lsu head football coach, and i know you are happy to back. >> we are so excited, we can bring players in, and make sure everybody is safe. and then on june safe eighth, we know louisiana, that's bigger and stronger and faster about safety is the number one priority for most of our playe players. >> absolutely. we had the a chance to cooperate, what an enormous thing for the branding from lsu, and that makes this football season even returning, and looking at tackle football. >>

white house officials tell labor secretary eugene scalia, they no longer want money invested investedinese companies. according to letters this involves 4 and a half billion dollars. this is the subject i brought to our audience over a year ago. joining us fox news senior strategic analyst retired analyst jack keane. great to have you here. thank you for joining us. and i think that i brought this up to you a couple of times, general, because it was just so shocking to me that you had the military money, the 401(k) money of our military men and women past and present investing in companies that are actually building equipment for the chinese military and some of the companies i have a list here are just like china, they are subsidiaries develop and produce range of aircraft, you have height vision which is company tracking tracking the uguys that are locked up in china. jack: my answer is finally. the federal employees defined benefit plan, their pension fund so to speak. the largest defying pension plan in the world worth $157 billion, about 40 billion of that is an international fun

despite the bashing our economy has taken, labor secretary eugene scalia believes it could make a quick turn around. >> i think our economy has a chance as we reopen now to get back to where it was. we were so strong a couple of months ago, we had to take this pause, but i think as we begin getting back, people are going to be pleased to be back at work and get that economy going again. >> this next week we'll get an even clearer picture of the impact the coronavirus has had on our economy, is more than a dozen major corporations are scheduled to release their first quarter earnings and again, foreclosures are saying, those numbers are expected to be very bleak. gillian. gillian: garrett, thanks for that. leland. leland: all right. states have also been hard-hit by the coronavirus, especially when it comes to their budgets. tax revenues just are not coming in, creating massive budget shortfalls. joining us now, republican, cory gardner, who i believe has made it back to yuma, colorado after being in quarantine the last time we talked. we are glad to see you, sir. >> thank you, leland. l