coming up on the program, jill carey hall from bank of america securities. tech is very much front and center, with the big tech ceos reporting to capitol hill later today. from new york city this morning, good morning. this is bloomberg. ritika: with the first word news, i'm ritika gupta. senate republican leader mitch mcconnell insists that businesses, schools, and other organizations protect the bits -- organizations be protected against coronavirus lawsuits. he says changes to liability laws should be included wholesale in legislation. speaker pelosi says that shows he is not serious about reaching a deal. federal reserve policy makers will turn their attention on how

jill carey hall of bank of america.inishing marginal return of every dollar you put in the system to stimulate the economy, we have seen the big package. the problem now is how much bank do your -- how much bang for your buck do you get from here, and what is the willingness in washington, d.c. to even do more? ferrohe marginal within bevel means the next. underestimateday within the zeitgeist out there. jonathan: i am usually careful with my words. a lot of people might have thought, what is he talking about? the amount of fiscal stimulus that was put into the system, and i didn't like the word stimulus to begin with, that is really helped this economy out. it would've been a lot worse if we didn't have that monster package. tom: there's no question. but what is really interesting across the conversation we are is it stimulus for the short-term, or could there be a longer-term view on it? the jury is out on that. jonathan: just for a flavor of what jeff bezos and mark zuckerberg are going to say today, it is interestin

perspective, and we get that from the bank of america and their equity strategist, jill .erry hall -- jill careyl i love your recent research note. i want to go to the minutia, the wiggle room corporations have with capital expenditures. the way they do this is they reduce them in crisis. is that what is happening now? thanks for having me. overall cash deployment has come down. we have seen about 20% of the s&p 500 suspending buybacks. we have seen a little over 10% of the index suspending evidence. capex has really been an area that corporations have cut back on. when we look at what happened last quarter, spending was essentially -- last quarter, capex spending was essentially flat. when we look at capex guidance that some companies will give unplanned spending, that is extremely weak. very few companies giving and out to begin with as overall guidance, but the ones that are, it is pretty close to 2009 levels. there is that disconnect between the improvement we have seen in the ism. tom: what i note is mr. buffett and berkshire hathaway take on dominion, and dominion is going to deploy the mi

on then: jill carey hall stimulus behind us and ahead of us. i will be catching up with samantha azzarello. looking forward to doing that on uber tv later on. -- onve an important gas bloomberg tv later on. you have an important guest. tom: dennis gartman. this is the most important conversation on gold. this is the equivalent of gary shilling on low interest rates. a shout out to the bulls and the equity markets. gartman nailed gold. he went further and said not only own gold, but own it in yen and euro. we get an update from mr. gartman. off of your reports, you are out of gold. how can gartman be out of gold? dennis: i am practicing social distancing in the gold market. it has become too crowded. yogi berra was talking about a restaurant in new york and said nobody goes there, it is too crowded. i cannot get people interested in gold two and three years ago, and out it is front-page news. now is the front page of every report, it is the front page of magazines, it is the lead article on radio and television, and i think it has become too cro