"outfront" now is gary cohn.y, i appreciate you taking the time so i just want to start off on this crucial point, as, you know, we all hope that these numbers start to plateau and this country starts to come out of this. four to eight weeks to reopen the economy do you think that is even possible? >> look, erin, we are all hoping for the best here. we hope that the social distancing is working. we hope we have seen the worst and it will take some time to open the economy. i think we'll have to go through a very incremental approach in reopening the economy. i think that's going to be different from city to city, state to state, county to county so yes it can take a couple months to get back to the more normalized economic picture in the united states. >> so, you know, obviously when you say somewhat of a more normalized, you know, i mean, there can be a lot of things i would presume that aren't happening like large sporting events or conferences, big events like that. all right. one of the ways though as you kno

in a few minutes, an exclusive conversation with the former national economic council director gary cohn. you don't want to miss that. let's get a quick check on the markets. .8%,&p 500 is up just giving back some ground. there was an immediate downturn after that ft report on gilead's drug being a failure came out. gilead is down 4.75%. so interesting, it was a who report published by mistake that the ft reported on. gilead's response was that there were not enough people enrolled, and the study was ended due to low enrollment and that the study does not give any conclusions. today.il is higher still with a $17 handle, but enough to send energy companies higher. investors weighing the latest economic data to determine the pandemic damage to the global economy. let's get to greg staples with dws. more than 800 billion euros under asset management. federal reserve inputs into the market, something like eight programs, six of which are being used right now. what has that meant for you in terms of opportunities? greg: most of that money has gone into the treasury market and into the agency

that was gary cohn. let's check on the events you should be looking out for.usinesshe german conference. u.k. opposing extending the deadline. set to reviewp italy's credit rating. a --n mnuchin and ways weigjs a lending program for u.s. oil companies. this is bloomberg. ♪ of things are going to change. accelerate the use of online banking and acceleration. we are goingvinced populationreduce densities. >> companies will have much more tendency to go to virtual seasons. this may be something good for banks. see the importance of diagnostics. continuing to invest. recent debates have shown how important that is. companiesasked whether they could switch to work from home in a week, they would have said, and possible. >> those are some of the top exact is we spoke to about how they think is this will change. the u.s. house of representatives has passed a $484 billion aid package. house said trump would sign the legislation at noon on friday. this is the fourth coronavirus measures since early march. steven mnuchin says he is considering creating a government lend

erik: gary cohn, former director of the national economic council, told me today that one of the obviousns of this crisis is that because of dodd-frank, those same banks can't provide as much credit and liquidity when it is most needed. what do you think we should do? do you agree that maybe the rules should be loosened at times like these or would that just open a pandora's box? ron: you have to remember the last financial crisis and the problem we were trying to solve, banks undercapitalized in some cases and not having the capital strength to do what they need to do, a sense that some of these banks were excessively leveraged. that problem was solved. but you solved that problem by putting in place heightened capital requirements, liquidity requirements. think at this point that one could conclude that there is not enough money available to land. again, think about the crisis we are trying to solve for. this is shutting down not just the u.s. economy, but the world economy, realizing that furry economy wille, the be at a fraction of what it normally is. that is where you have central

we'll ask gary cohn about the cost of opening too soon. >> social distance diaries. struggle during the pandemic. >>> and you nighted front. we talk with start bernie sanders in his first network interview since he endorsed joe biden. >> first, here's today's eye opener at 8:00. >> mr. trump wants to reopen parts of the economy before the end of this month. but some business leaders are balking at this taimeline. >> the president will have a call with 50 state governors and he's expected to encourage a hand full of states to ease social distancing. >> how do we get to the point where we are testing the numbers of people that the experts say we should be testing? >> the issues are building stronger lab platforms, the ability to run the test and fixing the problems on the supply side. >> we have to wear masks now. especially when you walk into food marts like the one behind. the governor's orders says if you cannot maintain a social distance, you're required to wear a mask. >> the centers for medicare and medicaid is working with the cdc to increase reporting. how they

joining me is gary cohn who served as a top check adviser to president trump. thanks for joining us you. served in the white house for other crises, although i don't think any as significant as this one. have you spoken with the president since the pandemic began? >> jake, thanks for having me. yes, i have spoken to the president, and i've spoken to others in the white house. look, i'm trying to reach out and be as helpful as i can. >> and i know you don't want to disclose what they've said to you, but what have you been talking to them about? just how to save the economy, how to preserve jobs and wellbeing for americans? >> yeah, look, the most important thing here that the government can do, and they're doing a lot of it, they're not doing all of it, is that we need the income replacement that the c.a.r.e.s. act put into place last week. companies have to be able to pay their employees and keep them on the books and records. it's important for their day to day wellbeing but it's also important for the recovery, when it comes, and we will have a recovery. if w

one of president trump's former top economic advisers, former president of goldman sachs, gary cohn, is here on that very topic, next. just because someone grows older does that mean they have to grow apart from their friends, or from the things they love to do? with right at home, it doesn't. right at home's professional team thoughtfully selects caregivers to help with personal care, housekeeping, meals - and most of all, staying engaged - in life. oh, thank you, thank you. you're welcome. are you ready to go? oh, i sure am. we can provide the right care, right at home. this virus is testing all of us. and it's testing the people on the front lines of this fight most of all. so abbott is getting new tests into their hands, delivering the critical results they need. and until this fight is over, we...will...never...quit. because they never quit. >>> treasury secretary steve mnuchin and democratic lawmakers say they're close to an agreement to pour billions more into the paycheck protection program aimed to help small businesses stay afloat during the crisis. the first time around, s

i want to go to gary cohn who served in the economic council under president trump.ard him say shop owners took a 70% to 80% hit before the shutdown. reopening alone may not change much of that. it's willing whether people are willing to go back. how to take the fear out of going to normal life? >> erin, thanks for having me. this is an interesting conundrum we have put our american citizens in. for the last 35 to 40 days we have literally heard nothing but orders to stay at home, only leave your house to go buy the bare essentials of life that you need and return home immediately. now we're starting to tell people, no, ignore what we told you, go out and reenter the economy. that mental transition is going to take some time. there is a natural adjustment period there to go through. i think people will adjust as they see people entering the economy. they themselves will want to get out there. this is not an overnight phenomena. people will be more comfortable going into smaller retail establishments where there are one or two customers inside versus larger retail so

position when this thing rebounds to be able to have an advantage. >> i ran a clip from my friend gary cohnwent to the treasury, said the same thing adp would be the best way to figure this out. neutral, you get the numbers, no persuasion, no mistakes, no giving to ruth's chris, no giving to shake shack. no giving to l.a. lakers why do you think you didn't get it and how much better do you think you could have done? >> well, as you probably know, we've been working with various parts of the government. we've worked with treasury, with the irs, with sba. i myself have spoken with a number of senators we offered i think an open letter to u.s. leaders that we would help in any way that we could. and the problem is this is a very complicated situation the scale of the issue that needs to be addressed is quite large. so i think when -- the clip that you just played, the concept of getting money out there and taking care of the people work later i think is a great idea, but probably not one that was workable and in defense of what has happened with the sba and the banks, had we taken that approac

mayor gary cohn is also going beyond federal guidelines suggesting more people wear masks.ack here in queens, city councilman daniel dromm lost five friends to the virus. >> whenever somebody goes into the hospital, my thinking is, "will i ever see them again? will they ever come out?" in these five cases we all new they had gone in and in fact, they never came out. >> reporter: i'm told elmhurst hospital here is only accept are coronavirus patients, nothing else. meanwhile, across town, at the 1,000-bed javits convention center field hospital, after initially saying no coronavirus patients, they've now reversed course and will begin treating them. norah. >> o'donnell: that's quite a development, mola. thank you. now to a developing story in south florida, where two cruise ships carrying passengers with coronavirus have been allowed to dock. for some on board, it's the end of a nightmarish odyssey. for others, the odyssey it is far from over. >> reporter: after nearly a month at sea,let "zaandam's" voice ended at fort everglades. val myntti couldn't wait for it to be over.

gary cohn, former director of the national economic council.ck check of your latest business headlines. boeing slashes production in half. it announces earnings this week. final details are still being discussed. the company is under increasing pressure from the collapse in travel. on top of the grounding of the 737 max to -- max. the collapse of china's coffee has led to a sizable increase in asian loan-loss provisions for credit suisse. the bank provided $100 million in marginal loans to markets before accounting fraud allegations triggered a collapse in the stock. even with these losses, credit suisse announced a 38% rise in earnings in asia during and -- its earnings quarter. rishaad: the tokyo lunch break is upon us. the nikkei down at the moment. 8/10 of 1%. ♪ haslinda: it is mainly in the red, investors mulling over a couple things. stocks with rising evidence of the damage of the pandemic and a slew of disappointing earnings. on top of this disappointment that the virus drug might not be working as people thought. it went badly, the dru

to change >> thanks so much for that after the break, former national economic council director gary cohn will join us to discuss the path to reopening the economy and who should be blamed for issues surrounding the small business funding program a discussion around oil prices given he was a former commodities trader before being president and coo of goldman sachs. don't go anywhere. life isn't a straight line. and sometimes, you can find yourself heading in a new direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward. we hope you find our digital solutions helpfulclear, to bank safely from home. deposit a check with your phone or tablet. check balances, pay bills, transfer money and more. send money to people you know and trust with zelle. stay safe. stay home. together, we'll get through this. pnc bank >>> f the latest round of ppp funding for small businesses made available yesterday this after round one faced krit czyz from those who claimed on certain types of questions steve mnuchin was on cnbc earlier

i speak todent trump's former t economic adviser gary cohn.ronavirus hit iraq where the government isdy alrn crisis and the economy in freell. president bahram sala joins me for an exclusive interview. >> i say w shut our economy off and on in a rather unpredictable manner over a 12 to 18-month period or we have widespread access to testing. >> nobel

. >> there are others who have suggested, like gary cohn during the town hall that we did, if you would have had the payroll processors who know everybody, they know everybody who is at least getting a paycheck, and then we can do other methods to more efficiently find out who needs money, as well, who's not through the payroll system, get the money to them immediately. >> here's another example. look, we are going to spend trillions of dollars of u.s. taxpayer money on junk debt. there's $1 trillion of u.s. student debt that sits at the department of education. there's nothing stopping the federal reserve from retiring that debt. massively simple, straightforward, easy way to drive consumer spending, to give money into the hands of consumers, to do something right for individual u.s. citizens and taxpayers. that's another idea. my point is, it's, right now, we are way too tilted into things that are opaque, that are difficult to administer and that may not have the intended consequences that we want. of every dollar we've given out, what we're talking about is less than 5 cents that ha

gary cohn is my guest. let's go "outfront." good evening. the breaking ne

inncine: gary cohn there conversation with erik schatzker. this is what you're markets are doing.ecause yesterday, certainly on monday, we had a huge cycling when it comes to oil, negative territory. that sent shockwaves across all asset classes. now if you look at what we are seeing, there is a little to support for wti. the focus of closures on gilead and some of the trials were not a vaccine but a drug to deal with coronavirus, that apparently has failed. european stocks dropping. again, leaders in europe struggle to finalize long-term plans to cushion the economic blow from coronavirus. they failed to come up with a long-term rebuilding program. next, tom keene joins us from new york. this is bloomberg. ♪ ork. this is bloomberg. ♪ a 500ne: the eu agrees to 40 billion euro economic stimulus but fails to make a compromise on a longer-term stimulus. we will discuss with the president of germany's he phone institute. of course the focus is on the longer-term plan. in the u.s., we heard when everyone wants to know about, which is how do you get economy is working again. we have a f

he wears a lot of different hats but what co-author of an op-ed in the "wall street journal" with gary cohny. the fed's new mission to save the economy. glenn, it's good to see you. >> nice to see you hope you're well >> you too let's start off talking about the federal reserve and this mission that it's embarked on. i know you think this was an important step for the fed to take, but you also say that there are some potential pitfalls that you hope the fed can avoid. what are some of those risks >> first, i think it's important to emphasize the fed has done a phenomenal job they've acted incredibly quickly at a huge scale and stabilized these markets. and they also innovated particularly by security markets and corporate credit markets in the way they haven't done before the c.a.r.e.s. act gives them the ability to lend trillions of dollars of money we were concerned we make sure we get that right both from a commercial point of view and legislative point of view the loans have the intend impact and engenders confidence on the part of the american people as opposed to what we saw the conse

hee is director at the new york fed he wrote an op-ed last week in the "wall street journal" with gary cohnd's new mission to save the economy. he also serves on the board of new york presbyterian, which is in the hot zone right now. give an update on what you can tell us on what's happening here in new york. some of the numbers we've been seeing have been fairly optimistic in terms of hospitalization numbers dropping and intubations, too >> so, one of the leaders of the hospital system in new york said this week that we're at the end of the beginning i think that's important as we've talked through this crisis, we -- i reminded each time we talked this is a health care crisis leading to market and economic consequences. we need to start with the health care crisis. it feels that statement makes it feel to me that the first phase of this crisis, which was flattening the curve, is now in hand we now have to move on to the phases deploying testing, continuing to rebuild the health care capacity, continuing physical distancing, contact tracing, and then the therapies and vaccines to be through