joining us now is larry kudlow, chief economic adviser to the president. gram. it's very good to see you. the president just said very close to a plan to reopen the economy. would may, some point in the month of may, be a reasonable target to go to towards reopening some parts of the economy? >> well, look, stu, the quote you gave the president talking about guidelines to give to the states and so forth, i can't improve upon that. i do think it's safe to say that in the next few days, he will be making some very important announcements regarding those guidelines. look, the key point here really, number one, safety, the health and safety of the american people. number two, the wellbeing of the american people. we want to get folks back to work. you know, folks, ordinary men and women, blue collar workers, families, small businesses, we want to do it as quickly as possible. it has to be safe, it has to be driven by the data from our key health specialists, but the president i think is moving towards the very important announcement in the next day or two. stua

larry kudlow, please. mr. kudlow: i will say that as our mitigation policies have taken hold successfully in dealing with the virus, and as we move to what we believe can be a reopening of the economy in the weeks ahead, we started with a strong foundation, as the president mentioned, and there will be some transitions, but i see no reason why the second half of the year cannot resume as strong, solid. that is an important point, and i want to stay as optimistic as possible on that possibility. we are coming down to the homestretch. and i want to add one more thing. the president sen. paul: programs -- the president's whole program is based on a /public/private partnership. everybody here on these teleconference calls, these video calls, whether it is retail loose that retailers, bankers, transportation, you name it -- that is characteristic of president trump's on philosophy that has given us the strong economic foundation. once we can reopen, i think it will be very successful. pres. trump: thank you very muc

larry kudlow is hooked up now, larry, thank you, welcome back to her program here, and good afternoonto you. a couple things i want to go through quickly, larry, in the time that we have. oil prices have fallen through the floor. what does that mean for our economy, larry? >> well, i think it's a signal that the world economy has been a very badly hit by the virus and the mitigation efforts on the virus, and you're seeing a huge drop in the aggregate demands, that includes the demand for energy, oil, and gas, that's why prices are low. this will prove to be temporary, in my judgment, but as we try to reopen our economy, and provide new economic growth policies, hopefully there will be an oil rebound. but right now, we are still amidst a very bad economic contraction, it's not of our own making, not business, nonworkers, it's not our policies, it's all because of the virus. >> bill: i'm looking at a burn rate of $50 billion a day in these federal programs, larry. first of all, do you have a deal in the next phase right now? >> apparently so, judging from what i read from the leaders, s

shortly, we will be talking to larry kudlow. first, we are talking to the chief executive officer of verizon. we'll be right back. there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. (past them because she didn't sknow they were talking to her.g and she would just walk right (deborah) i just could not hear. i was hesitant to get the hearing aids because of my short hair, but nobody even sees them. (avo) our nearly invisible hearing aids are just one reason we've been the brand leader for over 70 years. (deborah) when i finally could hear for the first time, i started crying.

also a conversation with larry kudlow, 3 p.m.me, about americans getting back to work and the intercontinental chief executive. this is bloomberg. ♪ francine: wti opens the week by sinking to its lowest level since 1999 as the demand picture remains pretty grim. some signs of hope -- new york sees a drop in daily debts as --. leaders say additional germany reopens its economy on a limited basis. good morning, good afternoon, good evening, everyone. as always, it is time inventing from london and new york. we have a pretty interesting week ahead of us. i'm looking forward to the conversation with larry kudlow later on and how he wants americans to go back to work. and we look at germany and seeing some of the efforts in the day. i have to say there are two stories i am watching out for -- one's oil and the story that the ecb could be looking at a bad bank like some other regions did in 2008 and 2009. tom: there is a lot going on today. there is no question that mr. kudlow will be a key interview.

larry kudlow in the 11:00 hour. the ceo of chipotle, who is doing a huge online ordering business and in just a few minutes, the man who runs google's all-important cloud operation. big deal. "varney & company" is about to begin. stuart: it's the story of the day. it emerged moments ago. gilead sciences. the cstock is up, they've got positive news on their remdesivir as a treatment for the virus. ashley, the details? ashley: yeah. the antiviral medicine according to the national institute of allergy and infectious diseases, met its primary end point, meaning they had done the trial, it appears to be, you know, worthy of more study so it will go on from here. we will hear more from that government agency today. but very encouraging. remdesivir, of course, has been around for awhile, first tried out with ebola patients. has not been licensed or approved anywhere in the world and gilead itself is in phase three trials on this drug, saying that five-day courses and ten-day courses seem to show the recovery rate among pa

so larry kudlow spoke about it earlier in your show.g salt at some point, whether it's allowing entertainment or sports again, something to motivate people to get back to work. not so much hand them money. stuart: you watched the larry kudlow interview. i just want to run a brief clip from it. listen to what he said about growing the economy once we reopen. roll that tape, please. >> the president has talked about a payroll tax holiday for the employees side. that could be very very helpful. he has talked about an infrastructure bill. that could be very very helpful. he's talked about restoring deductions for business meals and entertainment and stadiums. that could be very helpful. we are also probably going to look at issues such as 100% expensing for the building of plants and equipment and so forth and maybe helping people relocate from china back to the united states. stuart: again, jason, you heard what he had to say. payroll tax holiday, infrastructure, more business deductions, 100% expensing, all of those, group them together,

larry kudlow, please. >> thanks. i'll just be brief. i would say that as our mitigation policies have taken hold successfully, in dealing with the virus, and as we move to what we believe can be a reopening of the economy in the weeks ahead, we started with a strong foundation as the president mentioned and there will be some transitions but i see no reason why the second half of the year cannot resume as strong, solid growth rate. i think that's an important point. i think i want to stay as optimistic as possible on that possibility. we are coming down i think the home stretch. that's what the health professionals are telling us. i want to add one more thing. the president's whole program, it's the largest assistance program in u.s. history by far and his program has been based on a government public/private partnership every step of the way. we've had everybody here who are on these teleconference calls, video calls, whether it's retailers, biotech, bankers, transportation, you name it. that's characteristic of president trump's own p

let's listen in to larry kudlow.et's take a look at some of -- let's get a check on what you're seeing in the markets. as you can see, we're off to own the lowest of the session. down about 1.5% or so. you can see the lows of the ession, lost 1.5% or so. no one wants to be long going into the weekend. you have new york as coming out reporting some of the biggest one-day jumps. we are having some technical difficulties here. we are hearing from the national economic council director larry kudlow. let's listen in to him. larry: the president has been touch on the phone with the m.b.s. and saudi arabia and putin in russia and has been on the phone several times. other people in the administration have been talking to their counterparts in both of those countries. so we do that independently in america's interest. we don't have to go to the opec meeting. the president told me yesterday and he did subsequently tweet this out that he believes that russia and saudi arabia will move away from their quibbling or argument and

watch record high unemployment claims being filed today outside the white house economic adviser larry kudlow spoke to reporters about how that economic stimulus is coming along i still believe given our assistance package and hope that maybe prayer that we're at a 4 day week period we can get a pretty good snap back ok good snap back that that's my oh. well. you know. the center the center we begin to reopen the faster that's not taxed and that's the rule that i think most economists would agree with but the line coming from president trump and his advisors is the same america's security coronavirus cannot be worse than the virus itself so joining us to discuss is us co-host and swan so ben there are 2 programs i believe right now that are under way as a result of this 2 trillion dollar stimulus bill what are those programs for businesses and how do they differ. yes so the main one that's out there right now is the p.p.p. the payroll protection provision which essentially is set up as a way for businesses to protect their payrolls by going to the government and getting essentially stimulus c

larry kudlow saying he can see us back to normal in 4-8 weeks.arry kudlow said he thought this thing was contained at one point. i don't think we are going back in 4-8 weeks, and part, because even in new york, you have to understand that new york as an epicenter is really in some ways blessed is the fact that it has so much in terms of medical facilities, ivy league teaching hospitals, and the like. it has so much of the equipment that is they are because of the huge city. it is not a predictor of how this will play out as you get to medium-sized cities, and especially to rural areas in our country. they have not been hit yet. they have not seen their peak. and that is coming. i don't think there's any question. we have to keep all of that in mind. and then the second thing to say is when you look at some of the cities, and here is something that i think -- i heard you talking earlier today about the disparity in terms of minority communities, low income communities, and specifics. you look at places like chicago, the mayor there was saying 50%

larry kudlow said the president will reopen the economy if it is safe. and the italy -- and italy and lowering in the number of cases. manus: we are getting some breaking news. we go to the heart of earning season. single structure. jennifer may will leave at the end of may. numbers, first quarter, non-ir four f. they see a solid start to 2020 despite the eye of the coronavirus storm. and first quarter results, they theyted some softness and had said there was a little bit of a dent with a significant new business having been derailed. they see a solid start to 2020 amid this covid-19 crisis implying a strong rebound. in the structure at sap. we are waiting to see if any other news is coming through on their dividend. good morning. it is all about the oil market. nejra: absolutely. 20 7%revenue increased for sap. the tech sector is going to be in focus this week. in the u.s. as well, we have the following revenue and the pulling away of the forecast for ibm. tech has been resilient in the equity market. if that falls, we may question the recent rally. fr

scarlet: larry kudlow touched on this.ow that the white house and large swaths of the private sector or would like to start the process of returning to normalcy. what sectors do you think will lead sooner than others? tiffany: i think overall reopening of the economy will be slower and probably bumpier than many people expect. we have many states which have put expiration dates on mandated closures. many of those states, the expiration date is from may 1. right now, based on that, there is an expectation that a big chunk of the economy in these mandated non-essential business closures will be able to reopen as those ordinances expire. i think there is a couple of things to keep in mind. that is that we could see delays and things will probably be a little bit slower to rebound. that is just because a lot of the guidelines that the cdc has put out on when it will be safe to reopen, in our mind, those principles and goals have not been met yet. that the cdcsting and other experts have recommended, other things like hospital

vonnie: that was larry kudlow speaking with jonathan ferro.n the united states "balance of power" with david westin. full coverage for the next two hours. tomill be speaking with chio aboutgh -- collic his efforts to apply to the program. this is bloomberg. ♪ . david: this is balance of power where the world of politics meets the world of business. i'm david westen. we want to check out the market before we have an interview with raytheon technologies. first we go to taylor rigs. taylor: we were fluctuating between gains and losses on that pretty bad employment report we got this morning and so all of that sort of means that we're now down near the lows of the session off about 1.5% or so on the major averages. i would say perhaps traders really don't want to be long going into the weekend given how quickly things can change. we just had new york reporting the biggest one-day jump in deaths from the coronavirus and there is a big outperformer up 30% and all on reports opec

we'll ask larry kudlow. >> it will be a problem. larry kudlow should have more on that coming up. >> sandra: all right, david asman. see you later on fbn. >> god bless you, thank you. >> sandra: you, too. much more next hour when national economic counsel director larry kudlow joins us at 10:30 a.m. eastern time. we look forward to that. >> ed: in the meantime the uss roosevelt's commanding officer has been relieved of duty after raising alarm bells of a growing number of sailors sick with covid-19 on his aircraft carrier. jennifer griffin is live with more on the story. >> hours after the acting navy secretary fired captain brett crozier, hundreds of crew members gathered on the uss roosevelt hangar bay to give him a roaring send-off chanting his name. 114 sailors have tested positive for covid-19 aboard the aircraft carriers. the crew is ignoring guidelines to social distance to send a message of protest to top navy brass for firing their skipper who sounded alarm bells about the rising number of coronavirus cases on his ship forc

bloomberg's jon ferro spoke with economic counselor larry kudlow a little earlier. mr. touch on s in saudiwith mb arabia and putin in russia. he's been on the phone several times. other people in the administration have been talking to their counterparts in both of those countries. we do that independently in america's interest. we don't have to go to the opec meeting. the president told me yesterday, and he did subsequently tweak this out, that he believes that russia and saudi arabia will move away from their quibbling or argument and will allow market forces to dominate, and instead of loading up the markets that are already oversupply, that they will pull back. we will see how that turns out the president. -- that turns out. the president said that. i see no reason why these discussions with president trump and boudin and -- and putin and mbs will not bear fruit. i think they will. ofhink price war on top crushed aggregate demand was a very poor decision, but i think the president's negotiations will bear fruit. jonathan: will the united states be part of those reduc

larry kudlow will tell us how the administration's focus for may has now changed.lus what's the truth behind the fda's announcement today on hydroxychloroquine? and with trump was trum write about uv rays? it's friday. raymond arroyo is here and he's going to update on the cuomo brothers' running reality show and the hazards of coronavirus reporting. all that and more in friday follies. first, my thoughts at the end of day 39, american shut down. exactly three weeks ago, it seems like an eternity ago, but in the early stages of the lock down, i gave this warning. we all just have to remember, a crisis has to be dealt with, we have to protect people and save lives. we have our civil liberties and our constitution to also preserve. and after 9/11, we did a heck of a lot of stuff in the moments felt really good. but later on, years later, comes the waste, fraud, and abuse. we are seeing some of these things creep in during this covid crisis as well. in the weeks since, we've seen a lot of covid-19 mission creep. somehow flattening the curve ended up being flattening o

we understand larry kudlow is there, as well.ill bring the rest of the group in maybe to respond to some of these comments, saying that the economy, they think next year will be "unbelievably strong." katie, let me ask you. they shifted a little bit in terms of when they think this economy is going to be bound. originally steve mnuchin had said in the second quarter, they are talking about the third quarter. it doesn't behoove them to get people's hopes up too high. it is better to under promise and over deliver, is it not? >> katie: certainly in politics that is usually the way that they like to handle things. i think the president, as he has done since the beginning of this, is trying to walk the line of being helpful but also sober about what the reality is both economically in terms of health. melissa, we've talked about this before on the show. this isn't just going to depend on governments deciding to open up their economies and lift the stay-at-home orders. a lot of it, most of it, depends on whether americans are willing

meanwhile let's bring in the man in charge of the money, here is larry kudlow. onal economic council, larry always great to see you. exciting unprecedented time in our country. i was also intrigued by what i get all the time is okay, we have to fix what's happening here, but what are we going to do to get back online and the economy back on track? what does that look like? and do you believe there's something to this second task force the president has floated? can you tell us any more information on that? >> well that's, let me start, on these payroll purchasing programs, for small businesses i just want to note, the latest number as of last evening, $50 billion. that's just in a couple days, $50 billion, and we've got about 178,000 loans from 300 lenders. i just put that out there to show you how popular it is, and look, we're continuing to suffer the consequences of the virus and the mitigation efforts that were absolutely necessary to deal with the virus, regretably we're going to have a couple more weeks undoubtedly, perhaps more very bad economic numbers, w

here now is larry kudlow.ard that barbershop owner, he seems like a really cool guy, we can get back to work safely,e a free market believe her, and you love that story is much as i do. go ahead. >> actually come i got to tell you, i'd love that guy and i'm also going to confess, i had a hair trim yesterday. it was kind of a special deal. friends -- you know this person, not mentioning any names. she got her hairdresser to come in and open up her barbershop and the guy gave me a pretty good trim. i don't have much to work with but it looks much better because i want it to look good on the laura ingraham show. that was the key point and here i am. i had no temperature this morning coming into the white house, i tested negative last week, i feel fine, and i love that guy. i'd like to meet him sometime. >> laura: larry, so you're special. you got a haircut. the rest of us, we are dealing with it. now, i'm just kidding. but may is a transition month. got to get this economy going. people are dying out there. at th

the same thing joining us now to talk about re-opening the economy and helping small business, larry kudlowcil economic director larry it's good to have you on this morning we saw the additional ppp funds being okayed and you wonder how long those will last they only last so long until re-open, larry, that's one of the reasons that it seems like something that we need do at least attempt in some small way if it's possible to do it safely >> i think that's right, joe this thing is a bridge until we re-open the economy, hopefully, maybe i should say prayerfully in a couple of weeks the re-opening is so important i mean the data itself, and i might add that all the health guidelines and the road maps for governors and mayors are based on the data, but the infection rates have come down significantly, mortality rates have come down significantly so we may be coming down the homestretch, perhaps may will be a transition month and an economic opening across the country. it will to be done in phases as you know here we have the small business loans, the payroll purchasing the program to keep us go

melissa: here now is white house economic advisor larry kudlow. and larry, i know your time is precious. i want to focus what is in the future what is coming down the pike. let me ask you originally you guys said you felt like we might see recovery in the third quarter. do you still feel confident about that timing? >> well i do. i mean one thing that is so important, all the phases that we're going through, and all the guidelines are data dependent. then you get into best practices for testing and so on but i will say this, the rate of new cases, melissa, which is really a very important indicator, the rate of new cases has dropped down now to 3%, maybe a month ago it was over 40%. and that's a terrific leading indicator. so i saw that because if the data show it and if the states abide by the guidelines which are a road map for reopening we should see quite a lot of reopening in the next few weeks, maybe before may 1st. certainly may will be a transition month. then it will not happen overnight but if you're talking third quarter, july, august, s

larry kudlow's personal assets have been valued up to $2 million, but the white house officials say kudlow's wife is a small business owner and private citizen and did not receive any special treatment. alex presha, abc news. >> alex, thank you. >>> to the front lines of this crisis where doctors are reporting progress in the fight against the coronavirus. >> more survivors now describing what they've gone through. this morning an up close look at the coronavirus outbreak. dr. erik blutinger is sharing this video he took last week inside mt. sinai hospital in queens giving a glime inside the emergency department crowded with patients. >> everyone is covid positive in this hallway. >> reporter: but now dr. blut g blutinger says his hospital is slowly turning a corner. >> for mt. sinai queens hospital, we have seen gradually the volume drop but still a need for all hands on deck. >> reporter: with stress running high at hospitals across the country, nurses are highlighting the camaraderie and teamwork among the staff saving lives. >> it's inspiring to see so many co-workers willing to come in

we will be speaking to larry kudlow a little later.e also had breaking news out of singapore, moving to full-time learning for schools. have 20 more on what's happening in singapore as well. this is bloomberg. ♪ francine: this is "bloomberg surveillance." losses ass reversed the russiaverse price work. for more on this is bloomberg's annmarie hordern. what can president trump or the u.s. actually do right now? >> good question when he came out with this tweet, the market reacted. oil,w a massive jump in canned the united states actually join a production deal? we did see the massive spike but the market came back and there's a lot of skepticism. if russia and savvy were to cut that amount of oil, it would be more than 40%. if the u.s. was to get involved, it's a question of if they even could. a thousand producers in the united states and it just does not operate that way. now we have this virtual meeting on monday. the big question is whether or not united states would attend. clearudi's made it very yesterday that they want to call f

you heard larry kudlow there, the white house economic advisor.essional sources are telling me within the last 18 hours, both treasury secretary steve mnuchin and senate majority leader mitch mcconnell, both reiterated the fact that they just want to change the number in the cares act and just increase it by 250 billion, and don't add anything else to this program. that is all going to happen in phase four stimulus package when that comes through. democrats wanting to add more to this, while they increased numbers specifically, house speaker nancy pelosi wants to take 60 billion of the 250 billion and only funnel it through community banks because the big banks have been so slow in getting this process going. back to you. neil: edward lawrence, thank you very, very much. the airlines are among groups that need help as well. in fact they're slated to get 25 to $35 billion. there are a couple of caveats attached to that. larry kudlow among others saying they will be loans, not grants. but the airlines in the meantime in a world of hurt, so much hurt

larry kudlow a striking an optimistic note, telling political the u.s. to reopen in the next month or so. he says plans are already underway for the post virus world. the international labor organization says the coronavirus is having "a deep, far-reaching, and in person -- unprecedented impact on unemployment." ilo says shuttered bigness is are affecting 2.7 billion food and retail many fractures being the worst hit. they are warning against burdening carriers with red tape to guard against any square up in coronavirus cases, they say they accept any for -- except the need. the japanese economy is entering lockdown amid a state of emergency. surge warningses in april by as much as 20% in the current quarter. the prime minister launched a stimulus package close to $1 trillion as critics say he has been too slow to respond to the pandemic. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. lockdown of the city where the coronavirus first emerged, t

>> yeah, that's right, scott p i just spoke to larry kudlow, who has an important denial piece on thatwashington post" story that just broke within the past hour or so. the piece of the story that kudlow is denying is this report in "the washington post" that some administration officials are discussing the idea of possibly canceling a piece of u.s. debt to china larry kudlow says that is untrue his full, on the record statement is, this is absolutely an unequivocally untrue. the full faith and credit of our u.s. debt obligations is sacrosanct, and is so is our commitment to maintaining the u.s. currency as the world's reserve currency larry kudlow saying on the record of the administration, they are simply not considering in any way limiting or canceling u.s. debt obligations to china now, separately, is there an overall effort here to punish the chinese for what the administration sees as their role in the coronavirus spread yes. kudlow has said in the past that the administration does want the chinese government to pay in some way what he's saying here now, though, scott, very impor

top white house economic advisor larry kudlow is live and ready to go.arry, first of all, if you could -- well, welcome to the program. thanks for running over. >> harris, do you have a spare raincoat? it wasn't quite ready for this. >> harris: oh, no! >> i was just joking. >> harris: we will run out an umbrella! >> i was just kidding, thank you for having me on your show. >> harris: absolutely. this is an important time to talk. the president has talked about a transition point, what he sees as sunnier days ahead. but no one, including the president, has denied that what is immediately coming is as painful as it can get each day. what is forecast ahead? 30 million people plus out of work right now. >> yes, that's true. and we are in a severe contraction, which of course comes from the economic consequences of the virus. it's nobody's fault, it's just there. and the strong steps the president has taken to deal with the virus, which has put us medically, in terms of public health, and a much better position. the curve is flattening out, and you see states

at the beginning of it, larry kudlow, president's top economic advisor talked up the possibility maybehe economy can open up again the coming weeks. that is a theme we heard throughout the trump administration throughout the day. even at one point at the beginning of that meeting as well, president trump echoed that timeline as well. listen here. >> so when we open up, hopefully short, very short period of time, we just, we're back into business. that is what we want and we have lots of stimulus. so i think we can actually with the stimulus and with the pent-up demand i think we can really do numbers that are equivalent, and maybe even better than we were doing before within a fairly short period of time. reporter: speaking to maria bartiromo earlier this morning the treasury secretary steve mnuchin said the president is looking to reopen the economy but he also acknowledged that it might have to move at different speeds. >> i think certain parts of the economy you're going to see come back immediately. certain things are going to take a little bit longer but i have every expectation w

he and his staff have been incredible, administrator carranza, larry kudlow, and my daughter if anke trump who just wants to have people working. i gave her lots of options, she created over 15 million jobs, working with some of you, working with the biggest companies in the world. they were training and training like nobody has ever seen. she started up with the goal of 500,000 jobs, now she's october 15000000. as our nation wages the war against the invisible enemy, we are grateful for the many ways in which your companies have answer the calls and join our national endeavor. in q4 donating tens of millions of dollars. maybe it's not good equipment. but thank you very much for donating tens of millions of dollars for vital supplies and supporting small businesses across the country. america is a small business is the backbone of our communities, when you look, we hear all about the big companies that we know so well, but the small companies, when added together, are actually a bigger forest, people don't actually understand. our nations small businesses employ nearly half of our wo

larry kudlow, always a pleasure to have you on the program. don't be a stranger. come back soon. thank you. >> thank you, stu.

matt: that was larry kudlow.ments and central banks around the world inject record stimulus to stave off the impact of the coronavirus, how can they make sure it is ending up in the right hands? this is bloomberg. ♪ matt: welcome back. it is the european open. go before the kickoff to trading this week. it looks like it will be a risk on day. futures pointing higher here in new york. how do they make sure the measures are filtering through? who knows to someone about these lines of liquidity. coronavirus crisis management has been set up to help public and private companies. thank you for joining us. how difficult for you or the companies you are helping to get a hold of these lifelines being thrown out by the central banks or government? >> thank you so much for the question. most of our companies are operating on a global basis. veryunding is happening localized and nationalized. we were helping global clients tap into those measures. they arethat are -- applying for the appropriate tax relief. appropriate leve

larry kudlow, always good to talk to you. we appreciate it. happy easter.orld health organization giving another oppressive regime cover in its reporting of the wuhan virus. the representative to north korea, edwin salvador defending north korea's report that it has ask zero confirmed cases of the virus, despite sharing a border with both china and south korea. the w.h.o. says it's receiving weekly virus updates from the north korean regime. so who could question that. this is the world health organization that supported china's contention that the wuhan virus was non-contagious. british scientific journal "nature" apologized for its association of the wuhan virus with china. "naturing writing naming the virus covid-19 was a reminder to those who had been erroneously aassociating the virus with wuhan, including "nature." can you imagine "nature" falling on it's ins in this fashion. those polls from harris found at least 52% of americans agree with using the term chinese virus to describe it. we prefer wuhan since that is the exact place it began. for that r

learn more at protectedincome.org . >>> welcome back no we want to bring in larry kudlow, the national economic counsel director a lot of different things, larry. let's start off with the program that began on friday the ppp administered by the small business administration. anything rolled out that quickly might have a couple complications. we're hearing from some banks having trouble in terms of dealing with all the applications coming at them. and i'm also hearing from some professionals and accountants that there's some confusion in terms of calculating the average monthly payroll costs, for example. what can you tell us in terms of how it's being administered and what changes need to be made to make it move even faster >> it's a monumental undertaking. this thing is not easy i came as of 9:30 this morning, david, there are commitments for 38 billion worth of loans. the loans 130,000 loans themselves 2400 lenders so that's a terrific start okay make that point. on some of the details, i'm not involved in the day today workings treasury will be able to fill you in i'm not sure i hea

london time, our conversation with larry kudlow about how to get americans back to work. this is bloomberg. ♪ tom: there have been any number of mondays in this pandemic, and we welcome all of you again. tom keene from near 5th avenue above mount sinai here in new york. it has been an extraordinary weekend in new york, a little bit activity, finally springlike weather on a sunday. an francine lacqua in london as well, london with their own challenges, including, as francine mentioned earlier, "the sunday times" really going after the prime minister for february and march actions. right now, to help us adjust and recalibrate, erik nielsen of your credit -- of euro credit. what about the forecast? is it for castable right now, have you adjusted anything, or have you given up until you have more information? i wish you could give up because it is basically on -- able.cast n we think the economy will sink by about 6% this year in europe, for the euro zone, by about 12% to 13% come and the u.s. percent -- 12% to 13%, and the u.s. on average. rebound?t a consumer what is the di

that was larry kudlow earlier today talking to bloomberg television.ed to say we have back with us bob menendez of new jersey. sorry for that technical difficulty. we were talking about your proposal of $500 billion in aid that you are making with senator cassidy from louisiana. can you give us a sense of the prospects for passage of the proposal. ? specifically, is the white house supporting it? proposalndez: this follows the call by the bipartisan national governors states,ion, all 50 democrat and republican governors alike, who called for this amount of money. senator cassidy of louisiana has joined me in developing the formula that we have. we have a bipartisan proposal to start out with. i know the conference of mayors, league of cities is also advocating for resources. we think there will be widespread support. i cannot speak to the administration's views yet, but at the end of the day, we think helping the states is critical to reviving the national economy and meeting the challenges. we think there will be bipartisan support by the time we do c

ferro spoke last friday to national economic council director larry kudlow.ow: this -- mr. kudlow: this story moved incredibly rapidly, starting in march. what started out as something we , and wewould be smaller put travel restrictions with china, and for a bit that looked ok, and then the virus exploded, so i and others here, secretary mnuchin, we had to change our point of view. we realized as it rose exponentially, as the virus and its consequent is rose exponentially, something i thought nobody could foresee, but nonetheless, yes, we went into full gear and moved quickly through congress as best we .ould starting with covering sick leave for people who were hit by the virus or family members, and then going through this economic assistance package of $2.2 trillion to put as much help into the economy as we possibly could. events move rapidly, and we moved rapidly, and i will say in a bipartisan sense, congress move rapidly. jonathan: maybe not quickly enough, and you will appreciate that this story has moved a lot faster. one thing the executive branch c

joining us tonight is national economic council director, larry kudlow.hat will be the immediate effect of this legislation, the $484 billion? >> it's going to help. as much cash and liquidity that we can pour into the economy is part of the largest rescue effort in the history of the united states. kudos to kevin brady. we knew it was going to run out of money. the president and mnuchin were ready to work on it. now we'll get it done. small businesses will absorb this rapidly and hopefully payrolls will be intact. five weeks of unemployment insurance. those are rough numbers. there is a hardship here. the whole story is because of the virus. let's try to swim through this as we can. let's try to shoulder through this and put this money to work right away. keep people employed. those who are unemployed, we are giving them checks from the treasury. plus $600. 175 million people will get assistance during this rescue. i can't wait to reopen the economy, just between you and me. lou: 330 million americans are with you on that view. when you talk about the mo

just listen to larry kudlow he here. >> i think the economy is going to suffer through some very bad numbers. that will be worst in the second quarter, the unemployment rate is going to come up and it's a very serious matter with a lot of hardship. >> still white house economic advisor larry kudlow saying he will have a v-shaped recovery because economic fundamentals are still there. the economy is still strong, going into the economic shutdown. that may be what the market is expecting now, and that change, and that positive news. that's what they currently have for the future. we are talking a very good time until they confirm that the economy will recover and and that's a statement from the federal reserve released today saying there is a significant drop in unemployment because of the coronavirus and economic activity, and also inflation. that's something they are worried about it, too, almost no inflation in this economy. >> i think the bottom line is the economy is weak and we are hoping for a quick recovery but we really do not know how that plays out today. >> exactly. there w

those remarks, larry kudlow says the president is looking at a rolling reentry. i wonder if there is a big difference? i do not know if the president set national guidelines for shutting down. i wonder if there should be guidelines for opening it back up? josh: he is interesting -- he is interested to get things back to work. a few months ago he was running for reelection squarely. he wrote the steps the need to reopen things is tested. we do not have enough testing to test people with symptoms, let ,lone turning contract trades let alone to random testing to catch things before they pop up. we do not have a full antibody test or something that is widely available. we do not know who had it or who has recovered or if you have immunity and if we do for how long. testing will be the key to solving this. until that ramps up, and we are talking multiple times what we are able to do right now, eight times by one estimate, a full reopening is not in the cards. that is the one thing every one seems to agree on. we need a lot more testing. now it is time for bloomberg fi

audience worldwide, on bloomberg tv and bloomberg radio, from the white house, we are joined by larry kudlownational economic council director. fantastic to catch up with you. secretary mnuchin making some progress is with democrats. we are all hopeful we can top off that small business lending program quickly. from the administration's perspective, can you help me outstandingny obstacles, hurdles we need to get over? mr. kudlow: the talks are progressing nicely. they are bipartisan, as has been reported in general terms. power,roll purchasing small business lending program, loan guarantees, forgivable loan guarantees, probably over $300 billion assistance program. they've also tacked on $75 billion for hospital assistance. a lot of that is going to be rural hospitals. i've got $50 billion in idle -- $10r loans, 1015 billion or $15 billion in testing. they are good ballpark numbers, and i think good progress is being made. jonathan: this is good news. i've said repeatedly as you and i have gone forward on this that perfection is the end of the -- is the enemy of the good. when you move quick

when we heard larry kudlow tell charles payne on fox business -- which if you don't get, you should demand. one of the things he brought up is the idea that is doable to a slow rollout within 4 to 8 weeks. a lot of caveats and details to that a nuances to that. but the bottom line was that people were looking forward enough to the virus arcing or improving hospitalizations improving to the point where we could say that trend is the friend and stimulus is the backdrop. to david lee miller in new york with what's happening there that had some folks encouraged. >> neil, more good news from governor andrew cuomo today. at the same time, there was some hope that things are going to improve in the future. nevertheless, for the third straight day a record number of new yorkers, 799 lost their life to the virus. the devastating state death toll is more than double 9/11. reinforcements are needed to cope with the number of deaths. >> it has gotten to the point that we are going to bring in additional funeral directors to deal with the number of people who have passed. if you ever told me that as go

guy: maybe a few holes in the was suggesting to larry kudlow earlier.olume today is really quite light. as you the story conceive are the main markets. and the 100, the dax, cac 40 all in positive territory. oil stocks, while down, are not the lead losing sector in europe today. we will run through the details of what is in just a moment. in terms of what we are seeing, a light volume session. i expect everybody is waiting to see what is going to happen for the rest of the week. at has been quite a run. the u.s. putting back to back games together -- back to back games together. some posit -- back-to-back gains together. european close is next. we will go over the details then. this is bloomberg. ♪ ♪ guy: 30 seconds until the end of regular trading in europe. let's take a look at where the action has been. we have come back this afternoon. a more positive session. we are finishing at session highs or near session highs. we are up around .5%. s midmorning into the lunch time period. since then we've been climbing back as the u.s. has turned around. let's

the president's chief economic advisor larry kudlow saying it's going to get better before it gets worse>> we can't pull any punches on that. this is a deep contraction and the numbers will come in very badly and looked terrible in the weeks ahead. how much longer? i don't really want to forecast. but there is no question that it's going to be bad. >> but as you mentioned at the top, the same time the labor department report came in the treasury department and small business administration started the process of getting loans up to small businesses to retain employees. as of 2:30 p.m., 6,000 loans had been administered for a total of some $2 billion. 457 banks involved there and still democrats say that's not enough and they are pushing to rapidly get to work on a phase for stimulus or rescue package. here's house speaker nancy pelosi. >> i think right now we need a fourth bipartisan bill in the bill could be very much like the bill we just passed. i don't think that 350 is enough for small business and i don't think eight weeks is enough of time to make a judgment about the viability of

ashley: white house economic advisor larry kudlow talking to reporters. listen in. >> i think the fed has done a great job. they have acted very wisely to stablize financial markets and sectors of the markets, things like commercial paper and money market funds, municipal finance. they have expanded the balance sheets. they have put a lot of dollars into the economy for liquidity purposes. you know, fortunately right now we have a liquidity problem. we don't want to turn it into a insolvency problem. the fed has done a great job on that. they have also increased swap lines with foreign central banks because there is a huge dollar demand around the world. i think that is great. they have opened up a number of specialized lending facilities. in this past interview i mentioned the main street lending facility which will be fleshed out and could be, i say could be, i don't want to get ahead, could be used for medium-sized businesses. for example, and other purposes. and they may, you know if they deem it necessary to open up additional facilities. so, that's

with the help of panel of experts including president trump's top economic adviser larry kudlow., we will gave gait you through biggest financial questions during this pandemic. and if you are an individual or a small business owner with a question, e-mail me your questions at investing in you at fox business.com and use your #america works together. for a preview of you can expect we will take questions and answers right now. in fact, helping me out small business expert gene marks and lisa king, one of my favorite entrepreneurs. lisa, i really want to get a sense from you what's going on, what are you worried about, how has changed and what are your needs particularly in this area of small business loans and things like that? lisa: charles, thank you so much for having me. we are looking at this one day at a time because that's the only way that you can at this point. needless to say the business has changed. we are actually considering -- [inaudible] >> we provide audits to grocery stores and we deliver food to your door. we have made the decision to remain open. we follow all