Senate Passes Massive Stimulus Package

Automatic TRANSCRIPT

Let's hear about the world of business and how it's affected by Kobe nineteen U. S. Senate last night approved a whopping two trillion two trillion dollars fiscal stimulus package to boost the economy and the legislation still has to pass the house well joining us now is the Philippines on all business desk it is is a massive figure the enormous two point two trillion U. S. dollars total size of the package to put that in context and said an hour ago the songs of the UK economy is two point six trillion dollars half the amount of money in just this particular package in there and others as well that the US is now pouring into its economy will do if they can get the legislation through the house of the bill provides aid to workers small businesses industries in packed it in recent weeks by the far so I spoke to the chief executive of TD Ameritrade Asia Chris pine Kenaston whether the markets were taking this positively well I will tell you they're taking if you just look two weeks ago you saw investors analysts will allow the globe that not only with the U. S. Congress not act quick enough its central banks would not quick enough that you know the fed would not quick enough it wouldn't do enough so we've seen not only from a central bank perspective that we've seen pulling all sorts of lovers over to backstop economies around the world US open up swap lines with nine different countries to help support keeping economy going now we have this massive stimulus package cannot be put into place now it's finally got over that hurdle from the Senate yeah I'm still a little bit worried you're just the way politics seem to work in the US as well as all sides of bipartisan agreement don't always seem to go hand in hand so I still anticipate a little bit of volatility and I wouldn't be surprised if the bill does not pass the house immediately and maybe have a little you know a couple other negotiation hearts before get past but I'm hopeful that we get something here before the weekend in the US does the bill contained the kinds of things that you as someone in the financial markets we're going to see in it or is that more that you would want to see done or perhaps less some of the main things are supporting small businesses yeah because if you don't what's more businesses in times like this is you will have no business could support you know what whether you have you know different parts of the United States they're shutting down for two weeks or four weeks you know to kind of be able to support a local business owner is by one of the most key initiatives in that whole plant because what I like to call it you know kind of that gig economy things that support the rest of the things that we all agree one does whether it's the what bars and restaurants in in the different parts of the effectors of just transportation and around all the support goes with that a lot of these people are crazy and once they work so if there's not support to keep those credit lines and keep those parts of the economy afloat yeah we could see a cratering up parts of the economy which I think this bill is a stimulus package people are hopeful that they will kind of have a lifeline at least here for the next kind of you know two to three months while we get a better grasp and find flat neck curve of the corona virus in the United States respond in their marriage Phil thank you very much

Coming up next