scarlet: as promised, joe weisenthal is back. and you have a special guest. joe:. thank you.ns will start to receive stimulus payments this week, the centerpiece of the $2.2 trillion rescue package. our next guest, appointed by senator schumer to the oversight ,ommission, bharat ramamurti former deputy policy director for warren for president. what is your goal for oversight? bharat: thanks for having me on. the treasury department and the fed have approximately $500 billion to allocate throughout the economy. the goal should be to ensure thatmoney is used in a way improves the lives of working people rather than just going to enrich shareholders, making sure executives get their full bonuses, and reward investors who by and large have done very well over the past years. the goal should be making sure the public gets good return on its money. joe: obviously, there are differences between this and tarp. your former boss elizabeth warren was obviously a tarp overseer. that crisis was very much generated by the industry that needed to get bailed out. it is logical that very tigh

we are virtually alongside my cohosts scarlet fu and joe weisenthal, who is in austin, texas.n keeping an eye on? joe: a pretty extraordinary day in the markets, the huge rally that is catching everyone by disbelief. but i'm struck, if you look at the winners today, very much sort of these cyclical areas of the market, real estate, energy and so on. there are some striking facts about this market overall. one of them is the fact the nasdaq now down less than 10% -- people who loved, even throughout this holding on through a lot of the big-name tech stocks, they have done well. s&p, some of the more cyclically sensitive areas like energy. ok, a moveo think like this shows some believe. it is now not just hiding. there is some sort of optimism about economic recovery, judging by today's internal live shot. scarlet: it shows positioning before the opec-plus meeting thursday and the g20 energy ministers meeting. energy stocks, the second-best performers, gaining. so far in april they are the best performers, up 17.5% but they are in a bear market after plummeting, the beating they

joe weisenthal is in austin, texas. he joins us by phone. about which are watching before the market closes. we couldn't get you on the so we brought you back. were looking at a couple of stories. one we discussed before the crisis, the hollowing out of the middle class. joe: yeah. scarlet: it turns out the crisis has made that even starker, at least according to the latest fed data. joe: yeah, absolutely. i think when this is over, when this crisis passes, or when the acute phase comes to an end, i think there will be a lot of talk about this theme of fragility and the lack of resilience, because we see it with supply chains, obviously getting focus. we are also reminded of something we have been talking about for a long time, how little excess savings people have come at the degree of people living paycheck-to-paycheck, the fact the middle share of the economy continues to shrink relative to the wealthy. isn'tnot that there household savings, but how they are distributed, which means a lot of people can afford to miss anything. , joe, this

coming up, joe weisenthal was joining us early in the hour.e back to tell us what he has been looking at terms of the market rally for this week. this is bloomberg. ♪ scarlet: don't miss this. it is joe weisenthal, back with us by phone from austin, texas. a lot to look at here when it comes to the market performance. sinceggest weekly gain 1974. what were you keeping your eye on? think it is extraordinary, especially since it was only a four-a week. but also, it was that sharp a lot ofhat we saw in these extremely cyclical sectors of the economy. real estate obviously got completely clobbered at the downturn materials. energy had a really big week, of course hoping for some sort of output cut. we had rallies before. tech had led the way. of course, tech for the year, if you look at the nasdaq, only down 9% on the year, unbelievable given we have basically had one of the biggest real economic shocks in history. but this week was not about tech, it was really about rebound in other areas. looking ahead to next week, it will be all about earning

we will get joe weisenthal's take on that next.is bloomberg. ♪ romaine: welcome back to what'd you miss?. i'm romaine bostick. joe weisenthal is back from his bike ride. what have you been keeping and i on? couple weeks ago or maybe last week, who can keep track of the time anymore? we had larry kudlow talk about maybe war bonds would be a good financial instrument for funding and fighting this coronavirus crisis. we are not going to get that, but we are going to get long dated bonds. good old-fashioned normal treasury. it does seem steve mnuchin is inclined to go out a little bit on the curve for some of the financing. it is not going to be the retail products people associate with war bonds in the past. scarlet: what is the distinction of a war bond? julie no? -- do we know? joe: during the war, they wanted to encourage people to save money. i did not want people to spend because they wanted manufacturing and production as much as possible to go to the war effort. they created this retail product. they said we are going to pay yo

program, we this are going to bring joe weisenthal back and talk about the social media trend over thew days to celebrate our 2020 graduates who aren't able to celebrate in person. from new york, this is bloomberg. ♪ it is time fory don't miss this, but instead we are going to bring back joe weisenthal. you have been keeping your eye on a couple different stories that don't have to do with the market or the economy. what are you watching? now it is like every story is some aspect of day-to-day life being completely upended. some experience with standardized testing. the premise of a lot of standardized tests has always been, get a lot of people in a room, they can't have access to computers or anything like that, which is exactly the opposite of how everyone is living these days. at least temporarily, all these things that people do when they are going to college, let alone the graduation process itself, upended. youine: interesting mentioned the graduation process. around social media these days, you see a lot of graduations happening online. seniors are sort of being denied that oppo

joe weisenthal, camped out on his ranch in texas. positive day in the market, a pretty positive day last friday as well. this seems to be a market that at least seems to be optimistic about the prospects of some of the market reopening. green, wenly was it have seen a lot of gains lately. ,inancials, real estate industrials, energy. ofs is sort of that class cyclical bounce. it is not one of these gains that we have seen many of which was basically just like a gain for amazon and a few other safety companies. this looks more like real optimism in the market. today.tle up nearly 4% again, not one of these halfhearted bounces. scarlet: we will see whether the market can keep this up, especially after alphabet reports tomorrow and apple reports later this week. i know you have been keeping an eye on how frequently we ignore in headlines and take solace better headlines. one headline, when mitch mcconnell suggested that states should declare bankruptcy if they cannot meet funding needs. he is now trying to clarify that. he had a lot of p

romaine: it is time for that special time of the day that we all wait for, when joe weisenthal rejoicedoe of course is somewhere in the wilds of texas, may be on his way to georgia to get that "the closing bell" -- to get that "what'd you miss?" tattoo he has been talking about. joe: you are right. i am taking a road trip to georgia to get a tattoo, go bowling, and get a haircut. that is why i am not on air right now. haves been so long i gotten a haircut that i would be on presentable. we are about to see several of the big tensions begin to emerge all at once. obviously, we are going to learn what reopening theoretically could look like. georgia is going to start reopening some institutions starting tomorrow. we will see how many reopened, how many show up. governors have to deal with tax revenue beginning to collapse. the fight that is going on in d.c., or maybe i should say the debate emerging in d.c. about phase 4 stimulus bill, with a lot of focus on municipal finance. it will speak to this, how much should the degree federal government help out cities and states? scarlet: speakin

. ♪ romaine: joining us right now is joe weisenthal., he is the cohost of "what'd you miss?" but because of all the distancing, he can only join us at the end of the show. i want to talk about something that got lost in the shuffle of the monster unemployment claims data. that is the personal spending, personal income, and personal savings numbers. joe: of course, the headline grabbing number continues to be .hose jobless claims million, but we also got income and spending number. the was pretty striking was savings rate. absolutely soren -- absolutely number inhe highest decades. i think it speaks to the degree that this shock has jolted everyone. even people who have hung onto their jobs throughout this. the degree of anxiety, the job scare, the health scare, the stock market crash in the first few weeks of march, how much people pulled back on their spending. a dramatic rise in the savings rate. it is interesting, we just got these comments from apple. they saw aid depression like spending, then it starts to ease. i think that is wha

coming up, we will check in with joe weisenthal. it is amazon versus everyone else.e on what lies ahead. this is bloomberg. ♪ romaine: welcome back. just want to bring you some headlines. more on amazon's labor issues. the group there calling for workers to call in sick, saying they should call in sick to protest working conditions. we want to bring into this conversation joe weisenthal, of course the cohost here of "what'd you miss?" because of technical difficulties, he can't be here for the whole show, but he always wants to close it out. amazon, another record high, up hitting that low mid march. joe: not only is amazon on an it, along tear, but with basically just a couple of other tech mega caps are really giving a sort of disordered picture of this market. we talk every day, like why does the stock good overall not seem to reflect the economic damage we are seeing? part of the reason is the influence of a handful of companies that people perceive as doing really well in this environment. when you look at broader measures of the market, it is not nearly as good

scarlet fu, joe weisenthal will be joining us later.rlet: we start off the second quarter the way the first quarter ended with big losses. the s&p falling at least 4%. more than 7% for the russell 2000 in decline. investors brace for a longer economic shutdown. the federal reserve we know has taken unprecedented action to stem the fallout from the coronavirus pandemic including a new lending program for main street businesses. with -- ters at down to discuss the different lending programs and how the new lending program may be a couple of weeks away. >> it is a compensated facility -- complicated facility. [no audio] scarlet: we seem to be having some problems with his comments, but he said it is a complicated facility to scope and it will take a while to scope. they will work over it the next few weeks. let's hope there is no technical issues here as we bring in our next guest. she is a former fed economist and now director of macroeconomic policy at the washington center for equitable growth. good to speak with you. are you there? >>

we are going to check in with joe weisenthal as well to see what the experts have to say. s. president trump has set up a showdown with democratic governors over the coronavirus, blaming them for the poor handling and even in some places encouraging protests. perhapsw indicating trump coming out worse. joining us for that and more, paul krugman, distinguished professor for economics at the graduate center of city university of new york. he is also the author of "arguing with zombies: economics, politics, and a fight for a better future." let's start with the economics it looks like the senate is going to pass another trench of the payroll protection program to keep people on the payrolls. week after week, millions of jobs lost. view asfficient in your the fiscal response pin from d.c.? paul: two things. it is way insufficient. on several fronts. bottlenecked. the money is not really flowing. i am really disappointed in this deal. there is no state and local fiscal relief. that is a gigantic hole that is opening up. it is obvious. it is going to be a real impediment to econo

. ♪ bostick,i am romaine scarlet fu joining me virtually, and joe weisenthal joining us by phone. u watching? peopleviously, a lot of in the market have been encouraged over the last few days by some of the bending of the curves. soon, attention is going to focus on, ok, we start to get the case counts down, but what is the actual plan for resuming economic activity? soon, we might have some examples -- of course, the epicenter of this whole crisis, wuhan, now having officially come out of lockdown according to the rail authorities. aso, austria, which has done alsoy good job, they are plans bybout their reopening certain this is gradually including -- certain retailers. soon, parts of asia and soon with europe, we will see what is feasible. a lot of people will be looking at, can these companies return to some semblance of normal life or does that create a second wave? scarlet: the u.s. is behind austria in terms of opening up some of its economies. reopening the economy is not like a switch. it is going to be a process. it willreopening's and be reflected in the data. -- rolling

this is romaine bostick alongside scarlet fu and joe weisenthal is going to join as later in the hourscarlet: just to give you a snapshot of how u.s. stocks closed, they slumped on the day and on the week as well. the dollar gained and treasuries moved higher. that on monday's conference call between the oil producers. one of the catalysts for today's decline was the jobs report from march. u.s. unemployment rising at the fastest rate since 1975, hinting at the extent of the damage to the united states and the global economy. our next guest rights that a nationalized payroll could help. associate professor of economics and director of the economics program. for joining usch today. can you explain what you mean by nationalized payroll? i scarlet, romain. attempt to look at different approaches to addressing the coronavirus epidemic and the fallout in the labor markets. looking toward some of our european counterparts in terms of protecting payroll, i asked the question, what if we had the government simply underwrite the payroll and pay for a particular period of time. it was an exerci

francine: paul krugman speaking to our joe weisenthal.'s get back to burkhard varnholt from credit suisse. burkhard, there are a lot of questions about the fed come of course about the senate, with about with the u.s. is doing, europe, whether leaders can actually find an agreement on how to help each other out. you have the u.k. with, you know, the possible testing starting tomorrow. where do you see the most value? i think paul well, krugman has a point in that, you know, in the united states, that stimulus, it is not about the volume, it is about the targeting, and i think investors most increasingly classify the companies that they are holding, across all sectors, really in three categories -- the losers, the survivors, and the thrivers -- and should seek to move as much as you can into the survivors and the thrivers. in the united states, as paul krugman pointed out, unfortunately, like it or not, the odds are tilted in favor of big business. and clearly in favor of the digital economy. that is where you will find more survivors and