tom: jason furman, thank you so much, with harvard. to michael pence later and michael speaking with david westin. let's look back, a conversation with brian moynahan of bank of america. brian: what the federal reserve did is a lot of liquidity programs and state licensed markets. what congress passed is an effort to keep people employed so number one at bank of america , to the extent that we keep people employed and keep cash in the household, that will be terrific, and keep the baseline growing. how do you help small businesses do that? that is the program they will implement friday. how do we get the money out quickly on behalf of congress and the president and the administration? they dealt a set of regulations that are out in progress -- process and have been published. we ask customers to be patient. we ask them to go back to their banking because the documentation, you work with those banks and we will have millions of customers come to us and go through in the program. they can continue to pay their employees, that is what the

. >>> we me now is jason furman who is chair of the white house council of economic advisers under presidentbama and now a professor at harvard. he is joining me now. all right, jason, so if you were, if this were a different administration you might be tasked with bringing an economic task force. what would you -- what would you want to see on this -- who are the types of people you'd like to see on a task force on reopening the country? and do you understand why there would be two different task forces? >> i actually don't understand why there are two different task forces. the main people i'd want to see on it are health people, epidemiologists, public health. i'd love to see economists. i think having some experience and understanding of the business sector, certainly matters as well. this will be one of the most important economic choices that we are making insofar as the choice the white house is making is going to effect what a lot of states ultimately choose to do. >> look. let's set this debate aside on what the president wants to do on may 1. we know in some ways, governors will ha

we will talk with jason furman about fiscal pads forward for america. don't forget, 8:30 this morning, the jobless claims number. stay with us. in london and new york, this is bloomberg. ♪ francine: this is "bloomberg surveillance." tom and francine from london and new york. we look at the markets every 15 minutes, some great analysis of them of our great guest. we are delighted to have joyce chang on with us. she puts smart notes out there to try to help us model with the economics of this will look like. right now all of our thoughts are always with the number of people infected, and the people fighting for their lives every day. what kind of impact do you see in having on the u.s. economy? steps have been taken by central banks. how much more can they do? >> the biggest impact as the loss of income, and we see the unemployment rate in the u.s. peaking at around 8.5%, up a full five percentage points. have seen a tremendous number of facilities, fed, and the congress, combined with their package, around $6 trillion, but that is not going to prevent wh

travel, tourism , in person services, and retail, but the overall demand we expect, as my colleague jason furman pointed out, those who are getting unemployment checks or furloughed checks, those are a high share of income and they are not spending so the balance sheets are improving as we speak. the supply-side mismatch -- this is my view -- will not be as bad as some make it out to be in terms of short-term inflation or shortages when we get to the other side. the recovery looks decent. it will not get us back to where we were on unemployment very soon, but it will be strong and decent. francine: what will it change? what is the long-term implication? let's assume it does not become a financial crisis. does the change the government contract in terms of social safety net and will that happen around the world? adam: you are absolutely right to raise that. the government contract as you aptly put it is the critical issue. what is the government contract with taxpaying business if you are bailing them out and protecting them? what is the contract with workers in uncertainty? how much is the outco

the newly pursued jason furman and michael strain and i said santoli.e and all andrew >> okay. coming up when we return, a lot more former treasury secretary jack lew is going to be with us to weigh in on the jobs report. this record number of jobless claims we saw yesterday, and the government's multi-billion dollar small business relief package that is trying at least to roll out today. >>> a little later, don't miss a big interview with 3m's chairman and ceo mike roman after the president slamming the industrial giant over the tweet over the respirator mask exports to other countries we'll be listening to that as we head to the break, take a look at some of the biggest losers this week in ths&50e p 0. stay tuned, we're back right after this these days you need faster internet that does all you expect and way more. that's xfinity xfi. get powerful wifi coverage that leaves no room behind with xfi pods. and now xfi advanced security is free with the xfi gateway, giving you an added layer of network protection, so every device that's connected is protec

i tackled jason furman who was president obama's economic adviser on this exact point today., look, the good news is half of these people claiming and asking for help here could just be fellow workers. they could be added back really quickly. he says even with that, it could still take him five years to get back to where we started in terms of the labor market. the bottom line here is. j. powell said this, the best way to ensure a robust recovery is a national plan for reopening the economy and avoiding a false start here, a surjens a-- surge and a rewrite in some of the cases we've seen. it's a challenge. >> right before the fed chair made his comments, the federal reserve released its stimulus 2.3 to various programs to try to help the economy plus $600 billion in loans for small businesses. explain what the fed did here. if you could. >> this is the fed opening up the bank vault and saying if you want to borrow money, you get it. it was lending to states, it was lending to domestic policies, to small businesses, too, four-year loans, one year you don't have to pay any mone

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

. >> jason furman, former council of economic advisers chairman, alex grills, a resident fellow at aei santoli and steve liesman. steve, we're going to get you to go first i was going to say, do you want to give up your time and we'll put dr. scott gottleib back on it's all about the virus, isn't it what are we going to do? we can't open up yet >> reporter: i think that's right, joe whether people are getting claims some people are getting too much in the way of claims and an issue of whether or not some people are not getting enough. interesting editorials in the wall street journal about whether or not the right incentives are in place. i did calculations to find that there's a goodly chunk of people that are getting benefits below the level that they would get in their wages. the other issue out there that i'm looking for right now is the state-level data two things we're watching for. these are important policy issues one is you have a lot of states with a lot of unemployment, and those states have high claims levels other states may also have high unemployment but their individual