Special Report | Markets in Turmoil


Today every answer matters more than ever before because whether it's about health deliveries or finance some things just can't wait that's why IBM is helping. Businesses manage millions of calls texts and chats with Watson. Assistant it's conversational. I designed to help your customers find the answers. They need faster no matter the industry. Let's put smart to work visit. Ibm DOT COM SLASH WATSON ASSISTANT TO LEARN MORE. I the NBC producer. Katie Kramer one of the Voice of behind the CNBC podcast squawk pot. In these times of uncertainty we WANNA make sure we're bringing you our listeners as much information as possible as quickly as we can. That's why we're sharing with you now a CNBC special report markets in turmoil. Listening good evening. I'm Scott Wapner on day. One hundred forty nine of the coronavirus crisis reopening optimism sent stocks surging. But is your safety still at risk strong confidence on the part of our scientists that we can get a vaccine against the virus moves forward with Merck making a major move the NYSE reopens for business. Today one hundred more apple stores reopening stocks respond as more of the economy opens up Roy. Competitor them down a new questions tonight from the market was closing down the economy. The right thing to do this. Cnbc special report starts right now. Here's Scott Wapner. Welcome good to have you with us on this Tuesday night as we off a week where we're starting to see more of this country reopening apple announcing today it will reopen one hundred more stores in the US this week the NHL Unveiling Summer playoff format to end the shortened season. An airline ridership picking up big time this holiday weekend the TSA screening their highest number of passengers in months. And just this morning. The New York Stock Exchange reopened. It's icon of trading floor after being closed for two months. Traders wore masks and followed social distancing rules. The optimism spilled over into Wall Street today. The Dow rising five hundred thirty points the SNP was up one point point. Two three percent a modest gain for the Nasdaq today. We start this evening with CNBC. Contributor Dr Scott Gottlieb former head of the FDA Dr Gottlieb Hope. You had a good holiday weekend. It's nice to see you thanks. Let's reassess the reopening tonight. How do you feel where we are right now? Well look I think. I think it's been so far so good. We're seeing a bump up in cases and hospitalizations but we expected that certain states. You look at what's happening in District of Columbia Virginia Maryland. You see a slight increase Alabama Mississippi Florida and Georgia. Showing bump ups. The data was flat over the weekend reporting around. The weekends is notoriously unreliable. You get under reporting around the weekend so you really need to look at this on a week by week. Basis and smooth out the data. We did see an uptick last week after two weeks of declines in hospitalizations. And that's really what we're focused on and we're probably going to see some increases going into the summer but I think as we get into the summer and a seasonal effects starts to take hold. Hopefully that's going to be a backstop against spread. We can do this successfully. Why governors prescribed doing this in stages that we can look at the data and adjust. If we need to. You said today that you were concerned that some are looking at this. As if it's an all-clear we're you referring to those photos and some of them over the weekend of large crowds gathering in some places shoulder to shoulder no masks. Well look I think. The biggest risk right now is that we become complacent people feel pent-up. They WANNA get out. I understand that we I did too over the weekend but we need to be careful when we go out. We need to try to reduce the number of times we go out. We need to be careful of our social interactions. We should be wearing masks and practicing good hygiene if people do that on a wide basis that could really have an impact on the spread of this continue. Spread this virus but if people become complacent about those kinds of steps that's when we could start to see the viral transmission. Really start to pick up. Professor Jeremy Siegel Dr Gottlieb of the Wharton School University of Pennsylvania was on my noon show earlier today. Said the following about the shutdowns. I'd like you to listen to that. And then if we could respond to that on the other side I think. In retrospect we will look at the lockdown. As as as as as the wrong policy social distancing mats were were right and the CDC was really slow off the mark on that and You know we could have kept many more enterprises open and and relieved some of much of the seriousness. Not all of it. Of course the history will show that that we really unfortunately did not follow the right policy wondering what you think of that Dr Gottlieb whether lockdowns went too far. Well look I think history is going to show something else. I think in the cities like New York Detroit Chicago New Orleans. There was really epidemic spread. It was out of control. We had no choice but to put in place to stay at home. Mortars in very stringent measures that we took the healthcare system effectively overwhelmed New York City for a period of time was a covert only healthcare system. You couldn't get Medicare outside of an emergency or Cova illness. And so we needed to break the epidemic in the cities where it was. I think the challenge was. We didn't know where it was spreading. We didn't know where the epidemic was going to go to next because we just didn't have good information. We didn't have the testing in place. We didn't have reliable data so we had to reach for simultaneous national shutdown effectively. Because we couldn't target those inventions. Hopefully going into the fall. We're going to have outbreaks in a fallen will probably have cities that become epidemic. Hopefully we can target our interventions much more effectively. Because we'll know where the virus is spreading. I will know where it isn't and we'll be able to titrate our approach based on how much background transmission there is and we'll be in a better position that's what we should be focusing on trying to get those tools and interventions in place so that we don't have to reach for a simultaneous national shutdown. When we have five six seven cities become epidemic. Perhaps in the fall trump talked about Georgia Georgia earlier. Seeing a small uptick in hospitalizations. George of course was the first State Dr Gottlieb to reopen. Since late April the growth in new cases there is actually pretty flat and somewhat say. That's evidence that perhaps we did go too far. Well look there are states that have done this successfully. And if you look at Georgia and Florida. You saw an uptick in hospitalizations. In the last week we have to see what the data shows over the weekend but you haven't seen a major surge and infections. Could this could be a seasonal effect because you're seeing across the sun belt and in the South infections not really go up as those states reopen. An infections never really took off in certain states. We'll have to wait and see. I'm hopeful that you know these states can pull this off successfully. We want to see that happen across the entire country. I think as we go into this summer as we go into July and August we are going to see transmission break off and we can all take a little bit of a breather. That's what happened in two thousand nine with h one n one which was also epidemic. Going into June. We really saw cases collapse in July and August. They came back in the fall. But we were all able to take a breather over that summer. And hopefully we'll be ready for it this time Versus the the the onset of this from the beginning. You said today that we need to define what a quote a new normal is and wondering what your definition of of a new normal is tonight. Well I think. Initially we need to implement the measures that we're doing right now the social distancing the mask wearing people cutting down on their activities trying to group shopping visits being mindful of who they who's in their social circle hopefully as we continue and as we get a better sense of where this virus and isn't spreading and as transmission comes down. We can all relax a little bit more. But I think there's certain things that we're GONNA do in perpetuity going forward. I think mass wearing is going to come far more common. We're GONNA densify offices. I think we're GONNA look for ways to try to identify schools and maybe not have entire populations of students intermingle but keeps kids in smaller groups within the schools tell. Works going to become more popular more than norm. I think you're GONNA see office. Space WORKS START TO DIMINISH PEOPLE OF GONNA not want to go into cities office space work. I think you're going to see a lot of things change in terms of what we do. Some of that's GonNa probably be permanent and some of it's going to be a temporary phenomenon until we get to a vaccine and we can get to a point where we have more immunity in the population and this is less of a threat. We will get there. This will eventually be less of a threat. But we're probably going to have to get through one more cycle with this in the fall and maybe going into the winter until we get to the other side interesting later this evening fact going to have a conversation with the former Chicago Mayor Rahm Emanuel about the very issue. You're speaking about about the future of what our cities are going to look like what you to stay with me at once again. Dr Gottlieb tonight if you could big reason for today's Wall Street rally was new optimism. Drugmakers are closing in on a vaccine with Merck now joining that hunt. Cnbc's farm report make Terrell speaking today with the CEO earlier this evening. Good evening to you. Hi Scott when it comes to this race with a tremendous amount of credibility experience and vaccine development announcing today. Three different moves in cove. Nineteen one is in licensing an antiviral drug from ridgeback bio. That's in phase one human trials and then to different deals On vaccines for COVID. Nineteen first of which they plan to start human trials with in just a few weeks. Now they said they were very measured in the way that they approached how they wanted to get into. This can freeze. You're telling me today. They wanted a vaccine. That could be deployed. Broadly one that has just a single dose needed to confer protection so no booster shots needed and one where the technology has already been proven in people and he said he found that with these two different vaccines. He also said he's already starting to feel pressure from different governments around the world. Here's what he said about that. There is now geopolitical pressure. There are other countries that are asking for us to make sure that they are included. In the first we think the right thing to do is to look at population risk groups so for example frontline healthcare workers for example elderly people people who have co Morbid conditions. We want to make sure that this vaccine gets the people who are at highest risk now. Of course Merck is not the only one developing a vaccine. It plans to be in human trials by July with its first project but there are already eight or vaccines already in human testing including the latest. Today Novak's started human trials in Australia so quite a few shots on goal and and Scott. History would tell us. That's what's needed because not all of these vaccines are GonNa make it through the development process. Hopefully we get many scores of with those shots. Mega appreciate it. Thank you Dr Dot by bringing you back in now so how. `Bout that you heard megs report. Where do we stand? Do you think tonight. It's really remarkable. Moment every single major pharmaceutical company capable of developing a vaccine is now in the hunt and many of them are pretty far along. Merck is using their bowl of vaccine platform to try to develop as one of the platforms are using to try to develop a vaccine against covert. The next big milestone is going to be a data car that we turn over on Oxford. Probably sometime in June. So we're going to get a look at some clinical data from that vaccine. That's the one that AstraZeneca's because now partnered with and so we're going to start getting data all through June and into July of clinical data on these vaccines. That's going to give us a real clear indication of which ones look like. They're generating robust immunity. But we've already seen enough data from some of the early clinical studies with these scenes and the animal studies suggest that one or more of these is going to work with the Merck approaches using a virus to deliver the protein that the body then develops antibodies against that protein. That's spike protein. That we've talked about. Before one of the downsides of using a viral vector to deliver that protein inside the body might be that. You can't dose the vaccine so we're going to see is a lot of these vaccines are gonNA come along. They'll be used once and then we'll have to reengineer the vaccines for the subsequent season. But that's okay we're GONNA get one or more vaccines I think heading into the fall in the winter and probably be ready to mass inoculate the population some sometime twenty twenty one if we have multiple vaccines coming online at the same time. How do we decide which ones are actually used on on different people? If you have multiple vaccines in your toolbox. How do you decide which one to take out? It's a good question. I think what's going to happen. Is We'll probably multiple vaccines get approved at the same time. I think that these vaccines are largely coming through development at the same time the notion that one companies ahead of the other by two or three weeks. That's really not operative once you start running the big clinical trials so we're probably going to have more than one vaccine. We hope we well. We really need to have more than one vaccine because I don't think one manufacturer can supply the entire globe. Let alone the entire United States and what we might find is different. Vaccine's might be indicated for different populations. So you might reserve certain vaccines for a younger population certain vaccines for an older population in an older population where older individuals might have a harder. Time developing an immune response to a vaccine. You might want the vaccine that that's more immuno-genetic in an older person as opposed to a younger person so I think that we're going to start to see some differentiation between these vaccines but we have other markets where there's multiple entrance in the market niche vaccine slightly differentiated and they used somewhat interchangeably. There's certain advantages and disadvantages to different vaccines. But they're all relatively operative used relatively interchangeably. What do you make of the comments? That can frazier. The Merck CEO was was discussing about already hearing from different governments around the world. Saying hey you know. Make sure we get ours. I how are we going to deal with that issue? We'll look we've seen this before in two thousand and nine with h one n one. When when nations effectively nationalized their supplies nationalizes supplies it would destined for other countries so we got back scene for the US being produced in Canada Australia and they held onto those supplies until they were able to vaccinate their populations and then they released the supplies to the United States. We did the same thing to the United Kingdom. We were manufacturing so h one n one vaccine here in the in the United States for the UK and we held onto that it required a phone call from UK officials to the White House to get that released. So you see this kind of behavior. I suspect you're going to see some of this again. It's important that nations have a supply. Domestic manufacturing capacity and a lot of nations are are seeking to do that right now. I think that it is important that we make equitable distribution Ken. Remarks Right on point. We need to make sure that we get the vaccine. First and foremost and the highest risk populations globally and the places where there's epidemics. We might not be experiencing epidemic. At the time that the vaccine comes online another country might be and we need to make sure there's allocation to account for that but but by and large countries are going to want to make sure they have enough supply vaccinate their own populations and. I don't know that we would be surprised by that behavior. Certainly what's happened in the past interesting part of the conversation For certain have some twitter questions once again for a Dr Gottlieb and some good ones at that. Our first question for you. I had the corona virus I also tested positive for the antibodies had a high antibody reading and my now immune and or if I do get it again would it be less severe. Have there been incidents of healthcare workers getting sick recovering and then getting sick again. I think most people who've had the virus and recovered can expect a period of immunity probably around a year. This virus behaves like every other virus in every other coronavirus. And certainly if you get tested for antibodies and you have a high tighter that suggested that you'll have residual immunity. Let me ask you another question about a vaccine that plays off what we were just talking about. Nelson writing to you with so many companies around the world in this race to a vaccine. What will happen when the first one quote wins the race? Can't there be various levels of efficacy among the competition? So what do you do with the efficacy? Efficacy issue? Well I think what we're likely to say it's a good question. I mean we don't know what we're going to see frankly but I think what we're likely to see is vaccines that perform better in certain groups. So there's going to be differentiation and might be one vaccine that sort of an overall winner in terms of its absolute efficacy. Its ability to produce them. You know genetically but it might have other downside so for example the viral vector vaccines might might be more immuno-genetic might produce more robust immune response but people who've been exposed to those viruses in the past might have antibodies to the virus itself and they also might not be dosed with those vaccines. So that's a potential downside. So you might not WanNa take that vaccine. I know you can only take it once. So I think there's going to be trade-offs with these vaccines and I'm hopeful. We'll see more than one vaccine succeed. We really need to see more than one. Get over the finish line. And lastly as we continue to talk about the path forward and the reopening of business in this country some are asks you about the transmission of the corona virus by secondhand smoke. I have relatives who work on the casino floor. Well there's nothing suggests that that the secondhand smoke would be any different than any other kind of respiratory droplet transmission. There is data to suggests from mostly from influenza that secondhand smoke reduces your immune response and makes you more susceptible to respiratory pathogens. So if you're getting a lot of secondhand smoke you might be more susceptible to viruses has actually been clinical studies looking at kids in particular and flew that have demonstrated that interesting. Dr Gottlieb appreciate your time as always we'll see you tomorrow night. Scott Gottlieb joining us once again tonight. The special reports just getting started next tonight. How hospitals are tackling the problem of not having enough equipment when they need it most see what they learned and how they're fixing it plus our meeting between eight and nine hundred families six days we getting and giving help in a place where it's needed most and the future of the great American city I would this country. Looks like on the one hundred forty ninth day of this global pandemic Today every answer matters more than ever before because whether it's about health deliveries or finance some things just can't wait that's why. Ibm is helping. Businesses manage millions of calls. Texts and chats with Watson. Assistant it's conversational is designed to help your customers find the answers. They need faster no matter the industry. Let's put smart to work visit. Ibm Dot Com Slash Watson Assistant to learn more welcome back on day. One hundred forty nine of the crisis here are some more headlines on the virus tonight. Google plans to reopen its offices starting July sixth for up to ten percent of its workers and looks to increase capacity to thirty percent by September barbershops and hair salons will be allowed to reopen in parts of California with guidelines like requiring masks for both customers and employees and tomorrow Disney and seaworld present their plans to reopen their Orlando theme parks to a local task force. Well during the crisis hospitals around the country found themselves in bidding wars with other hospitals desperate for protective gear. Today hospital supply premier struck a deal with a key maker of surgical masks. Make Terrell with US tonight with premieres. Ceo Susan Divorce Mega. Send it back to you. Thanks so much and Susan divorce. Thank you for being here with us. It's a really fascinating deal because it's not just you who's buying this minority stake but also fifteen of your members who are health systems hospitals. I mean really. Buying an ownership stake in the largest domestic supplier of face masks. Just tell us about how this deal came together. You Know Meg Premier serves four thousand hospitals one hundred and five thousand other providers of care and it is really important for us to be able to help them get all the supplies. They need to protect their employees and protect their patients in their communities. Fifteen of our healthcare systems representing hundreds of hospitals across the country and came together and said we need to. We need to take control here and we need to bring more of this manufacturing back to the US. We found this company in Texas a few months ago and we've been in discussions with them ever since on the idea is these health systems make long term commitments to buy the supplies from this company. This company increases their production capacity a prestige. Ameritech only sells to the US. So it's a hundred percent. Us US-BASED and they manufacturer critical face masks and and ninety five masks and surgical masks and so we felt like it was really important. Push this forward well sitting where you said. You have a view that most people don't into the supply chain tell us what you observed sort of the height of these bidding wars between states between hospitals trying to get the supplies that they needed and in some cases. Did you observe this necessity really to bid against one another making the situation worse because it was driving prices up? All of that is true when you only get five percent of your face masks in the US manufactured in the US then supplies to pharmaceutical ingredients to where less than twenty percent is manufactured in the US and you have a pandemic and you have over two hundred countries that all need the same stuff everybody. We were competing with countries. We were competing with states. Government was competing with private sector and the challenge for hospitals and healthcare systems. Is They just needed to take care of patients and there was not a lot of transparency. About how decisions were being made where that scarce product was going and the demand increased from normal loads to seventeen to thirty times of the normal level of demand. And so our goal here in doing it with the provider. Health SYSTEMS IS WE'RE GONNA brain transparency to all of it. We're going to bring commitment to all of it. Price did go up. These masks used to cost thirty. Five to forty five cents apiece in its heyday. That price went up as high as eight dollars. It's now come down to around three to six dollars. But we had a problem with too much of our manufacturing offshore and we need to have a diversified supply chain in the US but also near shore and some diversification is. We think it's a mistake to bring it all to the US so this is part of a bigger strategy. Yeah I mean there is such a push right now to create more of a supply chain that is domestic within the United States. And as you mentioned we're seeing that also in the pharmaceutical industry and seeing a lot of pushback to that a great story in Stat News today about how. The pharmaceutical lobby is pushing back against potential legislation trying to Encourage or require these companies to make their products in the US. What kinds of moves are you observing across the healthcare industry in terms of trying to get supply From the United States. Where else will we see this? You know I think that we do need some involvement of governments to incent manufacturing back to the US. But I don't think we need to put all our eggs in one basket because then you'd just be natural disaster away from compromising the supply chain if it were all manufactured in the US so our our idea and at a premier we are talking to all of our manufacturers as well as federal and state governments about adding at least one domestic supplier having at least three suppliers global and domestic near shore offshore for critical products. That are always going to be necessary in any kind of epidemic pandemic bioterrorism. And so. I think it's going to be valance. And I think we need to be thoughtful about how we spread it out and how we make sure we have a diversified access to product and I think manufacturers want that to do. I think the worry is that we might swing the pendulum too far in one direction. And of course you know this. This guarantees long-term supply given perhaps a steady supply. Are there solutions in place or being put in place if there is again a massive spike in demand for this appointment if we face another pandemic scenario or another spike in the fall potentially well? We are bracing for future rounds of Kobe. Nineteen all our health. Systems are reopening all of their surgeries. The demand for these products is going to increase to give you some context. These fifteen health systems alone have committed to forty six million masks a year. Forty six million units of product. And we'll be wrapping up to one hundred million to serve many of our other members and so I think that as this plays out it will play out in waves. And even with a vaccine we are going to have syringe shortages we've already got gown shortages and and you know the approaches to get in front of it figure out what the next wave of demand is going to be and try to ramp up that production all around the world but a lot more of it domestically to to meet the needs of our. Thanks for being here with US tonight. Thank you back over to make. We appreciate it very much. Thank you a Susan divorce. Well well since. The lockdown beginning March nearly thirty nine million Americans have filed for unemployment. A devastating number. Never seen before in this country tonight. We want to show you what these unprecedented job losses mean for communities tonight food pantry. Volunteers at a church in Queens New York in their own words. Normally we'd be feeding about. I've hundred families in a weekend. Which for us was you know. Putting a dent in the hunger in the community and our feeding between eight and nine hundred family six days a week in the past four weeks. We'd given out close to three quarters of a million which for our small little operation is insanity and we probably could have done closed double that if we had. Our food is increased from here to here but are needed increased Off The screen and the food extends all the way into different parts of well-being into the classroom since if you want to Tori cafeteria gym. We're actually raking doubt wall to make. Roofer investor goes out to create a whole old bank upstairs under ringing off the hook zoo system so many people online and so many people online that we would never see online normally lined up. Because they're they need food for their grandma that can't afford to get for them so many different different people hearing sometimes. I have to just look at the map of people we have delivered to say. Hey we're making a difference. You certainly are more good people doing extraordinary things. We of course wish them well. There is a lot more ahead tonight on this special report next tonight the future of the American metropolis once the crisis spades. The former mayor of Chicago Rahm Emmanuel is with US tonight. Plus inside of Miami hotspot forced to close the doors see how the owner is managing now. The customers are allowed back in once again. We're back in two minutes tonight. The future of America's cities former Chicago Mayor Rahm Emanuel is with us live plus business face to face one owners comeback story once again. Here's Scott Wapner. We welcome you back after a rally on Wall Street today. Let's get you caught up on. Where futures are currently trading early? Of course we are slightly. Greenville across the board today. Investors growing optimistic about the economy reopening and the prospects for a vaccine corona virus the Dow rising more than five hundred points the S&P five hundred adding more than one percent and at one point hit its highest level. Since the beginning of March financials were the best performing sector of the day with big gains from Goldman Sachs J. P. Morgan and American Express leading the way from the top tonight. The CEO of Winnebago and to owners of Big League sports teams all on their pets forward. Small Business of being active and being in employing people. I think the league is being thoughtful in creative about ways to get up to get guess playing again with schedules and may be involved little less travel but we WANNA play in our own hearts. We don't WanNa put in tournament set in the NHL or be looking at you know. Obviously what's driving? This are people are are coming out of the stay at home or shelter in place restrictions that were put on in the month of April and early May and and they wanNA socially distance in safe But yet memorable wave as long as we open up the country in a very a safe way I think they are ready to deliver for their customers. And many of them have actually changed their business models to able to work in this virtual world. That's the view from the top tonight. Big City mayors meantime throughout the country. Have a lot to deal with as you know right now. The immediate problems caused by the outbreak. Enacting rules to prevent the spread and finding a path forward for economically besieged cities. We're talking about more of that tonight with the former Mayor of Chicago Rahm Emanuel Mayor. Welcome back it's nice to see you again. Thanks Nice to see you Scott. How much do you think our cities are going to be changed by all of this for first of all? They're going to be changed. But you know. This is still a fundamental. Cities are where people like to gather economic intellectual cultural energy of their economies and they have a gravitational pull. That won't be loss. There will be adjustment through this period of time. But the core central purposes cities will still exist and making adjustments. Moving forward is going to be something. That's cities will do and that's how they'll survive comeback but a lot of people. I mean said he just let me say this why city he's been around for over two thousand years? They survived a lot worse. Rebuilt income back reinterpret themselves. Reimagined what they can be. They've gone from steel industrial to attack medical centers etc the universities that anchor cities the diversity of economy and populations that anchor cities. That's going to still be the strength going forward. The question is is whether that's changed in and of itself. I want to read you something from a piece. I saw today on on medium that I thought was quite poignant for our conversation tonight quote on the nation's current trajectory one of the most probable postcode at future scenarios in our cities is star-crossed territory with empty coffers for the very services and qualities that make for an appealing urban life. Well paying jobs. Robust public transportation concerts museums. Good schools varied restaurants boutiques well swept streets and modern office space. The glossy mega-cities blueprint will need serious modification. What do you make of that statement? Well you know I think. Let me take on the austerity side. I think that's why the debate in Washington is going to be very key. I have a theory of what I would call a grand bargain Which is that. The federal government should take over like they do in these crises Medicaid and unemployment insurance in a big way that would free up annual two hundred and fifty billion dollars at the state level on annual basis but the bargain is the states invest in education they invest in transportation infrastructure. That are starving for resources and to me that's the right kind of rebalancing that should happen here. I do think You know one of the great things like in a city Chicago. It's known as a city in the garden. We have parts throughout the city of Chicago that make the quality of life as Burnham originally plan a great public health integrated benefit the cultural scene. We'll come back and it will be reinterpreted. Hide you do it an classic way? We did this thing. In the summers called theater was actually a night out in the park where you had dance performances. You had theater excetera rather than close space. You reinterpret how you do it. That's what and cities are very good at reimagining reinterpreting and they will get through. This will not be just a flip of the switch. There will be a process that happens. That will actually allow cities to get that and I do think though and the piece that you just read really quickly. You're going to need resources to do this. You cannot do it trying to starve. A city of financial resources. Universities will play a central role. The diversity of the workforce as I said we'll play a central role and I think Re Bargain between Washington in the states and localities would also help where they take on other responsibilities. Freeing up resources so cities can make those critical investments. In both human capital and physical capital that make a city much more livable. And a where we can call it where you live work and play this. You'll also learn. I'm sorry no finish your thought your thought. I do think though you're gonNA find you're not just going to go back as if this was a period of time. Zap and your back. You are you yourself myself. We're GONNA work at different hours. We're GONNA work from different places how we Seek entertainment and partnership and social we are ultimately social beings. And that's why cities are the longest serving kind of political and social structure. That's been around since the beginning of time and so the idea that. Oh cities are going to empty out. It's not true they're going to go through a reinterpretation Rieti and they will survive not only and they'll probably if they do it right with a game. Plan a blueprint. They can come out of this much much stronger. Do want to discuss with you. The future of of what work may look like. And I'd like you to listen to a comment made earlier this evening by Dr Scott Gottlieb in a conversation we had. I thought it was perfect for your appearance tonight. Let's listen to Dr Gottlieb a Mr Mayor. We can react on the other side and people are to not want to go into cities for office work. I think you're going to see a lot of things change in terms of what we do. Some of that is going probably be permanent. And some of it's going to be a temporary phenomenon. Told get to a vaccine and we can get to a point where we have more immunity in the population. And this is less of a threat. We will get there. This will eventually be less of a threat. But we're probably going to have to get through cycle with this in the fall and maybe going into the winter until we get to the other side. How about that? Here's how I look at it here. What Scott says. And he's probably right about that from a medical standpoint. There's been no pandemic when you go through the last twenty years we've had four or five of these that doesn't have another second kind of kick to it one of the things. My view is what are we doing to prepare? What do you say to the JC? Penney worker the Neiman Marcus worker. That is not gonNA come back to that job. My view is you want to have unemployment. Great I want you to use the six months here at home. Reskill is a computer coder. Reskill is a cyber security analyst and writer. Those are jobs that are always going to be a need and have somebody come out of this process with a career. So we're using the time not just merely to give them unemployment checks which are needed but also with the skillset so they can thrive in the future. I think to me the question is in the same way for those individuals we would say the businesses. I one of the things that has struck me here. Look target's GONNA BE FINE. Walmart's going to be fine Amazon's GONNA be fine but to the small businesses. The families that have three generations working in a restaurant. That's going to be the nest egg. That's always going to send the kids to college. What are we provide them to come back to? And it just flipping switches. The restaurants won't be the same. So how do they thrive and continue to offer their services in which are so vital and to me? Those are essential things that we have to ask ourselves. And how do we make that rebuilding effort possible and invest in both the skills infrastructure in the opportunity to create a? Whether it's your business or your opportunity to succeed going forward and I think we should have a strategy so we come out of this much much stronger than we did going into it. And I think it's revealed some weaknesses but it also revealed some great opportunities to move forward a lot. More people are doing college online. There's a PRI- there's a skill set. You can also do six months certificates that give people an opportunity to go back into the economy with not just the opportunity for a job but a career they can make a lifetime of income and economic opportunity for them and their family. That's how I would look at this matter. I appreciate your time. You'd be well. We'll see against soon youtube. Scott that's rahm Emmanuel joining us. Here's what else is coming up. He has a brewery in the heart of Miami forced to shut down at the start of the crisis. See where things Stan next inside the tank plus one NBA Stars Slam Dunk. Move before the break. What our world looks like on the one hundred forty nine day of the pandemic American businesses are reopening bringing companies. Now face to face with customers once again back with US tonight as Carlos for drone is the founder of the tank brewing company. Down in Miami Florida Carlos. Welcome back. It's nice to see again. Scott. Thank you for having us back. Tell me how you doing down there well other than this weekend. It's been raining torrential rain for three literally for three days out here. It feels like we're slowly coming back right More importantly the dishes to us. You know a lot of our accounts are starting to open up again tomorrow in my head city of Miami. You're a lot of restaurants. Bars are opening so really happy for them. Bit Happy you know. See people getting hopefully getting their jobs back done. I think a small smile on your face. So that's certainly good to see you back in business. You're doing what you love. How do you think it's going to go from here? Nope we think to we look at it as a to battle in the first battle is was know the legal battle making sure to beat all the requirements. Now it's the second battle making sure that our customers feel comfortable coming back. Bright Luckily Again. In our case we didn't follow any order employs. Aol stayed around. They've been working extremely hard. The last sixty seventy days. So they're they're comfortable eat. They've been working doing deliveries doing everything. So now it's just So we feel comfortable that our employees. It'd been part of our process and establishing all the procedures that were having so they feel comfortable. So now it's you know making sure that the customers feel comfortable about it and And slowly slowly. We're starting to see that combined with all the roles that the county has set for us. Tell me a little bit about that. I mean I think I see some of the changes behind. You looks like you can't be up against the Bar Clearly. A Red Line on the floor over your left shoulder along with some tape on the floor. What's the experience going to be like? When you're when you're in you're in the tank so so to be honest made me we think into an extra excrete. Scream I would tell you you know. We have a new. Pc Rheumatic your and Michael. We've been working even before the rules. Were set down here studying. What other country states were doing it? And so we literally have have gone. Probably more than what the rules require. We're taking temperature of the customers as they come in. We're setting the white that you see is kind of what we're saying. Is the data of the safe. So right once they get in. They have to wear masks. Once her. In that wide area they could remove their BASS. That's where they'll be served dirt dinner or and in addition to the beers they go out of that area. We're asking them put on their masks. Begin the rents area right now. It's a rule that you know. Know Bar seating so you don't go into those areas and so there's a lot of AIDS individuals just as a constant reminder to our guest To not only for their safety or employ safety but also to be respectful of other gasping. And so probably a little bit more but luckily our space allows us to. Do I think the last time we spoke you had applied for the PGA loan? But you're still waiting on the money. Did you ever get it? We did we got it like a day or two after being on on on your show right and in addition to on your show I must say that you know other in addition to getting a lot of support from local chains. Such as Milo total. Why it's That we've got whole foods fresh market you. Don't we after being on your show? Thank you for that You Know Public Exceed Sodano. Also you know. We've been able to talk to them. I think they're going to help aside and I think it's GonNa be a great support right to help us sell and and what. We call the off premise situation stores. I'm glad to hear it and I certainly wish you. Well we'll check in with you again. Soon Scott thank thank you very much and thank you for everything you've ads highlighting us and and helping us out and by whom banchory great show. I think you today in the afternoon with the professor. We joined it a lot staying at your halftime report. So you're a good man. I I appreciate that so much. We certainly stand with you okay. You be well and we'll talk to you again soon. Thank you very much. Thank you very right. That's Carlos drone a tank joining us today. Nba Stars idea of helping. A restaurant is coming up next back a big time. Assist FROM CLEVELAND cavs center. Andre Drummond has US applauding tonight. He left a waitress at the chair restaurant in Delray Beach Florida. A one thousand dollar tip on one hundred sixty four dollars bill. Now that is a good tip. It's a great way to help a restaurant and other way to do it. You can tweet me at Scott Wapner. Use the HASHTAG. Thanks for the GRUB with the name town of your favorite restaurant you can even send us a picture and we'll show it on TV tonight. We give shout outs to the following restaurants Sante in Matthews North Carolina. The Caribbean Grill in Boca Raton Florida Galveston House in East. Hatem Connecticut the Twin Lakes in and twin lakes Colorado and Luma. Luminary not too far from here midtown Manhattan. Use the HASHTAG. Thanks for the GRUB by the way and please keep those coming on day one hundred forty nine of the crisis here are the latest headlines Tonight. Senate Majority Leader Mitch. Mcconnell says Congress will likely decide on a new stimulus bill in the next month consumer confidence rose in May as the economy began to reopen. The Dow was up more than five hundred points today for all of us here at CNBC. I'm Scott Wapner. Please stay well. I'll see you tomorrow at noon on the halftime report right now stay tuned for Shark tank which is next today. Every answer matters were than ever before because whether it's about health deliveries or finance some things just can't wait that's why IBM is helping. Businesses manage millions of calls texts and chats with Watson. Assistant it's conversational. Ai Designed to help your customers find the answers. They need faster no matter the industry. Let's put smart to work visit. Ibm Dot Com Slash Watson Assistant to learn more.

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