so even bear stearns would not touch donald trump they knew one of the top executives and he used his relationship to get his foot in the door and propose that bear stearns went him $100 million basically said you deal with donald trump he wants 100 million and the banker talks to donald trump is not a crazy patch but it's trump and says we will call you back and then decides he will just not call him back and trump is smart enough to get the message the lack of the return phone call means we will not load you $100 million he didn't get the message and kept calling him back over and over the banker didn't know how to say no so he took hank greenberg out to breakfast and says why can't i get my phone calls returned it is rude so ace says why are you not returning the phone calls in the banker says we can solve the problem by giving them 100 million and he says were obviously not doing that is a figure out a way to solve the problem. so the banker thinks about it and finally decides so he calls back donald trump and says i'm so sorry i've been dodging your phone call is very rude but we

even bear stearns wouldn't touch donald trump so one of the top executives a screen berg he used his relationship to get his foot in the door and propose that they lend him $100 million. and he told one of the bankers donald trump was $100 million a banker it's not crazy but is not trump one - - but is trumps label not lend him they said we will call you back only make a decision and he decides he will not call him back so the lack of a return phone call does not mean we will not loan you $100 million so he does not get the message calling him back over and over in the banker didn't know how to say no so would not return the phone calls. trump went to the boss out to breakfast one day and said why can i get my phone calls returned? it is so rude so a scum stomping back in and says why are you not returning his phone calls? the banker says we can solve the problem by letting him $100 million otherwise i don't know what you want him to do and he said we are not doing that so solve the problem so the banker thinks about it and finally decides he has a plan so he calls back donald trump

and in a former life i worked at bear stearns. bear stearns was allowed to fail and fall in that crisis. lehman brothers and others were picked because they were too big to fail. trish: i remember it well. lehman brothers went down big time because the government said, you know what? they were saving some, not others. that's what scares people of, right? at some point people are like hey, this government is not predictable. we don't know they will be there. when you think about the current situation. i look at a company like boeing. they have all these companies effectively home equity lines of credit. they have outstanding loans they can draw on at any time. they had one for $15 billion. they decided to exercise it. the banks from freak out, going, oh, my god, there is a run on the banks. they are going in and cash it in. do you anticipate the administration will be there to back stop some of that? >> i think in a timely, temporary targeted way, you look at certain industries taking a hit including small business. and because the

david: you work at bear stearns and then you got fired. did you get fired because you are smarter than everybody else and they didn't like smart people. ? stephen: sounds good. how hard is it to call up your mother and say "i have a law degree, i have a masters in tax, i got fired." stephen: i wanted to stay in new york. i didn't know what to do. i didn't think i could get a job. i thought at that point in time "what do i know, where the good opportunities are?" thought up a process, wrote out a business plan and i started my own company. lend youur mother $10,000? -- lent you $10,000? stephen: i had to live. david: you started a company called related. where did you get that name from? i started looking at real estate and there are so many aspects that are related -- related management -- it was a name that made sense from that standpoint. it was a bad enough name that no one had ever used it before. related.u had the name you're syndicating real estate deals. you go to wealthy people and say "would you like to invest in this real estate

. >> you work at bear stearns and then you got fired. did you get fired because you were smarter than everybody else and they is not like smart that soundsen: good. call up your mother and you tell her you have a law degree, a masters, -- >> i wanted to stay in new york. i did not think i would be able to get a job. i did not want to go through that process again. that point in time, what do i know and where are the opportunities and where do i have my interest and passion and i thought of the process and wrote out a business plan. i started my own company. >> your mother lent you $10,000? did you ever pay it back? >> yes, more or less. >> she did not want equity in your company? if she had equity, she would be doing pretty well. >> i had a good mother. >> so nobody negotiated for equity for her. calledrted a company related. where did you get that name? >> we had development, related management and it is a name that made sense from that standpoint. name thatad enough nobody had ever used it for. related andthe name you go to wealthy peo

david: you work at bear stearns and you got fired. stephen: right. david: did you get fired because you're smarter than everyone else and they didn't like smart people? stephen: that sounds good. [laughter] david: how hard is it to call up your mother and say i have a law degree and a masters in tax and i have been fired. is that hard? stephen: i needed money. i wanted to stay in new york. i did not know what i would do. i didn't think i would be able to get a job, and i did not want to go through that process again. i thought at that point in time, what do i know? where are the great opportunities and where are my interest and passion? out ae out, i thought process and wrote out a business plan and i started my own company. david: your mother loaned you $10,000? stephen: i had to live. david: did you pay it back? stephen: yes. more or less. david: she didn't want equity in your company? if she had equity, she would be pretty wealthy. stephen: she was a good mother. david: nobody negotiated for equity for her. you started a company called related. wh

david: you work at bear stearns and you got fired. stephen: right. david: is that because you were smarter than everyone else and they didn't like smart people? stephen: that sounds good. [laughter] david: how hard is it to call up your mother and say i have a law degree and a masters in tax and i have been fired. is that hard? stephen: i needed money. i wanted to stay in new york. i didn't think i would be able to get a job or go through that process again. i thought at that point in time, what do i know? where are the great opportunities and where are my interest and passion? i thought of a process and wrote out a business plan and i started my own company. david: your mother loaned you $10,000? stephen: i had to live. david: did you pay it back? stephen: yes. david: she didn't want equity in your company? she would be pretty wealthy. stephen: she was a good mother. david: nobody negotiated for equity? you started a company called related. where did you get the name? stephen: you look at real estate and there are so many ways it is related. it's a

so you work at bear stearns and then you got fired. stephen: right. david: did you get fired because you were smarter than everybody else and they did not like smart people? stephen: that sounds good. david: how hard is it to call your mother up and say i have a law degree, a masters in tax, and i have been fired? is that hard? stephen: i needed money. i wanted to stay in new york. i did not know what i would do. i did not think i would be able to get a job. i did not want to go through that process again. i kind of thought at that point in time, what do i know and where are the opportunities and where do i have my interest and passion? and i thought of the process and wrote out a business plan. i started my own company. david: your mother lent you $10,000? stephen: i had to live. david: did you ever pay it back? stephen: yes, more or less. david: she did not want equity in your company? if she had equity, she would be pretty well. stephen: i told i had a good you i had a good mother. david: so nobody negotiated for equity for her. you started a compa

david: you work at bear stearns and you got fired. stephen: right. david: did you get fired because you're smarter than everyone else and they didn't like smart people? stephen: that sounds good. [laughter] david: how hard is it to call up your mother and say i have a law degree and a masters in tax and i have been fired. is that hard? stephen: i needed money. i wanted to stay in new york. i did not know what i would do. i didn't think i would be able to get a job, and i did not want to go through that process again. i thought at that point in time, what do i know? where are the great opportunities and where are my interest and passion? i wrote out, i thought out a process and wrote out a business plan and i started my own company. david: your mother loaned you $10,000? stephen: i had to live. david: did you pay it back? stephen: yes. more or less. david: she didn't want equity in your company? if she had equity, she would be pretty wealthy. stephen: she was a good mother. david: nobody negotiated for equity for her. you started a company called rela

so you work at bear stearns and then you got fired. stephen: right. david: did you get fired because you just were smarter than everybody else and they did not like smart people? stephen: that sounds good. david: how hard is it to call your mother up and say, i have a law degree, a masters in tax, and i have been fired? is that hard? stephen: i needed money. i wanted to stay in new york. i did not know what i would do. i did not think i would be able to get a job. i did not want to go through that process again. i kind of thought at that point in time, what do i know and where are the opportunities and where do i have my interest and passion? and i thought of the process and wrote out a business plan. i started my own company. david: your mother lent you $10,000? stephen: i had to live. david: did you ever pay it back? stephen: yes, more or less. david: she did not want equity in your company? if she had equity, she would be pretty well. stephen: i told you i had a good mother. david: so nobody negotiated for equity for her. she just got the money bac

so you work at bear stearns and then you got fired. stephen: right. david: and did you get fired because you just were smarter than everybody else and they is -- they did not like smart people? stephen: that sounds good. [laughter] david: all right. how hard is it to call your mother up and say i have a law degree, a masters in tax, and i have been fired? is that hard? stephen: i needed money. [laughter] i wanted to stay in new york. i did not know what i would do. i did not think i would be able to get a job. i did not want to go through that process again. so you know, i kind of thought at that point in time, what do i know where are the opportunities and where do i have my interest and passion? and i thought of the process and wrote out a business plan. and i started, you know my own , company. david: your mother lent you $10,000? stephen: i had to live. david: did you ever pay it back? stephen: yes, more or less. david: why didn't she -- she did not want equity in your company? if she had equity, she would be pretty wealthy. stephen: i told you, i

so you work at bear stearns, and then you got fired. stephen: right. david: did you get fired because you just were smarter than everybody else, and they did not like smart people? what do you think the reason was? stephen: that sounds good. [laughter] david: all right, ok. how hard is it to call your mother up and say, i have got a law degree, a masters in tax, and i have been fired? is that hard? stephen: i needed money. i wanted to stay in new york. you know, i did not know what i would do. i did not think i was really -- would be able to get a job. i did not want to go through that process again. i kind of thought, at that point in time, you know, what do i know and where the opportunities are, and where do i have my interest and passion? and kind of wrote out, thought of the process and wrote out a business plan. i started, you know, my own company. david: your mother lent you $10,000? stephen: i had to live. david: did you ever pay it back? stephen: yes, more or less. david: why didn't she -- she did not want equity in your company? if she had eq

something like 5 and a half percent interest rates at the fed so they were able to cut rapidly once bear stearns collapse in march of 2008 remember they did a 75 basis point emergency on the sunday night also central banks were coordinating and working together we were not yet in the process of rapid decline this time we are in a process of d. globalization so though gold is very volatile i think you're going to see more central banks start to try to accumulate whatever is available for this post crash whatever is going to happen it's going to look very different so nobody could genuinely predict what what might happen but i think structurally our economies will have to change in some ways it'll be better because jobs will have to be brought back to the u.s. because of this decomposition and because of the exposure that we were exposed as being very fragile that our economy was held hostage by the fact that we weren't able to manufacture personal protection equipment example for the health care workers well the 3 days right put on your 3 goggles those 3 days are zation the dollar is atio

so you work at bear stearns and then you got fired. stephen: right. david: and did you get fired because you just were smarter than everybody else and they did not like smart people? stephen: that sounds good. [laughter] david: all right. how hard is it to call your mother up and say i have a law degree, a masters in tax, and i have been fired? is that hard? stephen: i needed money. [laughter] i wanted to stay in new york. i did not know what i would do. i did not think i would be able o get a job. i did not want to go through that process again. so you know, i kind of thought at that point in time, what do i know where are the opportunities and where do i have my interest and passion? and i thought of the process and wrote out a business plan. and i started, you know, my own company. david: your mother lent you $10,000? stephen: i had to live. david: did you ever pay it back? stephen: yes, more or less. david: why didn't she -- she did not want equity in your company? if she had equity, she would be pretty wealthy. stephen: i told you, i had a good m

so you work at bear stearns, and then you got fired. stephen: right. david: did you get fired because you were just smarter than everybody else, and they did not like smart people? what do you think the reason was? stephen: that sounds good. [laughter] david: how hard is it to call your mother up and say, i have a law degree, a masters in tax, and i have been fired -- is that hard? stephen: i needed money. i wanted to stay in new york. i did not know what i would do. i did not think i would be able to get a job. i did not want to go through that process again. i kind of thought, at that point in time, what do i know and where the opportunities are, and where do i have my interest and passion? i thought of the process and wrote out a business plan. i started my own company. david: your mother lent you $10,000? stephen: i had to live. david: did you ever pay it back? stephen: yes, more or less. david: she did not want equity in your company? if she had equity, she would be pretty well. stephen: i told you i had a good mother. [laughter] david: so nobody

so you work at bear stearns, and then you got fired. stephen: right. david: did you get fired because you just were smarter than everybody else, and they did not like smart people? what do you think the reason was? stephen: that sounds good. [laughter] david: all right, ok. how hard is it to call your say, i have got a i have got law degree, a masters in tax, and i have been fired? is that hard? stephen: i needed money. i wanted to stay in new york. you know i did not know what i , would do. i did not think i was really -- would be able to get a job. i did not want to go through that process again. i kind of thought, at that point in time, you know what do i know , and where the opportunities are, and where do i have my interest and passion? and kind of wrote out thought of , the process and wrote out a business plan. i started, you know, my own company. david: your mother lent you $10,000? stephen: i had to live. david: did you ever pay it back? stephen: yes, more or less. david: why didn't she -- she did not want equity in your company? if she had eq

so you work at bear stearns, and then you got fired. stephen: right. david: did you get fired because you just were smarter than everybody else, and they did not like smart people? what do you think the reason was? stephen: that sounds good. [laughter] david: how hard is it to call your mother up and say, i have a law degree, a masters in tax, and i have been fired. -- fired? is that hard? stephen: i needed money. i wanted to stay in new york. i did not know what i would do. i did not think i would be able to get a job. i did not want to go through that process again. i kind of thought, at that point in time, what do i know and where the opportunities are, and where do i have my interest and passion? and i thought of the process and wrote out a business plan. i started my own company. david: your mother lent you $10,000? stephen: i had to live. david: did you ever pay it back? stephen: yes, more or less. david: she did not want equity in your company? if she had equity, she would be pretty well. stephen: i told you i had a good mother. [laughter] david

night just as it had by the way in march of 2008 during the financial crisis in the beginning when bear stearns collapse here we saw emergency rate cuts of 100 basis points down to 0 it took them down interest rates down to 0 percent essentially and. and the markets tumbled the dollar is something we've been talking about for many years and it's the only store of value at the moment everything is collapsing against the dollar so how long will that last probably not a long time because. as we've seen during brain woods or through the plaza accord of the 1980 s. there's going to have to be a global coordinated sit down to rearrange the global 4 x. market where range the global currency grit and the dollar is not the thing we're going to have to match against because that runaway value on the dollar is what's causing this deflation and that's what's causing this global depression part 2 so they're going to have to rejigger the global currency grid and as all with they always come back to gold they're going to do a whole recalibration of the global currency markets against the against gold

stearns collapsed here we saw emergency rate cuts of $100.00 basis points down to 0 it took them down interest rates down to 0 percent essentially and the markets tumbled the dollar is something we've been talking about for many years and it's the only store of value at the moment everything is collapsing against the dollar so how long will that last probably not a long time because. as we've seen during brain woods or through the plaza accord of the 1980 s. there's going to have to be a global coordinated sit down to rearrange the global 4 x. market we arrange the global currency grid and the dollar is not the thing we're going to have to match against because that runaway value on the dollar is what's causing. this deflation and that's what's causing this global depression part 2 so they're going to have to rejigger the global currency grid and as all with they always come back to gold they're going to do a whole recalibration of the global currency markets against the against gold so that's the only way out of this gold has sold off magnificently it's hugely so as bitcoin become is

stearns collapse here we saw emergency rate cuts of $100.00 basis points down to 0 it took them down interest rates down to 0 percent essentially and the markets tumbled the dollar is something we've been talking about for many years and it's the only store of value at the moment everything is collapsing against the dollar.

stearns collapsed here we saw emergency rate cuts of $100.00 basis points down to 0 it took them down interest rates down to 0 percent essentially and the markets tumbled the dollar is something we've been talking about for many years and it's the only store of value at the moment everything is collapsing against the dollar so how long will that last probably not a long time because. as we've seen during brain woods or through the plaza accord of the 1980 s. there's going to have to be a global coordinated sit down to rearrange the global 4 x. market where range the global currency grit and the dollar is not the thing they're going to have to match against because that runaway value in the dollar is what's causing this deflation and that's what's causing this global depression part 2 so they're going to have to rejigger the global currency grid and as all with they always come back to gold they're going to do a whole recalibration of the global currency markets against the against gold so that's the only way out of this gold has sold off magnificent leads hugely so it's bitcoin becaus

stearns collapse here we saw emergency rate cuts of $100.00 basis points down to 0 it took them down interest rates down to 0 percent sensually and the markets tumbled the dollar is something we've been talking about for many years and it's the only store of value at the moment everything is collapsing against the dollar so how long will that last probably not a long time because. as we've seen during brain woods or through the plaza accord of the 1980 s. there's going to have to be a global coordinated sit down to rearrange the global 4 x. market we raise the global currency grit and the dollar is not the thing we're going to have to match against because that runaway value on the dollar is what's causing this deflation and that's what's causing this global depression part 2 so they're going to have to rejigger the global currency grid and as all with they always come back to gold they're going to do a whole recalibration of the global currency markets against the against gold so that's the only way out of this gold has sold off magnificent leitz hugely so it's bitcoin become is dow

stearns collapse and march of 2008 central banks were coordinating and working together we were not yet in the process of rapid decline this time we are in a process of d. globalization so though gold is very volatile i think you're going to see more central banks start to try to accumulate whatever is available for this post crash whatever is going to happen it's going to look very different so nobody could genuinely predict what what might happen but i think structurally our economies will have to change in some ways it'll be better because jobs will have to be brought back to the u.s. because of this decomposition and because of the exposure that we were exposed as being very fragile that our economy was held hostage by the fact that we weren't able to manufacture personal protection equipment example for the health care workers well the 3 d.'s right put on your 3 goggles those 3 days are zation the dollar is ation the population and we've been talking about this stuff for a couple of years and the idea that the central banks around the world going to start buying more of gold i

something like 5 and a half percent interest rates at the fed so they were able to cut rapidly once bear stearns collapse in march of 2008 remember they did a 75 basis point emergency on the sunday night also central banks were coordinating and working together we were not yet in the process of rapid decline this time we are in a process of d. globalization so though gold is very volatile i think you're going to see more central banks start to try to accumulate whatever is available for this post crash whatever is going to happen it's going to look very different so nobody could genuinely predict what what might happen but i think structurally our economies will have to change in some ways it'll be better because jobs will have to be brought back to the u.s. because of this decomposition and because of the exposure that we were exposed as being very fragile that our economy was held hostage by the fact that we weren't able to manufacture personal protection equipment example for the health care workers well the 3 days right put on your 3 goggles those 3 days are as ation the dollar is at

night just as it had by the way in march of 2008 during the financial crisis in the beginning when bear stearns collapse here we saw emergency rate cuts of 100 basis points down to 0 it took them down interest rates down to 0 percent essentially and the markets tumbled the dollar is something we've been talking about for many years and it's the only store of value at the moment everything is collapsing against the dollar so how long will that last probably not a long time because. as we've seen during brain woods or through the plaza accord of the 1980 s. there's going to have to be a global coordinated sit down to rearrange the global 4 x. market we arrange the global currency grid and the dollar is not the thing we're going to have to match against because that runaway value on the dollar is what's causing this deflation and that's what's causing this global. part 2 so they're going to have to rejigger the global currency grid and as all with they always come back to gold they're going to do a whole recalibration of the global currency markets against the against gold so that's the on

night just as it had by the way in march of 2008 during the financial crisis in the beginning when bear stearns collapsed here we saw emergency rate cuts of 100 basis points down to 0 it took them down interest rates down to 0 percent essentially and the markets tumbled the dollar is something we've been talking about for many years and it's the only store of value at the moment everything is collapsing against the dollar so how long will that last probably not a long time because. as we've seen during brain woods or through the plaza accord of the 1980 s. there's going to have to be a global coordinated sit down to rearrange the global 4 x. market we arrange the global currency grit and the dollar is not the thing we're going to have to match it against because that runaway value in the dollar is what's causing this deflation and that's what's causing this global depression part 2 so they're going to have to rejigger the global currency grid and as all with they always come back to gold they're going to do a whole recalibration of the global currency markets against the against gold so

something like 5 and a half percent interest rates at the fed so they were able to cut rapidly once bear stearns collapse in march of 2008 remember they did a 75 basis point emergency on the sunday night also central banks were coordinating and working together we were not yet in the process of rapid decline this time we are in a process of d. globalization so though gold is very volatile i think you're going to see more central banks start to try to accumulate whatever is available for this post crash whatever is going to happen it's going to look very different so nobody could genuinely predict what's what might happen but i think structurally our economies will have to change in some ways it'll be better because jobs will have to be brought back to the u.s. because of this decomposition and because of the exposure that we were exposed as being very fragile that our economy was held hostage by the fact that we weren't able to manufacture personal protection equipment example for the stuff for a couple of years and the idea that the central banks around the world going to start buying m

something like 5 and a half percent interest rates at the fed so they were able to cut rapidly once bear stearns collapse in march of 2008 remember they did a 75 basis point emergency on the sunday night also central banks were coordinating and working together we were not yet in the process of rapid decline this time we are in a process of d. globalization so though gold is very volatile i think you're going to see more central banks start to try to accumulate whatever is available for this post crash whatever is going to happen it's going to look very different so nobody could genuinely predict what what might happen but i think structurally our economies will have to change in some ways it'll be better because jobs will have to be brought back to the u.s. because of this decomposition and because of the exposure that we were exposed as being very fragile that our economy was held hostage by the fact that we weren't able to manufacture personal protection equipment example for the health care workers well the 3 d.'s right put on your 3 goggles those 3 days are to globalization the doll

something like 5 and a half percent interest rates at the fed so they were able to cut rapidly once bear stearns collapse in march of 2008 remember they did a 75 basis point emergency on the sunday night also central banks were coordinating and working together we were not yet in the process of rapid declination this time we are in a process have his ation so though. gold is very volatile i think you're going to see more central banks start to try to accumulate whatever is available for this post crash whatever is going to happen it's going to look very different so nobody could genuinely predict what what might happen but i think structurally our economies will have to change in some ways it'll be better because jobs will have to be brought back to the u.s. because of this decomposition and because of the exposure that we were exposed as being very fragile that our economy was held hostage by the fact that we weren't able to manufacture personal protection equipment example for the health care workers well the 3 days right put on your 3 goggles those 3 days are to globalization the doll

this is not a lehman collapse or bear stearns, et cetera, but he does say there is an end in sight. do you agree with that in terms of months? >> we don't know how far this will go. he's right in one sense in that the structural sense of the economy back in 2007 and 2008 were pretty severe and a stimulus was not going to immediately overcome that. but there are structural problems in our economy right now that will be revealed by this crisis, and you mention wumentioned one of them earlier, the fact that millions of americans that go to work these days don't have sick leave. that is the structural economy that this crisis will lay bare, so it's important to keep in mind for many people, they may not recover from an economic downturn, where if the stock market recovers, that doesn't mean that somebody who lost their job because of coronavirus recovers. >> of course it doesn't. the proposals right now, the administration is talking about a potential payroll tax cut. the president is asking for a slate of relief proposals for hourly workers. we've seen companies stepping in, darden res

of course, john ryding is legendary, going back years to his bear stearns days, about the theory of the moment. john, what is the theory of the moment? what is the underlying theory here? john: i have no idea. the thing is, and the more i think about it, a 50 basis point inter-meeting rate cut, when have we seen those? a 25 basis point cut and restaurants to long-term capital -- cut in response to long-term capital. in the midst of the financial crisis. at this is in response to virus. this is in response to the mostly supply-side stock impacts. i can't see an underlying theory other than one that says the equity markets were in trouble, and we will bail them out. the impact of moral hazard i think is terrible here. days, fore last few the guest you've had on all of your programs, what percentage said there would be an emergency rate cut? tom: a growing percent. the key thing is not just to get to an emergency rate cut, but to get to the amplitude of it and the expectations of it after an original cut, if it was 25 basis points or 50 basis point. vonnie: the amount of capital destructio

bear stearns went under in march and tapp.a.r.p. didn't come unt october. the speed that stimulus has come is unprecedented there's no question that's going to help. that's good news and the bad news -- it's not that bad, but this feels to me much more like a bear market rally. i don't think we need to set new lows, but i think it's unreasonable to think that we go straight muup from here i think you retest the lows because data will be coming out that we don't know right now we don't know the length of time this economy will be in quarantine we don't know the depth of the decline in earnings per share. i'm thinking about yesterday, scott and you had companies like intel and general motors removing guidance. that makes sense they're not issuing new guidance because they simply don't know that's the sort of uncertainty that the market hates. and while it may be enjoying this rally, as i am. i'm enjoying it tremendously, but i do think that you might get another 5 to 7% from here. and that's probably the top of a bear market rally. you test the lows, but the

stearns and lehman but just general financial stresses we saw in late 2007. that is an important chart. we have a bank of japan chart. they are likely to strengthen stimulus next week. explain how slow-moving stimulus can help a liquidity crisis. andrew: in this sort of situation, the main priority for central banks should be that for companies and banks and corporations that are financially sound, that they have access to liquidity. those are what the overdraft facilities provide. lend abundantly was the motto coined a long time ago. that is what the central banks are doing as we have seen from the central bank of england, the ecb lending unconditional it bounce, not capping the quality of liquidity. they have been doing it for a while and i would expect more of these policies to come from central banks including increasing credit. francine: tom brought you the headlines, the boj is said to likely show a more active stance on buying assets. we understand from bloomberg reporting they will likely strengthen stimulus next week. we heard they were mulling the e

>> neil, people are looking at will be one company that will be lehman brothers or bear stearns of this market panic right now, today as you said is good day in the market. one of the companies you keep hearing is softbank for obvious reasons. it made moves yesterday, buying back stock. cutting ties to some of companies, or funding of things. it is taking pretty severe liquidity measures to shore up its balance sheet as well. i've been talking to people at softbank, the word inside of the company, being filtered to investors is pretty much optimistic. as you know, they have been taking these moves last couple days, even dealing with wework, maybe scaling back how much money giving to former ceo adam newman. the company does not believe it has to go back for a round two of this. they believe this, this liquidity issue that they have been dealing with in the last couple days will be sufficient to get it through the crisis. they say wework, what they're dualing with newman's payout. the neumann business, regulatory investigations widened what was beyond initially thought of during the time

aig one, aig, two, fannie and freddie, the first bailout, bear stearns. there were a series of problems where they were like we've just got to get through this weekend. feels like there's a strong dose of that going on. that it's like, well, the president owned a hotel, let's bail out the hotel industry. and you know, casinos, well, we should put airlines on there. the oil and gas companies. so -- i think that's a mistake. number two, we learned with the t.a.r.p. at the end of the bush administration they need to save the financial system, they get -- the government gets equity so the taxpayers do have an upside if the banks come back. but they don't put in very many conditions on that money. and i believe that that's an intense threat to the political viability of any kind of a rescue. and if you look here, if they don't put conditions on this money and forbid the companies from paying out dividends for doing share repurchases or increasing executive compensation, with rescue money, then shame on us because the only time you have the kind of influence on

stearns hedge funds. >> it was over a year. >> we hit new highs. >> yeah. >> and later in -- >> october of 2007 >> right in october >> but some would say the difference there is that was the source of the problem. >> it was the source there was no doubt it was the source of the problem. >> in other words the difference now is it is more of a coincidence, indicator because that is not the stress point >> i am just reaffirming what he is saying, not disagreeing with him. there is no need to correct me >> i'm not correcting you. >> it is hard to tease out the leads and lags it is all seeming to kind of come together into one trend but it's not as if we have solvency issues in the financial system that's the difference between now and 2008 it's like the banks themselves are fine >> they're fine. >> they're going to cover their dividends. it is not even a question. it is much more about a nonfinancial company side. by the way, where there is record levels of debt but easy to service because you could just roll it over, you know, year after year. >> right on a rate basis it should be easier t

susan: that famous meeting of new york heads, jpmorgan told to buy bear stearns to save the financial system. stuart: there is a comparison. >>> walmart launching an emergency leave policy after kentucky employee tested positive. so got more on this, please? what have we got here? more on the latest headline on the outbreak. what's that. ashley: i can tell you that the airlines here, the faa has waived the minimum slot news requirements. it all sound very technical. look, flights are being canceled all across, american airlines, delta, reducing their capacity. you have to use the slots that you have, congested airports 80% of the time. that is the bare minimum. otherwise you stand the chance of losing that slot. we know how valuable they are to airlines when they want to get into all the major airports. now the faa says until the end of may, don't worry about that minimum use of the slots. we're going to waive that, we're understanding that you have to cancel a lot of flights because of the virus. stuart: remarkable. remarkable. president trump's stimulus plan not getting a lot of lov

stearns and lehman. this time they say no one has any fear of losing their job. gorman saying all jobs are safe, at least for now. this is in contrast to industries like the airlines and cruise lines, we talked about hotels, restaurants, that have been laying off workers. stuart: thank you, susan. just a brief note. the market has come back a little. when we started the interview with vice president pence, the dow was down 850 points. a few minutes later, as of now, we are down 620 points. i'm not so sure the vice president had any impact on the market but he did say we would be opening up on a timetable, when we get data from local areas. that's when we can start to open up the economy in some parts of the country. i think the market probably liked to hear that. also, we are coming to the end of the 15-day period with the advisory from the president. that expires on monday. then we will get fresh guidance on how to behave after that. maybe that helped the market, i'm not sure, but that's what the vice p

we haven't seen any companies go under, no lehmans, no bear stearns, we need to caution that with a little more. stuart: know -- ashley: the circuit breaker we saw earlier this week worked quite well, gave people time to take a deep breath, buyers and sellers to reevaluate and after they came back online we didn't see the dramatic drop. stuart: we have been at that level for some time. you don't close the markets in 15 minutes unless the s&p goes down 7%. >> 42 days have come around to less than a month to lose 20% from recent highs. great bull market run, 11 years two days, $20 trillion, 500% but it has come to a end. stuart: we are aware what is on in the s&p. i will bring you up to speed on the other stuff that is going on. the nasdaq composite is down 6.5%, consistent down 6.5% across-the-board. stuart: ashley: the s&p is down in bear territory as well. stuart: in bear territory but not down 7% today so it is not closing the market. ashley: 20% down. stuart: i looked at an index of all the world markets. it is down 20%, bear market globally on average. the anxiety, the 10 year treasury

. >> in 2008 characterized by a big companies going under bear stearns and lehman's this time around the bailouts, payments go to hard-hit industries like the airline, cruise lines instead? we haven't seen a major company go under just yet. >> it's not an investment recommendation, stuart, look, after 911 they said they will never build super tall buildings. after the tylenol crisis they said they'll never use tylenol again. these cruise lines will take baccome back but it will take some time. this is a natural process of the market so let it play out. >> that is a good point. we likely have to apply for state aid and say they're looking at all options including temporarily suspending almost all of their flights. >> delta is up a dollar 98. southwest is up a dollar 38. jetblue is $11. share. can you believe that? fourteen dollars a share. i'd love to see a chart of that thing because it has come down. if you're going to buy in that group, i don't know why you would want to own anything but delta. it's a dicey group, by the strongest one. >> all right. look for coming up to the top of