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Burst Details

Trump Signs $2 Trillion Coronavirus Stimulus Package

Bloomberg Radio New York |
2 months ago
Bloomberg Radio New York

Automatic TRANSCRIPT

Story president trump that has signed the largest stimulus package in U. S. history eight two trillion dollar bill intended to rescue the corona virus battered economy he said it will deliver urgently needed relief adding that America is going to keep it small and big business is strong but that package to help lift US stocks to the best week in over ten years the S. and P. five hundred climbed ten percent Monday to Friday the biggest gain since March two thousand and nine but the magnitude of the economic devastation being rolled on that by the corona virus pandemic it was laid back really in the U. S. government report an unprecedented surge in the number of people seeking jobless benefits three point two eight million to be precise our guest host this morning is NASA Sadie Fonda on president of NASA Sadie access is not so good to have you with us this morning when you look at this story it's moving at a huge pace a couple of things that come to mind trump actually invoke the defense production act he did lamb bass at GM at the same time but I was seeing incremental ratcheting up of the response in the United States of America which we should take heart from well the response I think is being delayed you look at China they went into suppression mode immediately at least three months from the aunts and uncle Richard really stabilized thirty calling on the U. S. is being delayed both in terms of testing and in terms of recognizing that there's a major problem so the issue of travel advisories I think is a minimal response we should have run immediately into court in time across the United States there is no state or local entity which is immune to covert this is a national phenomenon for United States so trying to isolated in particular cities or states I think his inclusion so expects gold ridge junior page through the United States so I think we're right at the beginning those are some big pop to the upside in U. S. stocks over the last five trading sessions obviously we were a little bit lower in the close on Friday my mother dairy and writes an editorial for Bloomberg that that this might be just a bit of a temporary reprieve and that there might be some more painful times the downside to come is that something you see is I would agree with that I think the fed obviously has flooded the markets you just noted what happens in the U. S. dollar we've received a torrent of money coming into the money markets across the board treaty so that is being heralded as good news by the markets but I think the markets are disassociating themselves from the true physical risks and what's happening in the economy if you look at all the short term indicators all the high frequency indicators everything's pointing to a deep recession so the markets I think I've gone ahead of themselves with with they want to some good news they latched on to what the fed was green deduction on interest rates Q. V. new assets and your security is that the fed would be buying and well you've got a blurring old relationship between the fed and the treasury the lines are really poor awareness the school policy more this fiscal policy and ribs monitor all the sea star so I think this is just the beginning and I think the bad news is going to come when you have a large decline in earnings everything points to the fact that earnings are probably going to decline maybe fifty sixty percent and then on the markets will