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tv   Power Lunch  CNBC  March 12, 2021 2:00pm-3:00pm EST

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good afternoon, everybody. welcome to "power lunch. along with frank holland and seema mody, i'm tyler mathisen the tech sector dropping today, as the ten-year note yield hits its highest level in a year. and it is the reopening revival to help push those yields higher, with vaccinations on a roll and more stimulus money. we will look at the impact of that on the retail trade
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plus one top analyst warnings the reopening revival will lead too a digital attention recession, a d.a.r., and that's bad news for netflix. "power lunch" starts right now welcome, everybody as i mentioned, seema mody and frank holland will join us for the hour it's been a wild up-and-down week for the markets, frank. >> i think you've pitting that lightly. the markets have been driven this week by the push and pull between interest rates and tech stocks today the ten-year yield hitting its highest level in more than a year the nasdaq is down 1%. let's bring in mr. bob pisani. >> frank, that yield you mentioned is very important. the bulls are trying to convince everyone the higher yields are
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reflective of a more normalized economy, and right now they're winning the battle you see the banks, the industrials, that's the reflation trade. that continues to do well. lagging are the two sectors most sensitive to interest rates -- technology and china, msci is reflective of china stocks so here's the narrative, the important thing that's going on, the relationship between stocks and interest rates the narrative for higher yields is very, very powerful stimulus is the big mover for global growth. all over the world $6 trillion in stimulus. that's an enormous amount. we also see concerns about inflation, but transportation bottlenecks have added to the price increases, a lot of people think those will be temporary and they go away after
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alternates while so we get this growth/value yo-yo. this is what it looks like banks at new highs today, wells fargo, citigroup, we also get the reopening stocks at new highs. restaurants at new highs, airlines, automobiles, steel stocks like nucorp here's the yo-yo you get the tech stocks generally weaker, but not that much weaker. apple was 116 earlier in the week, folks. it's $4 higher than four days ago. so tyler, making they're finally getting used to the facts that rising yields is good for health i don't growth, good for the stock market and not necessarily reflective of really high inflation that would be bad. tyler? >> bob, thank you very much. president biden, of course has signed the $1.9 trillion
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bill the white house says the stimulus checks could start to as soon as this weekend. our friend ron insana writes that elements of the bill will lead to a broad are bull market. ron, in reading your piece yesterday -- i actually read it today -- you point out this is not just a big piece of tonnage, but it represents a seismic shift in the way fiscal policy has been managed over the past several decades. explain what you mean and why it's so important. >> i think, tyler, we're going broadband 40 years of trickle-down economic theory in which tax cuts and other adjustments to fiscal policy
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were resumed to have started in the financial markets and made their way into the real economy and ultimately would lift the entire citizenry instead we're going to bottoms-up budgeting, in which we're seeing this particular plan as something that addresses the underlying needs of the economy that i think have long been ignored those who have fallen into poverty, those long-term unemploy or those disproportionately affected from an economic per spect, that's being addressed. when you add the stimulus, we have really reversed policies away from trickle-down to bottoms-up i think that's important not just because of the size, but the focus now i think will be much more on main street than wall street relative to the last 40 years >> let's turn to alisha levin, and ask the real key question -- what does all this stimulus --
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not just the fiscal side, but the monetary side, which continues its pace as well, alicia, what does it mean for equities this year and beyond? >> i great deal with much of what ron said, this is going to be about main street, particularly this year and not so much about wall street. we're very positive on the market we think the market moves higher the risk, as we know, is in the rates market appeared with yields as long as yields can crawl higher and not leap higher, then the market should be okay and tech should be okay. you need to expect volatility in tech you're going to have enorm house swing to up 2%, down 3%, based on where rates are going when you think ultimately the fed will have a tough time dancing on the head of a pin here getting policy right, there's a lot of stimulus coming to the economy not all of it is replacement income this year arguably replacement income is not inflationary, but the rest
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can be given the sizes we have this year and last year. very hard to get this right. it will be reflected in yields so you'll feel it in the tech trade, because tech is the most vulnerable to spiking and rising yields here. however, we have used those down days in tech to build position. >> ron, an interesting concept in that bottoms-up budgeting last month jay powell said the real unemployment rate is closer to 10%, significantly higher than 6% reported if the stimulus check goes the same way as l.a. time, 30% towards consumption, what does that do to benefit unemployment? >> last time we were still at least in martial lockdown. now we're actually near the end of the tunnel, and now people can start going out. that money will get spent form obviously some of it is going to make its way into the stock market, but i think it's
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important this time, giving the speedup in the vaccination rates, the new vaccines coming out. you're going to start to see real economic activity accelerate, and relative to what we just heard, and as to what steve liesman said, come june, july or august, maybe it's time for the fed to start thinking about northerlializing policy. this is going to be a large push $6 trillion as bob said, in stimulus that's come last year some of it has been idle because of the lock joined if i were the fed, i would be countering the fiscal pulse >> it will be interesting to see what the fed does, what it says when they immediate i believe it is next week alicia, let's talk a little bit about one sector that's leapt in recent months.
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that's energy. do you see a path forward for investors? or is it too hot to touch? >> it's interesting on energy, because it's under-owned it's under-owned and outperforming. it's no longer only 2.5% of the s&p index now that tech has come in my one concern on energy is i think ear going to see iran come back online with oil exports, because we think the administration will try to engage iran against in a nuclear deal if it comes back online with oil, you will see a softening of oil prices that would be the one risk otherwise we think it's still a great investment yield it works when the yield curve steepens one of a global recovery, european will come back online, later than the u.s., but will drive growth further, under-owned sectorssh the i way to play, given the move in the
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last 12 months energy for sure is still hated, underloved, under-owned and outperforming. it's a great set upfor further gains. alisha, thank you, ron insana, always good to see you have a good weekend. folks, enjoy. nasdaq down 1%, netflix one of megacap names getting swept up in the tech turmoil, down about 14% from its record high our next guest says the streaming giant could fall victim to the, quote, global predator that is disney plus disney announcing it hit 100 million subscribers in just 15 months joining me is laura morton, media analyst at needham & co. many of us spent more time at home, and now you have netflix in a much more competitive landscape, coinciding with
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this -- more consumers getting off their couch, so now real questions about the ability to continue to grow at the pace it has over the past year. >> we're calling for an attention recession in 2021, total views of television went up by five hours a dade during lockdown we assume as the economy reopens and people spend in the physical world, suddenly the attention will go into negative double-digit rates the second point, churn of streaming services that people pay for went from 9% in may to 34% in october the third point is your disney plus point two years ago there were six competito competitors, close to netflix. and now there are ten.
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company with his deep libraries, and definitely streaming losses, and definitely which netflix cannot do. >> okay. then what happens with the days of using someone else's netflix password being numbered? i can see it being played out. others, like myself who are very invested in watching float flicks shows, i'll do whatever it take to hold on to my streaming content i so enjoy >> so 62% of consumers surveyed say that they will watch a show, sign up for service, watch a show, and then turn it off as soon as they watch that service for that month that's what's going to happen. they are going to crack down on password sharing, because they think it may add to their subscriber base. i think what it will do -- those people are getting it for free
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today, and you're asking them to pay $15. that's a big price increase. maybe they pay it for a month if they said to say "the crown" and then you turn it off and go back to disney plus, and can you buy the whole bundle of hulu plus espn plus disney plus for less than the netflix standard. paramount plus launched about a week ago, and one thing it has that netflix doesn't have is football. how big of an impact do you think sports will be are you surprised disney plus hasn't brought in some basketball to kind of boost its offerings? >> i think this is the biggest oversight that netflix holders have you must have reasons to
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subscribe. -- sports is a reason to subscribe. news is a reason to subscribe. i think the survivors here or let me say the three that win in the big general entertainment category will have those two genres to drive subscribers to their service and their core competent will be to retain. it just has releases, but other services have more, because they have news, sports and event content as well. >> things are changing laura, i appreciate you joining us today coming up on "power lunch," we will have more on the reopening revival, with vaccinations flowing and stimulus checks set to hit bank accounts this weekend. where is that money going to go? >>. british american tobacco making a big bet on pot. the developed cbd products, the ceo will join us later
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covid cases decline and the vaccine roll-out just continue to say ramp up add to that the latest round of stimulus checks to hit households as soon as this weekend. urban outfitters and macy's betting on a quote/unquote return to noormal.
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then on the flip side, levi strauss' ceo says, changes look like they're here to stay. let's bring in stacy widlist, thank you for being here good to see you, frank >> retail sales have been resilient. mastercart storks last monday f. s -- a lot of major retailers shifted to ramp up to e-commerce, but what are they doing in response to the higher shipping costs and also e-commerce that requires more workers? >> that's what we're hearing across the board, logjams in shipping, big delays so many retailers have called it out. also, higher prices.
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they're paid more to get goods shipped to consumers what the retailers have done in a spartan way, some earlier than others, is move very quickly to fulfill stores and started using their stores as logistic centers. of course, target was one of the first to lead the charge on that and is fulfilling three quarters of all of their orders, so that helps big time. >> >> we're looking at some of the picks that you have as winner, colleague american eagle, tjmaxx, homegoods what are they do about returns we had a company saying returns are up over 200% year to date. >> it depends on who you are,
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because actually during this pained, what we have seen is the consumer and levi's called this out, is buying things -- buying with intent and buying with things that are maybe stretchier than normal, so there's lower returns, particularly in some of the apparel players. it sounds strange to call levi as as a hard pick. everybody is talking about going back to hard pants as you look at levi's they are looking at the secondhand market, which is some estimate is 40 billion. they're taking back control of that, so they are going to bring that in-house with a partner, trove is their partner, and now they're going to own that customer, which gives them a huge digital knowledge base as will i would also say that, you know, over a third of their business is in europe europe has been closed so that's about to open up again, and everybody's about to
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bust out and start shopping again. so i think not only from a top-line perspective, but a margin perspective, they are doing more for fulfillment from store. >> stacy, i went out last night, and for the first time in a year, it felt like a normal night. we were dining outside, with a mask, and everybody was dressed to the nines dresses and blouses, whatnot if more women follow this trend and get back to wearing the clothes, what is the number one company that could benefit from this trend, a retailer that has the inventory available? >> so seema, we're hearing more and more about that. you're not the only one. poshmark yesterday talked about the searches for dresses and bathes suits are up 200% so the consumer is ready they're so ready to get out
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there. urban outfitters is the one of the ones that called it out. but if you look at a company that has such amazingly well priced fashionable clothing, but real basics. i think they're incredibly poised to do quite well. i wouldn't count out the teen guys american eagle, that was an interesting play sorry? so you've got the american eagle play, and of course area as well, the lounge will lingerie play. >> stacy widlitz, we appreciate the insight. have a great day. still ahead a key to recovery, president biden promising more shots is the u.s. ready for mass vaccinate? plus it's been a rough ride for the cruise business, and many ships were just docked. investors are betting on a big
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is. look at the cruise line stocks here's a look at how this year wasn't a big one for this years, but wow, what is ahead for the cruise line industry following a disastrous 2020, and no u.s. sailings for a full year, cruise lines and their crew are anxiously awaiting the green light from the cdc >> a lot of times i get the question, how come you don't just dock the ship and everybody go home? the reason why because if you ritz, you rest, we went from a crew of 1320, currently we're 107 on board. >> the job losses have added up. more than 50% of u.s. jobs tied to the industry have been lost that's nearly 100,000 workers. with no concrete date for sailings for start
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despite the suspension, loyal cruise travelers are eager to get back on board. review sight saw a 55% increase in shoppers in the first part of 2021. >> you're seeing enthusiasm about the pace of the vaccine coming out. >> but the $150 billion industry is making changes. covid testing on board, required temperature checks, the beloved buffet no longer self-serve, and sailings will be shorter, at least in the beginning. >> a lot of them had their own islands in the bahamas, which is essential a bubble where they could control the testing. >> it says 80% of the january and february bookings are new cash bookings. >> so, seema, i was speaking to a travel agent a couple days ago. she said that they were seeing incredible volume of bookings,
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but when is this comeback going to start showing up in numbers is it a 2021 phenomenon? or more so a '22 and '23 >> here's the thing. over the next couple months, the cdc will detail more technical instructions for the cruise lines. they will begin their mock vo voyages. if they can prove they can keep covid off their ships, the expectation is they will get the green light. wall street is estimating a restart for the cruise industry sometime in the summer or fall they're thinking it's a 2021 story. future bookings data suggests there is a lot of demand out there. coming up on "power lunch," another week of big market debuts, including roblox is there still a reason to invest in a metaverse, and a deal with a traditional tobacco company. the ceo of organogram will join
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welcome back here is your cnbc covid update
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astrazeneca is preparing to file for emergency use authorization in the u.s. for its vaccine. that could happen as soon as later this month or early april. that's according to reuters. director general of the world health organization says it's aware that some companies have suspended astrazeneca's vaccine shots due to reports of blood clots in recipients, about you so far there's no hard evidence. >> it's important to say the agency says there's no link between the vaccine and blood clots and the vaccine can continue to be used while the investigation is onagain. michigan says it will make adults -- all adults eligible to vaccinated by april 5th. she said in a statement getting the shot is essential to getting the shot back to normal. all adults in utah last quarter eligible on april 1st.
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alaska has already made shots available to adults who live or work there the dow huerly it 29 points. we're being led by shares of boeing, which is up 6%, and caller pillar hired by 2%. the dow transports hitting a record high, as we see the sell-off continue. we're now lower by 1% for the nasdaq part of the story is what's happening in the bond market rick santelli tracking the action at the cme. rick >> yes, all treasuries, all sovereign rates are going up a one week of tens we shot up to 164 today. and it may get a for 30s, it went from 239 to 240 today, and
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if you look at both of them on the chart, going back to december 2019, you can see all the yield curves are steepening a who-day of the dollar index. and it's a sad day in chicago. former mercantile exchange chairman, john francis sandner passed away today at the age of 79 jack, you will be missed. >> turning our attention to washington, d.c. now he wants -- let's bring in meg material for much more. >> so the president is say he's
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going to direct all states, territory and tribes to open up -- by may first as you heard, some states are starting to move in this direction. he says they will help us now, they're also going to be increasing the number of places you can get vaccinated, increasing the number of people who did vaccinate, and they're launching a federally supported website to try it make it easier for folks. where will supply be by may 1st? at the end of the month they're projecting we'll have enough to cover 300 million people that's more than the number of adults we have in this country so, you know, it would be open to make appointments whether you get your shot right then will be concerned by how many shots we can give per day
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we could see what that plays out in terms of the regulatory process. that driving novavax's shares up today. doctors have said adopt show for your vaccine, but get your shot whenever you can but we also know that people have preferences there are three authorityized vaccines public health officials say get whichever one you can get the first. we worked with a data company to look at people, if they had a chance, what would they choose and more than a quarter said no preference
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more than 40% they would get one of the mrna vaccines and more than a quarter said j&j, but over half of the people said they would get whichever was available as soon as possible. by the way, moping, i want to congratulate you on your cover shot on "montclaire" magazine. >> thank you, tyler. president biden pledges that all adults 18 and over last quarter eligible for the vaccine by may 1 the roll-out is already picking up according to the cdc, nearly 97 million vaccine doses have now been administered in the u.s i believe mr. biden said 100 shots in his first 100 days. he's on pace to beat that by a mile will we have the infrastructure to handle it when we step up beyond phase 1, phase 2, phase
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3. michael marin has a site currently vaccinating about 3,000 people a day we'll see if he can do better than that. mr. marin, welcome back. can you up it from 3,000 if so, how can you go? >> we actually can, tyler. our site is one of the most efficient in new jersey. we're at the top in terms of vaccinating people all we have to do is extend hours. we're currently running 18 stations we could extend the stations and extend our operating hours we're doing easily 3,000 a day just in an eight-hour workday. if we go to 10 or 12 hours, we can innic that capacity significantly. >> are there embedments to that? are they financial embedments? why not just do it >> well, finances is a factor, but not for us
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so far this is 100% holy name staffed and paid for operation we've a donation of using the health center, two large gymnasiums, which is ideal the biggest impediment is the inconsistency of supply of vaccine. it makes it very, very difficult to try to schedule people when vaccine supply is erratic. >> and how are people coming to you -- how are they scheduling their appointments with you? >> holy name has a unique skill set. we write a lot of our own software we wrote a specific application just for covid-19 vaccination administration, go to register there we currently have over 100,000 people waiting in that queue
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we then push on the digitally to you via text message and e-mail an invitation to schedule, when we know we have vaccines you go in and pick the date and time that is best suited for you. that same process goes seamlessly to the vaccinators who identify which ample, which lot number, which drug you're getting. automatically schedule the second point, and then we push out a digit at vaccine cart. for those who use i phones, you can store that card in your apple wallet if you so desire. you have the capacity to do up to 5,000 if you actually have the vaccine, but my question is, do you think there's actually 5,000 people who would show up >> yeah, so far -- interesting fact, well just started now to see a higher or less response
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rate to invitations to book. we filled every day and people are responding in the beginning, a mo now it's taking a little longer they're not being quite at responsive, so we find we push out more invitations to fill the opening slots, but we're still pushing most predominantly seniors, as the age requirement lowers, we expect the response rate to go back up through the roof. why don't you think the private sector has stepped up here we have seen companies lie honeywell in north carolina, nike in oregon trying to assist their home states with their vaccine plan, but i would expect more companies to do the same.
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why don't you think they have? >> unless you're a healthcare-committed company like holy name, there's no margin in this that's one challenge others underestimate the complexity of these vaccines transporting, preparing these vaccines, and they come in vials -- pfizer you can get five to kicks, moderna ten, j&j five, so you want to schedule in increments of five the minute you prep a vial, it has six hour at most two hours on j&j so the logistics are quite complex. >> we may have to break to go to the president, but we know you
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had the illness last spring. do you have any aftereffects and in light of the effect you did have the illness and have the antibodies, have you been vaccinated or do you plan to be? >> that's a great deal question. it's actually one year now that i was diagnosed with the virus i have no long-term effects. i actually still have the antibodies, much less in a degree than i did early a, but i still test positive. i have not been vaccinated not because i don't believe it i do and i will. the only reason i have not been vaccinated is because of the demand every day i'm dealing with people who are very frustrated, they want to get on that list. they want to be vaccinated i don't want anybody accusing me that i used my position and access tots drug to have myself vaccinated before they were. so soon the drug is in ready supply and i notice people are
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getting it, i will absolutely vaccinate myself >> michael, great to see you again. i have to say i used your hospital to get my knee fixed. its better than ever, my friend, michael maron, holy name hospital thank you. we'll now go to president biden. [ applause ] >> good afternoon. thank you, kamala. you know, when i look out over what happened the last 50 days, when jill and i first got a chance to move into this magnificent building behind you i promised the american people,
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and i guess it's becoming as overused phrase, that help was on the way but today, with the american rescue planning now signed into law, we have delivered on that promise. i don't mean i delivered we delivered look out there to all of you patty, there will still be people in poverty without the work you did all those years bernie stepping up and making the case why this was so transformational, made a big difference on how people voted look ute at all of you, house members who have made the case to the american people why this is so important. i watched my buddy jim down in south carolina stand up and talk about how it's going to affect individual people. my inclination is to mention every single one of you, because i think i have called most of you and thanked you will have for what you did
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i even call -- we joke all the time, he's in new jersey, i'm in delaware i keep reminding him delaware owns the river up to the high water mark of new jersey, but all kidding aside, i thank you all. i thank the speaker, from day one, from the very first day i got the nomination was supportive in ways that are hard for me to describe i served a long time in the senate i never saw anybody handle such a controversial. >> consequence qtial piece of legislation that was on the edge
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as chuck schumer i owe you, chuck to the members of the house and senate, thanks for making it happening. i served 36 years in the senate. i know how hard it is to pass major consequential legislation, particularly when we only have such small majorities in both houses steny, you've done an it incredible job i have to agree with many columnists who commented on this legislation. what you shepherded through congress, it not only meets the moment it doesn't even more it's historical and they call it transformational at the bill was supported by system american people, with strong support of governors and mayors in both parties, red states and blue, over 430 mayor
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contacted me, many of them republican, supporting the bill. here is hy with the refinements you made, it directly addressed the emergency in this country. it focuses on what people need most debby and i often talked about you've got to tell people in plain, simple straightforward language what it is you're doing to help. you have to be able to tell a story. tell a story of what you're about to do and why it matters it's going to make a difference in the lives of millions of people in concrete, specific ways this legislation, and everybody's already mentioned, will provide $1400 in direct payments that means for a typical family of four, making $110,000 a year, that means a $5,600 check. 85% of the households in america will be getting this money
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a lot of you know, because of the way you came up like i did, know what that can mean. think of the millions of people going to sleep atnight staring tess ceiling thinking my god, what am i going to do tomorrow i've lost my health care, i don't have a job, unemployment runs out i'm behind in my mortgage, what are we going to do well, guess what they're going to get getting that check soon, either by direct deposit or a check from the treasury -- some will get it as early as this weekend this legislation provides resources to open our schools. how many of you have dealt not only in your own home, with your children and grandchildren, with how difficult it is. the mental pressure and the stress that are on so many families, so many people needing -- needing help if they had access to counseling
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it's caused an enormous, enormous stress. this legislation extends unemployment insurance by $300 a week until september it will help 11 million americans who were days from losing that benefit this legislation includes the biggest investment in child care since world war ii that's not hyperbole that's just a fact it's a fact. provides help for small businesses to stay open. and you know, 400 -- so many have had to close because the first time you all worked and did a great piece of work in the house passing significant legislation. what's the first thing the last president did? he fired -- he fired the folks who were supposed to watch and make sure it got, in fact, distributed the way it was supposed to. we found out so much of it went the people who didn't need it.
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you all took care of that. it extends coverage and lowers health care costs for so many americans. so many americans. and it's a big number for people it provides for food and nutrition because people knew when you were all out there like many of us were -- but you saw people who were in car lines that were literally miles long you would see four lanes of cars that went back for half a mile each, just to get a box of food. again, through no fault of their own. it's going to help people keep a roof over their heads. half a million haven't been able to make their mortgage payments. about to be thrown out of their apartments they have to make up all that they owe and those mom and pop realtors are in real trouble. it is going to cut child poverty in half with -- you know, i talked to so many of you rosie, you and i have spent so
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much time on this. but you guys, you, patty, and others are theones who have been leading this for so long. and it is finally coming the fruition and the american people understand it. it pace for many of the steps we have taken to vaccinate americans. we are going to be in the position where, because of what you all did and passed, we had the money to go out and literally purchase hundreds of millions of vaccines and then go out and make sure we had enough vaccinators vaccine is one thing they get the vaccine in the vial out of that vial, into a nields and needle into someone's arm, took tens of thousands of people because of you, we were able to mobilize the military. we were able to mobilize fema. i was able by executive order to allow former docs and nurses to come back and be able to engage in this activity and one of the things that we said in the beginning that no one thought that i was being
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straight with was -- i said this is going to create -- we have to spend this money to make sure we have economic growth, unrelated to how much it is going to help people guess what every single major economist out there, left, right, and center supported this plan. even wall street agreed. according to moodies by the end of the year this law alone will create 7 million new jobs. 7 million. [ applause ] and the bill does one more thing whic which i think is really important. it changes the paradigm. for the first time in a long time, this bill puts working people in this nation first. it's not hyperbole it's a fact. for too long, it's been the folks at the top
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they are not bad folks a significant number know they shouldn't have been getting the tax breaks they had. but it put the richest americans first who benefitted the most. the theory was -- we have all heard it, especially the last 15 years, the theory was cut tax asks those at the top and the benefits they get will trickle down to everyone you saw what trickle down does we have known it for a long time this is the first time sin the jenson administration and maybe even before that to begin to change the paradigm. we have seen time and time again that that trickle down does not work and by the way, we don't have it against wealthy people you got a great idea, you are going to go out and make millions of dollars? that's fine. i have no problem with that. but guess what, you have got to pay your fair share. you have got to pay some because get what, folks who are making -- living on the edge, they are paying. and so, again, all it's done is make those at the top richer in
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the past and everyone else falling behind this time, it's time that we build an economy that grows from the bottom up and the middle out. the middle out and this bill shows that when you to that, everybody does better the wealthy does better -- everybody does better, across the board. if that's our foundation, then everything we build upon will be strong, a strong foundation. our competitiveness around the world. the jobs here at home, the health and quality of our lives. that's what the many rescue plan represents it's all about rebuilding what i have been saying and bernie and a lot of others have been saying, the backbone of this country. the backbone of this country are hard-working folks, hard-working folks, middle class folks, people who built the country and i might add, i think unions built the middle class
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it's about creating tune and giving people a fair shot. that's really all and everything it's about in the coming weeks, jill and i and kamala and doug and our cabinet, with all of you, members of congress, we are going to be traveling the country to speak directly to the american people about how this law is going to make a real difference in their lives and how help is here for them. almost every singleas aspect would be -- would be -- if you took the pieces of this bill and broke it into all the piece, every one of those pieces standing alone would be viewed as a significant accomplishment. but it's all the work you have done for years to try to get us there. this law is not the end of our efforts, though. i view it as only beginning. as we -- look one of the thing that i have been most worried about, and i think you have, too, personal those of us who
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have been around for 100 years, like me, is you watch people lose confidence in government. lose confidence that we tell the truth. that's when i announced i quoted frank listen roosevelt i said i will give it to you straight from shoulder, the american people can handle anything if you tell them the truth. they really can, just give it straight from the shoulder when we do something right, we are going to make a case for it. when i make a mistake i am going to own up to it and say it was me, i made a mistake and i said last night, this is not over conditions can change. we're not finished yet conditions can change. the scientists have warned us about new variants of this virus, and the devil is in the details in implementing this legislation. i know from experience when the president turned to me like i haven't done to the vice
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president yet and said, take care of it, you take care of the plan she can do it, but i remember being given the dubious distinction of having to implement the recovery act back when we came into office, we'll be right back and i. i spent literally four or five hours a day for six months -- i talked to over 160 mayors, probably more than two or three times. every governor, save one, who was looking ing out from alaska russia and making sure we were in a situation where we talked to every -- but it takes -- the devil is in the details. it's one thing to pass the american rescue plan it's going to be another thing to implement it. it is going require fastidious oversight to make sure there is no waste or fraud and the law does what it's designed to do. and i mean it we have to get this right details matter because we have to continue the
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to build confidence in the american people that their government can function for them and deliver. so there's a lot of work left for all of us to do. but i know we will do it to every american watching, help is here, and we will not stop working for you. together with you, we are showing it's possible to get big important thing done that's what america does it tackles hard problems and how we do -- look -- it's how we do have it within ourselves to come out this moment that's what a lot of us have been saying for a long time -- more prosperous, more united and stronger than when we went in. that's where we have a chance to be that's what we are going to be able to do and it's really critical it's really critical to demonstrate not democratic shn republican it is critical to demonstrate
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that government can function, can function and deliver prosperity, security, and opportunity for the people in this country and as my grandfather used to kiddingly say, with the grace of god, the good wilf the neighbors and the crick not rising -- that's exactly what we are going the do thank you every one of you i wish i could come back and shake hands with every one of you. next time we won't have to be so far apart. but thank you, thank you, thank you, and thank you appreciate it. >> right on cue, were president, just 20 seconds past the top of the hour welcome to the "closing bell"ing everyone i'm wilfred frost with morgan brennan in for sara eisen today. the president just wrapping up those remarks, of course, on the anniversary of the pam we have heard a lot from him the last couple of days on the signing as well of the relief


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