government can do is i would say the early even more important because geithner meds can ensure that people keep their shell that they keep some income in the same way with sex with it shouldn't be shocked at working schemes they get also ensure that. it's small the iris with value starts postponements and we did sion but what we're trying to do is given the entire ball and policing measure so they're going to act now the hospital thank you very much for joining us from the o.e.c.d. . i asked our financial correspondent ali but if central banks have the equipment to fight off the flu. no they don't because they have the wrong kind of equipment they can fight off economic problems yes i agree with the wrong spoon on that but this is a supply side problem at the moment mainly people would love to buy stuff and they have the money to buy stuff it's not to high interest rates or to a little liquidity to little cash in the market that's preventing that it's simply a good coronavirus to quarantines the people who aren't able to produce or aren't able to ship are preventing the logistics si

dearth of american qualified employees to fill their open jobs and went then treasury secretary tim geithner was going to ohio on a visit they were noting that you simply despite the unemployment rate couldn't hire the talent that the that we don't have the trade schools in america those still today in 2019 to train those employees that are needed for these kind of trade jobs that still exist now they will go out eventual ewood today i bet they haven't left yet richard you taught at a state university and i myself am a product of that same commonwealth of massachusetts state college system does an ivy league degree entitle those grads to opportunities that your students and i are denied. well in order to be honest i have to tell you that it is more true even than your question implies the whole notion that we have a meritocracy i find painfully absurd we don't what we have is a system that doesn't generate anywhere near as many good stable jobs as we have people more than qualified to fill them and that's a real problem and we solve that problem not by questioning the system's inability to p

general anastasia during the c sections they may be more likely to experience the illnesses mandy geithneras more in today's health minute. women who have general anesthesia most commonly used during c sections are significantly more likely to experience severe postpartum depression. according to a recent study. >>researchers from columbia university studied more than 428,000 hospital discharge records in new york from a 7 year period, they determined women who had general anesthesia were 54% more likely to experience postpartum depression and 91% more likely to have thoughts of suicide or self-harm compared to those who had regional anesthesia like spinal blocks or epidurals researchers suggest their findings may be because general anesthesia induces sleep delaying breast-feeding and skin the skin interaction between the mother and an event and also often results in more acute and persistent pain after childbirth the authors caution that their findings don't necessarily mean that general anesthesia causes postpartum depression and more research is being done they say it can be good in som

on thethink this is foam runway, as tim geithner o used to sa -- as tim geithner used to say.n for individuals, hopefully for small businesses if they can stand that program up quickly, and obviously for a variety of targeted industries under the fiscal plan. tidehis is just going to them through a really rough patch. in terms of actually stimulating the economy, i think now that the republicans have embraced modern monetary theory and are prepared to run massive deficits , i think it really is time for washington to address itself to our aging infrastructure. that would be stimulative. if you really have 15% to 20% unemployment, if it all goes right, we would be down to 7% or 8% unemployment. that is still right around the level we entered 2009 with. we are talking about a deep recession, and what we are doing right now is providing a soft landing for a lot of people who are adversely impacted by this. but if we actually want to stimulate the economy, the federal government is going to have to start making public jim, i appreciate your perspective. a super valuable voice. jim

when general motors filed for bankruptcy and the cars came in, appointed by geithner or to manage the bankruptcy, the senior and secure bonds were trading in the 20's. billion or 40t 35 billion, that we are trading around the $25 price. that, thathat was up above that, trading in the low 30's. when the bailout package came from the government, the restructuring was all about the bonds, which was the fulcrum, which exchanged for debt and equity. the bank got right above it in the 1930's, it got taken out at par. that was the security interest above the fulcrum. so marathon distressed analysts and our bankruptcy wars are doing this work on these companies but not paying dividends. we are waiting for the opportunity to unfold in is the above the fulcrum security that we will what to purchase. of testnot 100 billions 100 billion dollars, but hundreds of billions of paper. this will be less an equity story, and much more about a credit story. vonnie: what will be your top three buys and your bottom three cells. threeuess your best, top thighs. number one, topical capital structure will lea

there are people in the administration, hank paulson, tim geithner saying here's what the real picture how do you keep people safe but not panic. leaders look at the administration and see the president surrounded by 100% loyalist. steve mnuchin called the president saying he has near perfect genes. last friday, larry kudlow said time to buy the dip. you have elaine chow and betsy devos, who can business leaders trust? >> this is definitely an issue for corporate leaders. that's why you see them start to pull employees out of events, start to come up with their own plans to end any kind of international travel in some cases or all travel period. seeing google and amazon make the determination it is not worth it. i am not saying cancellations wouldn't happen if people had more faith and confidence in what they're hearing from the federal government, but it is not making things better. this is the problem with having lack of gravitas around financial decisions, market conversations, economic conversations. larry kudlow's first statement on coronavirus was a couple weeks ago. >> air tight

are was appointed -- and geithner was appointed to manage the bankruptcy, they were trading around ailout package came from the government, the restructuring was all about the , which were exchanged for debt and equity. the bank debt rate that was in the 30's got taken out, which wr debt and equity. , that was the security interest above the insuranceo marathon analyst and our bankruptcy lawyers are doing this work on these companies, but we are not paying dividends in advance. we are waiting for the opportunity to unfold, for deciding what is intact above the fulcrum security that we will want to purchase. there are going to be lots of opportunities like this, because the forwards are going to 10% on a $3 trillion market. so we are not going to see $100 billion, but hundreds of billions of dollars of paper we can invest in. --s will be less about a and equity story and more about a credit story. buys would be low rated securities, trading at huge discounts, above the fulcrum securities and nonperforming loans that we will be buying out of europe, because we are going to replenish ta

it more clear for me personally how faith has to really be in abundance in your life in terms of geithner -- guiding, as a guidepost. i spend a lot of time -- like i said, the 250 books written for children. the myths about tubman are just tremendous. they have been written over and over and over again. is dispellingi do the myths so we can look at who she was and what she did. -- i am aing i do is huge admirer. everyone in this room is of dr. king, of rosa parks. i really try to make sure all that admirers understand the groundwork was laid by harriet. he saysderick douglass, his work was fueled by the work of harriet. sometimes it is really hard in the work that we do when you are lifting up someone who was a historical figure. a little easier for you guys because you have a president. asantewa: not right now. [laughter] it is really hard when they only go as far back as dr. king. that is sort of where we are as a culture. this whole out of step that happened prior to that. that we forget about completely. o, that is where i spend my time. you mentioned liberation theology. i am from ce

it is not the same as putting three yeah ceos of mammoth coms in a room with timothy geithner and john paulison and say, let's make a deal. this is much more complicated. so we expect complication, but at least there is hope and some relief on the part of investors that we'll be able to get through this or at least there's some type of effort on a solution and that's what people are looking at after the hysteria of the last two weeks and therefore -- >> ed, it's a good point that kari makes and i don't want it to be lost on anybody, regardless of what number they come up with and end up passing on the hill, there are people today around this country who are not working and who are worried about feeding their families next week, if not this week, and who are worried about having a job to go back to, that regardless of what the fed does, they may not have a job to go back to if they work in the restaurant industry so i get your point that the fed has come out with the cavalry and hired other cavalries to come along with them but those problems are not going to go away overnight for what

the way tim geithner, paulson, bernanke, dealt with it and a few others, was to throw the kitchen sink at things. a lot of what they did was through monetary policy, through takeovers of certain impaired institutions. thank god we don't have the impaired institutions part of it. but i think what you are probably going to see because this is an old-fashioned panic, how do you stop a bank run? you have to throw -- get confidence back in the system. you are going to see everything, i think, from tax cuts to giving checks to people and an additional monetary stimulus in the next couple days, because there's only one way to stop a panic and that's to tell the markets you can't, you know, we've got your back a little bit. they're not doing it just yet because -- liz: steve mnuchin, the treasury secretary, i believe yesterday said that major intervention by the treasury wasn't really needed at the moment. charlie: at the moment. liz: i just don't know if the federal reserve should be the fire department putting out every fire. charlie: at some point -- it shouldn't be. by the way, we should p

but i would also go back to say i think we were lucky in 2008 that we had bernanke and paulson and geithnerheir handling of that -- and frankly, we had barney frank in the house and chris dodd in the senate. the way that crisis was handle s was in my ways textbooks. >> let me go to dennis and back to you. >> as someone who was a wall street lawyer for 20 years and a senior staffer, during the crash and during dodd frank, i'm going to reserve my judgments on how lucky we were or were not to have a bunch of bankers running the administration, whichever administration it was. leave labels aside and leave candidates aside for a minute, what we have to focus on is that we have 90% of the american people are economically worse off today than they were in 2007. there are statistics all over the place that show that. we also have a financial system that's supposed to support the real economy, but what we have is a financial system that's largely a wealth extraction system for the few, rather than a wealth creation system for the many. that's where joe biden and sanders have focus. >> i don't disagr

there is no claim of changed circumstances since the geithner was published the the government concedes the field guidance was a lawful exercise of the government's discretion, the agency's discretion. so, the government can see that the field guide would be an entirely proper way for the to assess applications for lpr, which indeed this administration has done. judge lynch: we're in an unusual position that if we were to decide the injunction should be affirmed, it would not have any effect at all, at least in the short run. any such rulings have already been stayed by the supreme court. mr. horowitz: no immediate effect. there are, of course, many ways in which this can play out. an opinion that the supreme court did not consider the case and vacates its stay -- judge lynch: well, you write such a great opinion that the supreme court decides not even to consider the case and vacates its stay. mr. horowitz: we're confident of that, your honor, yes. judge leval: the district court's injunction, is that in your portfolio? mr. horowitz: i would be happy to respond to it. judge leval: i'm

certainly not the german banks shout out to tim geithner for the hated insistence that our banks raise capital. i don't know if you listen to charlie -- >> and the stress tests. the europeans never really followed us. there were holes in their balance sheet. >> club members. >> barclays, credit suisse and barclays, 3.2 trillion >> full faith in credit of what -- >> the market cap of the three companies is something like 50 billion. >> look at monte dei paschi. it's the oldest bank in the world. david, just go set up an account there and see how you feel overnight. >> when we hear from lagarde tomorrow -- what can she do? the deposit rate is negative arguments could be made she's less aggressive than draghi ever was. >> draghi had the malcolm x position >> whatever it takes >> good book >> yes >> he had a malcolm x position she's not. it's time for malcolm x position there is no need for any other position particularly with european banks. i think our treasury -- fortunately i think secretary mnuchin would refinance a trillion dollars worth of bonds. he understands the bond market >> we

energy was one of the biggest a geithner's. look at currencies right now.ve seen an incredible day for the dollar. the bloomberg dollar index reaching the highest on record under a little bit of pressure in this session. this as we continue to see the safe haven moves. the euro, steady at the moment. at thetish pound was weakest level in about 35 years. study at the 160 level while the aussie dollar is gaining ground. this after falling to the lowest level since 2003. we are expecting more measures out of the rba today. let's get you to first word headlines with ritika gupta. ritika: thank you, sheri. the senate has cleared an economic relief bill that would provide food assistance and financial help for virus testing. on 215,000ases touch worldwide with more than 8700 deaths. president trump brushed off warnings at the virus could mean u.s. unemployment soaring to 20%, saying that would be "an absolute worst case scenario." countries must isolate [indiscernible] if they don't, transmission chains can continue at a low level than -- then research once measu

don't be like benne bernanke an secretary geithner, kayment mio this, i can't do that. think big. i keep emphasizing think big when they think small, i want to wring their necks. they're just better than that. >> as fauci said over the weekend, if you think you're overreacting, you're probably doing enough or maybe not quite enough but it's going to feel like you're overreacting. >> that's what secretary mnuchin understands. they're not going to play the nicety game of, i'm very concerned about that someone might come after me. there is no someone. there is no federal cop on the beat who says secretary mnuchin, you violated the law there are issues involving the 11th amendment, the states -- some states rights issue in general, they're ready to figure out we're not going to use the laws of reason to not help people. we'll use the laws of reason to help people. >> this morning, you're watching oil. back above 29. do you believe if the fed's true mission on sunday night was to narrow corporate spreads and they donar ro narrow, equities follow >> no. i don't think they're thinking ab