look for the writings of gran -- glenn hubbard from the american enterprise institute.concerned about the debt expansion and productivity of america is a former chairman of the fed, alan greenspan, and conversation with david westin later today. look for that. this is bloomberg. ♪ >> we have a situation where we have excess supply. cushing is 70% fall. inc will be completely full may. home, butd to have a not everyone is that fortunate. what is happening is a simple case of supply and demand in the market will not find some stability until that comes back into balance. francine: that was the bp chief executive bernard looney speaking on bloomberg. to talk about oil, what moves we have seen and what comes next is amrita sen. thank you for joining us. we were lower and then quite a lot lower in the last 24 hours, and oil will be stabilizing a little bit. is this the kind of move we will see until oil finds a floor, and when is that? amrita: i think the big moves have been driven by the very nature of what we have been talking about the fast few weeks. we will run out of d

vonnie: glenn hubbard --david: glenn hubbard, who you know well, has warned about demand destruction. do we face the prospect of de- pressure, not just recession? presumes that we do not take the type of actions , and resolve the problems, which are very similar to the ones that we are confronted with. what that would fundamentally solving the whole question of how you go from this socialist society, which sweden then china collapsed in the revisions,made major the time that would make our medicare and social security problems get resolved, but we are nowhere near that as of yet. there are a lot of issues that i'm not sure we want to get into. but the problems are out there. i hope we come to grips with them sooner rather than later. innie: i wonder --david: wonder whether we have not taken a step toward a socialized economy. starting with 2008, 2009, but certainly now, did extent by which the federal government is intervening into the regular economy regularly. and not just the central bank but others have grown their balances, investment decisions even depend on what we think the we

we welcome glenn hubbard, professor of economics to the columbia business school. george w. chief economist. great to have you. what is your biggest concern as you look at the jobs report this morning? glenn: in some sense, we knew the jobs report would be an inaccurate picture of where we are now because we have seen such a big increase in uninsurance claims, but it was worse than what might have been expected. to me that says policy needs to doingvery much on whatever it takes to keep people into their employment. the tech -- paycheck protection program, the cares act. calling onere smaller and medium-size enterprises early on, envisioned a much bigger program. do you think congress will have to go back and add more to the small business lending program that is getting underway today, or can the fed handle it through the main street program once they start leveraging the treasury money? it is possible the fed can assist, but most of this will be on the taxpayers back. these loans are really grants, as long as small and midsize firms don't layoff their workers. i think cong

i was in a meeting in the oval office one time and it was glenn hubbard, and economic advisor who later became the dean of columbia business school. i don't never what the issue was, that glenn was there and i was there, and obviously a speech was being talked about. i remember there was kind of a loose consensus forming around some idea and the president looks at glenn hubbard, and dr. hubbard, what do you think about that? and he said, mr. president, i don't agree with that at all. [laughter] >> it's one of those moments you hope actually happen, if the president asks for someone's opinion and the tell them instead of holding back. that was kind of the tone i always felt even though i never fell in a position where i needed to say i disagreed with something. >> it's hard to overstate how hard that is. first time i was in the oval office, i forgot the complete thing. you are there, i'm in the room, it is so bright. what do i do with my hands? [laughter] >> it is hard, but you get used to it. >> in the impeachment of andrew johnson, one of the articles of impeachment involved speechwrit

whether it is ken and glenn hubbard, larry summers and jason furman on the left.ou can talk about this in other countries as well. we have all come together and said basically the same thing. you are not going to overdo it. don't worry about overdoing it. whatever you think is enough is probably not going to be enough. worry about the bill later and try to get it out as quickly as possible to the small business sector, mostly for keeping unemployed people tied to their jobs and able to pay their bills and to bridge loans, as i said. no, this is a place where i think the economic prescription is pretty straightforward. all this gibberish about are we trading off too much by doing a lockdown -- as many people have said rightly, all you are going to do is sacrifice more if you pull up the lockdown prematurely. haidi: i question whether that is a moral kind of choice that anyone can be making. adam, always great to have you. we will have to leave it there. president of the peterson institute for international economics, adam posen. plenty more on daybreak australia. t

was, but glenn was there and i was there so a speech was being talked about, but i remember there was kind of a laos consensus forming around some idea, and the president looks at glen hubbard. and he says mr. president, i don't agree with that at all. and i have never forgotten that. it was one of those moments that you hope would actually happen. the president asked their opinion an they tell them instead of holding back. that was the tone i always felt. i never felt in a position where i needed to say i disagree with something. >> it is hard to overstate how hard that is. the first time i was in the oval office, i forgot the whole thing, you're there and you're like i'm in the room, it's so bright, what am i doing with my hands, and it is hard, you get used to. especially senior people, you get used to it. >> in the impeachment of andrew johnson, one of the articles of impeachment involves peach wrsp writing. the president did a tour of the country about reconstruction, and he was so rude that they wrote that as a reason for his removal from office. is it possible for a president to to say something, write something, or tweet something that we would justify removal from