j. powell sat down with scott pelley on "60 minutes. good interview there's no limit to what can be done to fix the economy. he understands it's impossible for the fed to run out of ammunition he has our back. it was powerful when ben bernanke did that and said the banks won't fail that was the beginning of the next layer of the bull market. the next leg on "60 minutes" -- no, that would be history repeating -- nah, could it be? powell's positive commentary boosted markets overseas moreimportantly it sent the price of oil surging >> buy, buy, buy >> over 30 again at these levels most of our producers are solvent, thanks to all these sign posts of strength, we knew we were going to have a real good day. dow was looking like it was going to open up 350 points. talking with becky and andrew, it was going to be a good day. boom, the news hits. moderna, the biotech company that uses artificial intelligence to find any gene therapies and vaccines promising news from the phase one trials, bear with me, for the covid vaccine. we did get a posit

j. powell, appointed by the president, president trump telling republicans to get off their hands and do something. he's used -- powell has -- almost every tool in his monetary -- in his monetary tool kit. he knows we need fiscal relief, more of it, but leader mcconnell has so far rejected doing another emergency relief bill. his party is slowly drafting legislation to give legal immunity to big corporations who put workers in dangerous situations. that is not the nub of the issue. we know that. we have so many diversions on the republican side. liability, china. let's solve the problem right now. what are we going to do for people who are out of work? what are we going to do for people who can't feed their families? what are we going to do for businesses that are going under? senate democrats have had to relentlessly pressure our republican colleagues to hold even the most routine oversight hearings on the coronavirus. our republican colleagues say well, we don't want to spend any more money. we have to know how it's spent and yet they're not having a whole raft of hearings that they sh

j. powell was an unmistakable call for more stimulus. basically he was asking congress, the white house to step up to provide more aid to families, businesses, states, localities because if you look at the forecasts right now, in the absence of that aid, the pain is almost unimaginable. >> yeah. of course, we will see new jobless numbers in just a few hours from now. what can we expect? could this force the hand of the trump administration to do more to help those suffering under the burden of this pandemic? >> i think we should expect more people unemployed. the numbers that we've seen so far probably do not capture the full extent of the pain because there's still been difficulty where people actually applied for unemployment benefits, for example. so we know the numbers are huge but we don't know who they're leaving out and how many of those people might be counted belatedly. will it force the hand of the trump administration is an interesting question. both president trump as well as republican leadership in the legislature have said

j. powell came out and said heed be willing to buy corporate bonds of temporarily distressed companies that were actually good companies before the pandemic powell knew his history. he depth want the bond market freezing up. and just by saying those words he saved the day that's why only one major publicly traded company has filed for bankruptcy, hertz. of the trillions of dollars that were at stake. second, the $2.2 trillion stimulus package has had a huge impact those one-time $1200 payments, the pay out, you might have gotten one $600 a week in unemployment benefits, they've given the consumer a lifeline. when you look at the high-quality retailers that cater to more frugal shoppers, high quality, auto zone. burlington, dollar general, dollar tree might have seen them earlier this morning they reported phenomenal numbers despite expectations all the stimulus money has been keeping us afloat. let me put this it this way. when the fed spends trillions to help the economy and the fed prints trillions more, it will help people didn't think so third, many people now believe that the worst of

j. powell the moment they said they would buy distressed corporate bonds by any means necessary, powell gave business the confidence to tough it out we've had no major public failures except hertz. the new narrative is simple, the recession is ending. we're looking at a fabulous v-shape recovery which begs the question, is it true i think the answer is more complicated, more nuanced. we don't have a giant outbreak in the straits aggressively reopening v-shape recovery is on the table. if the v is on the table, then you need to own some banks and cyclicals. there are other possibilities which is why i stress you need barbell portfolio. with some recovery winners like banks and disney, the drugs and the foods and techs that people work from home so many secular themes going forward, you'd be nuts to sell these stocks, especially the semis. when it comes to remote working, the genie is out of the bottle as you will see later on in the show why not go all-in the recovery thesis even though the market is roaring, 38 million people applied for jobless benefits until they get retired we're not

j. powell, 20 million people lost their jobs these jobs overwhelmingly come from small business.se companies are the backbone of our economy we got a serious spinal injury going. when you see the fabulous numbers from walmart or home depot today, those numbers came at the expense of small businesses that were forced to stay closed. because the stock went down doesn't mean the numbers weren't great. treasury secretary mnuchin worked out a plan with congress to keep people who work for small businesses stay employed you don't fire your workers, those loans turn into grants my restaurant took money from the payroll protection program and it's the difference between closing or staying open. we're not supposed to have restaurants in new york, why not shutdown p.p.p. gave you a reason for being. unfortunately i have a nagging feeling the paycheck protection program is not enough. i'm worried many restaurants won't be able to keep going even after they take the money. the new social distancing rules means more restaurants are dependent on take out and delivery not enough seats to surviv

chairman of the federal reserve, jay powell warned this week that we're in a downturn without modern precedent. jcpenney has followed a slew of other major retailers including j and neiman marcus and declared corona-induced bankruptcy and experts say graduating seniors face the worst job market since the great depression. here to talk about the economy with me is gary cohn, former director of the national economic council under president trump as well as the former president of goldman sachs. welcome, gary. >> thanks for having me, fareed. >> so, explain to us where we are because it feels to me like we're beginning to open up the economy, but it's pretty clear people are still not willing to go back to work and shop at the same level. and then washington, the republicans are saying the money's run out. we can't do much more. and yet you're not going to have the economy bounce back if you just listen to jay powell. what's happening and what should be done? >> so, fareed, i think we're at a very interesting transition point in this whole covid crisis. initially the government came with a very big response, a response that was needed. i think a response that wa

j's national security -- doj's national security division for the report they received sometime on or about january 25th of 2017. our next guest is general michael flynn's attorney, and joining us tonight is sidney powellsidney, great to have you with us. and, again, just congratulations to you and general flynn, and thanks to the general attorney general and the -- to the attorney general and the president for where we are today. it's been a long journey for you and, certainly, general flynn the. >> yes. we're finally making progress, and we're delighted that we are. i think the material given to us last week and and then the release of these triplets finally is absolutely -- transcripts finally is is absolutely stunning. i am livid that adam schiff and others in congress have been able to suppress this evidence for two and three years. it is brady evidence that is exculpatory to general flynn and, frankly, it should be deemed obstruction of justice, mr. schiff in particular since he has been out lying profusely every time he opens his mouth about the whole scenario. it's an shut outrage. it's an absolute outrage. lou: it is an outrage, but is it an outrage without consequences for congressman schiff.

powell warned of significant economic risks. take a look at the kbe it's down 5% today, adding to major losses for the week. your trading nation team today is mark tepper and j ceo hakrrk. why are you recommending markets to stay away for banks >> you typically don't want to own banks in a recession, in especially this recession, when there's real long-term demand destruction. our economy is not going to snap back to 2019 levels quickly. it's going to take some time and as small businesses start to reopen, but now they're only doing a fraction of the business that they were doing pre-covid, they're going to be pinched for cash and remember, their rent payments are fixed and they're way too high and on top of that, work-from-home is here to stay look at twitter. they're doing work-from-home forever, right all of that means small businesses are going to have to negotiate lower lease rates. then that's going to cause the commercial real estate owners to negotiate with the banks and what do you know, in the end, the banks are left holding the bag once again last time, it was residential real estate. this time it's commercial real estate so i would not be buying

j. powell, appointed by the president, president trump telling republicans to get off their hands and do something. he's used -- powell has -- almost every tool in his monetary -- in his monetary tool kit. he knows we need fiscal relief, more of it, but leader mcconnell has so far rejected doing another emergency relief bill. his party is slowly drafting legislation to give legal immunity to big corporations who put workers in dangerous situations. that is not the nub of the issue. we know that. we have so many diversions on the republican side. liability, china. let's solve the problem right now. what are we going to do for people who are out of work? what are we going to do for people who can't feed their families? what are we going to do for businesses that are going under? senate democrats have had to relentlessly pressure our republican colleagues to hold even the most routine oversight hearings on the coronavirus. our republican colleagues say well, we don't want to spend any more money. we have to know how it's spent and yet they're not having a whole raft of hearings that they sh