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00:00:53.000I mean, I've got my Churchill poster up behind me, the We're In It Together poster.
00:00:56.000The reality is that this is a crisis of proportions that we have not seen in my lifetime, I think in virtually anybody's lifetime, certainly since World War II.
00:01:05.000And the extent of the crisis is not yet known, and that's what makes this so difficult.
00:01:09.000Is that when it comes to trying to figure out exactly where the data lead us, we are short on data at this point.
00:01:14.000And so, on the one hand, I'm hearing calls from some people saying, you're taking this whole thing too seriously.
00:01:32.000Here's where I am right at this moment.
00:01:34.000I think I am where a lot of people are right at this moment.
00:01:36.000I am perfectly willing to put everything on hold until we know what exactly the projections look like, because we have not yet seen the curve bend down in any Western country other than South Korea.
00:01:47.000South Korea would be the only outlier.
00:01:48.000We have a couple of Asian countries, Singapore, Hong Kong, that presumably the curve has bent down.
00:01:52.000We cannot trust the statistics from probably either Hong Kong or China, considering they're directed by the Chinese Communist Party, which lied about this thing in the first place.
00:02:00.000But because we have not seen enough statistics yet, nobody knows exactly where we stand.
00:02:03.000So right now, what we are gambling is potential future economic loss from which we could recover against a certainty of loss of life.
00:02:11.000And we don't know exactly how much loss of life there's going to be.
00:02:14.000My prediction is that by the end of this week, especially looking at the European countries, not even looking at the United States, looking at Italy, looking at Spain, that by the end of this week, we're going to have a much better idea of where exactly things stand.
00:02:26.000And that's true in both terms of the economy and the guaranteed damage to the economy that happens when you shut down the entire world economy, forcibly, the way we have done at the government level, and in terms of loss of life.
00:02:37.000Because what we've seen in Italy is mild optimism at this hour, because while tons of people are dying, particularly in northern Italy from coronavirus, some 650, 700 a day, it seems like that may be evening off and leveling out.
00:02:50.000Now, one of the things that you should be aware of when you look at the charts is that the chart that really matters is the day-on-day growth, not the cumulative stats.
00:02:57.000The cumulative stats don't matter very much because, again, if you're going to look at cumulative stats, they're always going to continue to grow because none of the cases ever really come off the board or very few cases tend to come off the board because there's like a two to three week lag time before somebody actually comes off the board.
00:03:11.000What you really want to see is whether the number of new diagnosed cases and new deaths is leveling off day by day Hopefully, the rate of growth levels to zero.
00:03:20.000And at that point, then you can declare the pandemic is basically over.
00:03:24.000Although again, you may get a second wave pandemic.
00:03:26.000So we don't have that much information yet.
00:03:49.000He did a monologue about the potential of an economic catastrophe and how many lives that would cost, what kind of damage that was going to do.
00:03:56.000And he got all sorts of flack for this because we live in this weird internet world where you are not supposed to even think about, at this point, the trade-offs of government policy.
00:04:05.000Now, there's no question there are trade-offs to government policy.
00:04:07.000Millions of Americans are going to lose their jobs right now.
00:04:31.000I mean, that obviously is not true throughout American policy.
00:04:34.000Forever and always, we are going to calculate the extent of public policy losses on the one side versus public policy gains on the other side.
00:04:40.000Right now, the big problem is, I keep saying over and over, is lack of data.
00:04:43.000And so I'm not going to be sucked into the game where I say, I know that things are going to level off.
00:04:47.000I don't know things are going to level off.
00:04:48.000And I'm also not going to be sucked into the game where I say, I know that things are going to go exponential growth, because I don't know they're going to go exponential growth.
00:04:53.000And neither do you, and neither do any of the experts.
00:04:55.000If the experts really knew all this stuff, they would be presenting that data to the public.
00:04:59.000And if the experts on the so-called other side knew that this thing were going to level off, then they would be presenting all of their findings and then we could decide.
00:05:05.000But the fact is, at this point, all we really have is an enormous amount of speculation.
00:05:09.000And so in the absence of hard data, I'm going to say, hold on.
00:05:15.000What we're doing right now seems like a smart policy in terms of the lockdowns.
00:05:19.000That can't last forever, as I said last Friday.
00:05:20.000I don't see a plan to end this in any near-term fashion.
00:05:23.000I don't see any sort of projections from the government as to what they hope to achieve over the next two or three weeks, or the next two months for that matter, that is going to lock this thing down, increase our medical capacity, prevent us from moving over that line of medical capacity.
00:05:39.000I don't see what the government is, like, what are their projections at this point?
00:05:42.000We just don't have enough information.
00:05:43.000The government's not presenting us information.
00:05:45.000So I'm going to give you, so President Trump said yesterday, after watching Steve Hilton, he tweeted out, we cannot let the cure be worse than the problem itself.
00:05:51.000And he said that at the end of the 15 day shutdown period, we'll make a decision as to which way we want to go.
00:05:56.000And he got all sorts of flack for this.
00:05:59.000Is he just watching Fox News and making policy based on Fox News?
00:06:02.000First of all, I really don't think that that is unreasonable.
00:06:04.000I think on a day-to-day level, the federal government should be considering exactly what policies we are putting in place.
00:06:10.000State governments should be doing that too.
00:06:11.000He's not saying at the end of 15 days, he's going to go, everybody out there, enjoy your life.
00:06:15.000He's just saying at the end of 15 days, as we gather more data, we're going to have to figure out whether our policy is best calibrated toward doing.
00:06:22.000What it seeks to do, which is save lives.
00:06:25.000Because again, we could have upward of 30% unemployment.
00:06:27.000That's going to have some pretty significant life ramifications for literally hundreds of millions of people in the United States alone and billions of people around the globe.
00:06:35.000So all of this is extraordinarily complicated.
00:06:44.000Are we supposed to not re-evaluate in 15 days?
00:06:46.000What would be stupid is to evaluate wrongly in 15 days and then let everybody out off lockdown if, in fact, we're still undergoing exponential growth in death and infection rates in the United States.
00:06:56.000But Trump isn't saying that's exactly what he's going to do.
00:06:58.000He's just saying we have to re-evaluate.
00:06:59.000Look, we should be re-evaluating on an ongoing basis.
00:07:03.000And we also do have to weigh all of the various complications here.
00:07:06.000Because what you're going to hear from the health community is exactly right.
00:07:09.000That in their best of all possible worlds, we lock down for like nine months until there's a vaccine.
00:07:12.000Or 12 or 18 months until there's a vaccine.
00:07:14.000But health policy wonks are also not economic wonks.
00:07:18.000And economic wonks are not health policy wonks.
00:07:20.000And there are very few people who bridge the gap between health policy wonk and economic wonk.
00:07:24.000If you're a doctor right now, they're telling you stay home.
00:07:26.000And if you're an economist, they're saying go to work, right?
00:07:28.000Because the fact is that these two priorities are directly opposed to one another.
00:07:32.000So the question becomes, when does the balance tip away from we're all going to die in the pandemic, or a huge number of people, particularly the elderly, are going to die in the pandemic, and toward a bunch of people are going to have their lives ruined by the economic shutdown?
00:07:57.000Okay, we're gonna get to more of this in just a second.
00:07:59.000We're gonna get to the two sides of the coin that are being presented.
00:08:02.000One thing is certain, this week is gonna get a lot worse in terms of the number of infections and deaths in the United States, because that has happened in Spain, it has happened in Italy.
00:08:09.000Also, we're doing inordinate amounts of testing, like huge amounts of testing, finally.
00:08:15.000We're finally doing that in the United States.
00:08:16.000We're gonna see prominent people get this thing.
00:08:18.000I assume there will be prominent people who probably die of this thing over the next two or three weeks because, again, it is infecting presumably hundreds of thousands of people in the United States.
00:08:25.000We'll get to all of that in just one second.
00:08:28.000As I mentioned very early on, this is like a hacker's paradise.
00:08:32.000Everybody on planet Earth, everyone on planet Earth is on the internet right now.
00:08:36.000And that means that because you're on the internet right now, hackers are just looking for a way to grab your credit card information.
00:08:42.000I mean, the fact is that if you're online, like 24 hours a day as the rest of us are, checking the news or watching TV, trying to keep your kids entertained.
00:08:48.000If you're doing all those things and you're online all the time, What better time would there be for online criminals to go grab your information?
00:09:41.000As I have said, this week is going to be bad.
00:09:43.000It's going to be bad in terms of the stats.
00:09:45.000It's going to be bad in terms of the deaths.
00:09:46.000We know that because finally we're testing and finally people are starting to go into the hospital who have this thing.
00:09:51.000So this is the week when the rubber hits the road and the pedal hits the metal, as they say.
00:09:55.000Surgeon General Dr. Jerome Adams warned on Monday the coronavirus outbreak will worsen this week.
00:09:59.000He said people across the country are not taking the threat seriously enough.
00:10:02.000Now, he's saying what he's supposed to say.
00:10:04.000Because the fact is that if you're not locked in your house and staying away from other people, then according to the doctors, you're basically doing it wrong.
00:10:30.000Also, stay away from the other humans.
00:10:32.000So Adam said, I want Americans to understand this is going to get bad.
00:10:36.000He said the disease is spreading because many people, especially young people, are not abiding by guidance to stay home and practice social distancing.
00:10:42.000We are seeing young people who are coming down with this.
00:10:44.000It is not nearly the rates of elderly people or people with pre-existing conditions.
00:10:47.000There's a 12-year-old girl in Georgia who came down with this, is in critical condition.
00:10:50.000There was an 18-year-old, I believe, in Italy who just died.
00:10:53.000So there are young people who are coming down with this, and even young people coming down with this, you can sustain fairly significant lung damage according to some of the studies.
00:11:01.000Adam says right now there are not enough people out there who are taking this seriously.
00:11:04.000Adam said that young people were flocking to the beaches in California.
00:11:07.000People were still headed to the National Mall in Washington to view the cherry blossom trees that bloom each year.
00:11:11.000He warned that young people need to understand they can contract COVID-19 and they can be hospitalized and potentially die from it.
00:11:16.000Now, it is also true that your chances of that happening, not contracting it but dying from it, are extremely low if you are young.
00:11:23.000Not lower than if you contract the flu if you're young, but lower than old people or people who have some sort of pre-existing condition.
00:11:29.000But Adam says everyone needs to act as if they have the virus right now.
00:11:38.000And he was also answering questions about the supply chains.
00:11:42.000He said the supply chains are indeed opening.
00:11:44.000Okay, so on the one hand you have everybody, every expert saying That you need to stay home right now to flatten the curve.
00:11:49.000On the other hand, Michael Leavitt, Nobel laureate Stanford biophysicist, began analyzing the number of COVID-19 cases worldwide in January.
00:11:55.000Correctly calculated that China would get through the worst of its coronavirus outbreak long before many health experts had predicted, according to Yahoo News.
00:12:02.000Now he foresees a similar outcome in the United States and the rest of the world.
00:12:05.000He says what we need to do is control the panic.
00:12:33.000He's saying, okay, and if tomorrow you have 550, 450, 350, 250, then pretty soon this thing levels off where you're having very few deaths, and that's what you've seen in China.
00:12:42.000So, his hope is that we're going to see this thing starting to level off.
00:12:46.000Right now, we have 354,000 total confirmed cases of coronavirus all across the globe, with about 15,000 deaths thus far.
00:12:55.000Italy has seen a huge number because, again, their health system got overwhelmed.
00:12:59.000That's what we are trying to prevent here.
00:13:00.000Italy has seen 59,138 cases as of this hour, with almost 5,500 total deaths.
00:13:06.000They're experiencing hundreds of deaths a day, and that is because their system is completely overwhelmed.
00:13:11.000You're seeing the United States, we have 35,300 confirmed cases.
00:13:15.000That is going up fairly significantly.
00:13:57.000Angela Merkel, in fact, just went into self-quarantine herself.
00:14:01.000Germany has now banned groups of more than two to stop coronavirus.
00:14:04.000Angela Merkel has self-quarantined after she came into contact Her doctor had tested positive for coronavirus and she said she would isolate herself at home effective immediately.
00:14:13.000We are seeing prominent people are coming down with this thing.
00:14:16.000We have seen the husband of Amy Klobuchar apparently came down with this.
00:14:21.000He was apparently coughing up blood, and he is now on oxygen.
00:15:14.000President Trump was batted about a little bit yesterday because President Trump seemed to make a reference to Mitt Romney, who's asked about Romney self-quarantining, and here's what President Trump had to say about it.
00:15:25.000On top of Senator Paul, now four senators are in isolation.
00:15:27.000And the rules say that in order to vote, they have to get there.
00:15:53.000Okay, so everybody in the room is like, wait, are you making fun of Mitt Romney for being in isolation now?
00:15:57.000He has the plausible deniability, does Trump, of being able to say, no, he was just being perfectly genuine, except that he singled out Romney there.
00:16:04.000Okay, you can read that one however you want.
00:16:06.000Is that just Trump being remarkably callous about a coronavirus self-isolation, or is that Trump actually expressing sympathy?
00:16:13.000I have a feeling that people who love Trump are going to say, no, he was being perfectly generous of spirit in referencing Romney there.
00:16:18.000And people who don't like Trump are going to be like, yeah, When he says, gee, that doesn't sound exactly like somebody who is experiencing tremendous amounts of sympathy for somebody who is now self-quarantining.
00:16:31.000Two other members of Congress, Representative Mario Diaz-Ballart, Republican of Florida, and Representative Ben McAdams, have also tested positive for the virus.
00:16:38.000Over a dozen others have since self-isolated after coming into contact with them or other individuals who had tested positive for COVID-19.
00:16:47.000So as this thing continues to develop, obviously you're going to see more and more prominent people get it.
00:16:52.000Some of the prominent people who are getting it have been recovering.
00:16:57.000Daniel Dae Kim from the series Lost, which was one of my favorite series when it was on TV.
00:17:02.000He played Jin, I believe was the name of his character.
00:17:06.000And Daniel Dae Kim came down with coronavirus.
00:17:08.000He said he had a bit of a rough time, but the new drug cocktail that is now Here's what I consider to be the secret weapon.
00:17:14.000hydroxychloroquine, as well as azithromycin.
00:17:17.000He said that that really helped him recover.
00:17:49.000It means it wasn't studied and it's only based on personal accounts.
00:17:53.000We'll add my name to those personal accounts because I am feeling better.
00:17:58.000Okay, so that is true that Fauci did caution people because President Trump had gone out at a presser and he had talked about this drug cocktail.
00:18:05.000And then Fauci went out and he sort of hesitated.
00:18:07.000He said, listen, President Trump is trying to bring hope to people.
00:18:09.000And we'll get to Dr. Fauci in just a second and his relationship with Trump because obviously Fauci is using whatever capacity he has to try and convince Trump to say things he wants him to say, and he's not having complete success at that.
00:18:22.000But here was Fauci hesitating on the drug cocktail last week, saying, you know, we don't want to overblow this thing before we have clinical trials in on it.
00:18:29.000The president has heard, as we all have heard, what I call anecdotal reports that certain drugs work.
00:18:36.000So what he was trying to do and express was the hope that if they might work, let's try and push their usage.
00:18:44.000I on the other side have said, I'm not disagreeing with the fact anecdotally they might work, but my job is to prove definitively from a scientific standpoint that they do work.
00:18:56.000So I was taking a purely medical scientific standpoint and the president was trying to bring hope to the people.
00:19:05.000It is also true, by the way, that it's not like you can go to your doctor and ask for a prescription on this thing.
00:19:09.000The doctor is going to have to recommend it.
00:19:11.000They have put out notices to virtually every hospital in the United States that if you recommend this without there being a proper reason to recommend it, that you're depleting the supply.
00:19:18.000Okay, we're going to get to more of all of this in one second, plus the giant legislative battle that has broken out over the coronavirus federal financial response, because we are now in uncharted financial territory.
00:19:30.000We'll get to the kind of policy we should be pursuing.
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00:20:50.000Everything right now is geared toward not becoming Italy.
00:20:53.000The horror stories from Italy are really frightening, obviously.
00:20:56.000And again, raise questions as to, on the one hand, we got to not be Italy.
00:21:01.000On the other hand, what if there's a second wave even after we tamp this thing down and let people out again?
00:21:05.000So on the first hand, you know, when we talk about tamping this thing down to the point where we're not Italy, there's an Israeli medical doctor named Guy Peleg.
00:21:11.000He just told Israeli television that in northern Italy, the orders are not to allow anybody over 60 access to respiratory machines.
00:21:18.000So you come in, and you're over 60 in Northern Italy, and you can't breathe, and they're basically, well, you're on your own.
00:21:23.000Which is just insane, because they're trying to save younger people who have a better shot at life.
00:21:28.000By the way, Italy does have a single-payer system, so anybody who suggests to you that a single-payer healthcare system is a cure-all to the problems that ail the American healthcare system, yeah, not so much.
00:21:39.000Meanwhile, in Asia, on the other hand, there are second waves that are apparently breaking out in various different countries.
00:21:46.000From Australia's Bondi Beach, according to Yahoo News, to the streets of New Delhi, authorities across Asia have ramped up efforts to stem the spread of coronavirus amid fears of a second wave of infection in places where outbreaks had appeared under control.
00:21:57.000Outside China, South Korea is the hardest hit country in Asia with more than 8,500 cases.
00:22:02.000While the number of infections in China is supposedly falling, other countries are seeing the toll gather pace from spread of the highly contagious virus.
00:22:08.000Cases rose by roughly a third in Thailand overnight to nearly 600, fueling skepticism about claims in Myanmar and Laos of zero infections.
00:22:15.000One of the big problems here is that democratic countries tend to be honest and transparent about the number of infections and deaths they have seen, which is what you're seeing in Italy.
00:22:22.000According to Russia, everything's hunky dory.
00:22:24.000But that's because Russia is a dictatorship.
00:22:26.000This is why we can't trust China either.
00:22:29.000We've seen sporadic reports out of China that they're not even doing testing anymore specifically so that they can keep the numbers down of the number of infected and the number of dead.
00:22:38.000Meanwhile, there are serious concerns that there will be a second wave the minute you let people out.
00:22:42.000Singapore is banning all short-term visitors to the densely populated city-state after a surge of imported cases took its total to 445, including its first two deaths on Saturday.
00:22:51.000In Hong Kong, the number of cases nearly doubled in the past week as more and more people were flying back to the financial hub, which does raise the question, as I raised on Friday, okay, well, how long can you keep everybody locked down?
00:23:02.000How long can you keep everybody locked down?
00:23:05.000If you let everybody back out in three weeks and you have not radically increased the medical capacity available, and then there's a second wave and it overwhelms the system, what exactly have you prevented?
00:23:14.000And you're not going to reach anything remotely approaching herd immunity until 60% of the population has had coronavirus and moved on.
00:23:20.000So, where we go from here is, of course, the big question.
00:23:25.000Meanwhile, the federal response continues to be, I would say, at the very least, chaotic.
00:23:31.000Some good things are happening, some very chaotic things are happening as well.
00:23:35.000In good news, the FDA is finally relaxing restrictions on ventilators, which again, isn't it demonstrative of how giant bureaucracies are not wonderful?
00:23:43.000When the FDA finally, like on Sunday, is now releasing restrictions on ventilators.
00:23:48.000We don't have to go through the FDA process to get these things approved.
00:23:50.000I mean, people are literally going to die in hospitals if they don't get the ventilators, and it took until Sunday for the FDA to be like, oh yeah, maybe we'll waive some of these ridiculous requirements on how the ventilators are supposed to work.
00:23:59.000The FDA said on Sunday, hospitals and healthcare professionals may now repurpose ventilators that were originally intended for other environments.
00:24:05.000I'm glad they finally got on the game.
00:24:07.000For example, the agency said hospitals could adapt ventilators that are now used in ambulances for use on patients who are being treated inside their facilities.
00:24:14.000In addition, the agency said that manufacturers that would normally need FDA clearance to modify a ventilator could now do it without an agency review.
00:24:21.000The FDA said this would help companies speed up their manufacturing by obtaining ventilator parts from automobile manufacturers or other companies that don't currently make medical devices.
00:24:31.000Which of course, this should have been relieved weeks ago, obviously.
00:24:34.000And when people talk about the wonders of the federal government, just recognize that the wonders of the federal government put these restrictions in place in the first place, which is obviously not good news.
00:24:43.000So, what exactly can the government do at this point to stop all of this?
00:24:48.000Long article over at the New York Times discussing what exactly the measures are that could help alleviate this situation.
00:25:11.000That's the left-wing New York Times suggesting that maybe these giant school lockdowns and sending kids home has actually increased the chances of kids giving the infection to their grandparents because, while they may not get sick, they become carriers to the grandparents.
00:25:22.000But basically, everything has to be locked down for the moment.
00:25:25.000The problem is that that has extraordinary consequences for the economy.
00:25:29.000So we're going to get to the economy in just one second because this is the...
00:25:33.000This is the countervailing interest here.
00:25:38.000The longer this goes on, the more we're going to have to determine what exactly is the balance between that which we hope to forestall on the public health level and that which we hope to forestall on the financial level.
00:25:46.000We'll get to that in just one second first.
00:25:49.000With the current economic climate, you must be on top of the numbers for your business.
00:25:52.000If you're not on top of the numbers for your business, you may be putting your entire business at risk.
00:25:56.000I mean, right now, businesses are existing on a razor's edge.
00:26:00.000We at The Daily Wear, we spend an inordinate amount of time being on top of our data.
00:26:03.000You should too, and you have to have the right tools to do that.
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00:26:55.000Alright, so, as I say, the big question when it comes to the economic response is how many deaths are we forestalling by shutting down the entire economy, and how many deaths are we causing, and how many jobs are we causing to be lost by shutting down the entire economy.
00:27:08.000And to pretend that we can't do these actuarial investigations at all is idiotic.
00:27:12.000Obviously we have to be doing those sorts of considerations.
00:27:15.000We make those sorts of considerations every single day.
00:27:18.000Those sorts of considerations are the basis of government policy.
00:27:21.000Now that doesn't mean that we come down on the side of open everything up, go out and enjoy your life.
00:27:25.000Again, we don't have enough data yet to suggest this thing isn't going to go completely exponential and wipe out 2 million people from the United States population.
00:27:32.000But as these statistics begin to accrue, there are going to be some interesting arguments over when exactly people should be able to get back to work and go out again and get this economy moving again.
00:27:41.000Right now, as we say, the members of the government are talking about how bad this is going to be.
00:27:47.000Andrew Cuomo of New York, he said yesterday that 80% of people are going to get the virus and it could last nine months.
00:27:52.000Which does, again, raise that question.
00:27:54.000Okay, so what's going to change in the next three that allows us to get back to work?
00:27:57.000Because if you think that people are going to stay home for nine months, nine months, You're crazy.
00:28:02.000I mean, we've been doing this for like nine days and people are chafing.
00:28:05.000You want to know why the parks are full?
00:28:06.000You want to know why the beaches are full?
00:28:08.000Because human beings are social creatures.
00:28:10.000Now that doesn't mean this is what you should be doing, but realistically speaking, the harsher the government response in terms of stay home, the less long this can last.
00:28:18.000So when Governor Cuomo says 80% of people are going to get the virus, people can be like, okay, well, If you're not upping your game in terms of preventing death, and 80% of people are going to get it, then are we better off getting it now or are we better off getting it later?
00:28:30.000Italy says we're better off getting it later because we're going to get completely overwhelmed.
00:28:33.000The question is, what can we do to prevent the overwhelm now so that when 80% of the people get it, a huge number of people don't die?
00:28:39.000Here was Andrew Cuomo yesterday, governor of New York, saying 80% of people are going to get the virus.
00:28:49.000You look at any World Health Organization or the NIH or whatever any of the other countries are saying, you have to expect that at the end of the day, 40% to 80% of the population is going to be infected.
00:29:05.000So, the only question is, how fast is the rate to that 40%, 80% and can you slow that rate so your hospital system can deal with it?
00:29:19.000Okay, and what he's saying there is absolutely correct.
00:29:23.000How much do we have to slow the rate so the hospital system can deal with it?
00:29:26.000And we've heard no estimates so far from anybody on how fast we can get the hospital system ramped up to deal with all of this.
00:29:34.000Cuomo also went out and slammed city residents for going out, which again, in the midst of a pandemic, you really should be listening to the government at this time and you should stay home.
00:29:40.000Going out is an irresponsible thing to do.
00:30:49.000Because again, when we're talking about various competing interests, you've got the economy, which is a massive competing interest.
00:30:54.000You've got the health of the United States, which, of course, is the greatest interest.
00:30:58.000And then you have the policies of the United States that could, in fact, change radically over the next year, such that the very nature of the United States itself is changed.
00:31:06.000And there are politicians who are trying to take advantage of this stuff.
00:31:11.000Okay, Rahm Emanuel once said, never let a good crisis go to waste.
00:31:14.000Well, this is the greatest crisis in the history of the United States, except for possibly the Civil War.
00:31:19.000I mean, it is a greater crisis than World War II, because the U.S.
00:31:21.000population was actually less threatened in World War II than it is right now by this pandemic.
00:31:25.000And the government response has been significantly broader even than World War II, which is incredible.
00:31:29.000I mean, you've got literally hundreds and half the population of the United States locked down, state after state now declaring lockdowns.
00:31:35.000This has some pretty significant ramifications for our freedom.
00:31:37.000So what I'm saying is, everybody better tread pretty lightly and be ready to reevaluate on a moment's notice as more data comes in.
00:31:44.000And the greater the crisis, the more government intervention is necessary.
00:31:47.000And then there are people who want to make that government interventionism permanent as a matter of politics and have wanted to for a very long time.
00:31:53.000So as we watch sector after sector that hits the chopping block, the question becomes, okay, what should our response be on all of this?
00:32:00.000I mean, billionaire real estate investor Tom Barak said that the U.S.
00:32:04.000commercial mortgage market is now on the brink of collapse.
00:32:06.000He predicted a domino effect of catastrophic economic consequences if banks and governments don't take prompt action to keep borrowers from defaulting.
00:32:13.000Because he's saying that there could be a chain reaction of margin calls, mass foreclosures, evictions, and potentially bank failures due to the coronavirus pandemic.
00:32:20.000He says, to keep people employed, you have to support the employers.
00:32:23.000The biggest part of the employer expense is rent.
00:32:25.000When commerce stops, and they can't pay rent, and they can't pay interest on the debt, then the banks and intermediaries cannot pay their investors, and then it all collapses.
00:32:33.000So this thing better get shored up in short order.
00:32:36.000And yet, and yet, the politics playing did not stop yesterday on a variety of scores.
00:32:41.000So you saw, for example, Andrew Cuomo, who again, I think is not doing a bad job in terms of letting his population know you got to lock this thing down.
00:32:47.000At the same time, Cuomo turned to the Trump administration and said, I want you to nationalize the entire factory system, basically.
00:32:52.000I want you to nationalize the entire chain of medical device production.
00:33:12.000If states are competing to pay top dollar for this stuff, don't you think that every business owner, mainly business owners who are in industries that are completely defunct right now because they've been shut down, are going to shift their production over as fast as humanly possible to making the ventilators, making the masks?
00:33:25.000Nonetheless, Andrew Cuomo says, let's nationalize the factories.
00:33:28.000And you get the feeling this is somebody who's been interested in nationalizing resources for quite a while.
00:33:32.000I think the federal government should order factories to manufacture masks, gowns, ventilators, the essential medical equipment that's going to make the difference between life and death.
00:33:45.000It's not hard to make a mask or PPE equipment or a gown.
00:34:21.000Here's Fauci saying, no, we don't need nationalization.
00:34:23.000What the president was saying is that these companies are coming forth on their own, and I think that's an extraordinary spirit of the American spirit of not needing to be coaxed.
00:35:27.000Okay, here's the FEMA chief who didn't know the answers on basic medical supply distribution at this point.
00:35:32.000Do you have any specific numbers on how many masks the federal government has been able to acquire and how many have gone out the door to hospitals?
00:35:59.000Again, the government is just not as good at any of this stuff as private industry is.
00:36:03.000The only thing that you need from the government is the resources to pay for all of this stuff, to make sure that everybody gets what they need.
00:36:10.000But what you need private industry to do is what private industry does best, which is produce things at low cost and fast, right?
00:37:02.000Because Congress can't act and they can't get their stupid act together because they're terrible at this.
00:37:06.000Because some people are busy grandstanding over all of this.
00:37:09.000The Federal Reserve said on Monday it's going to launch a barrage of programs aimed at helping markets function more efficiently amid the coronavirus crisis.
00:37:17.000Among the initiatives is a commitment to continue its asset purchasing program in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions in the economy.
00:37:26.000That's a long way of saying the Federal Reserve is going to pump, and pump, and pump, and pump, and buy, and buy, and buy, and buy.
00:37:59.000And the job of the federal government right now in terms of compensating these businesses is basically provide zero interest loans to all of the companies that are hurting right now to pay back over time or grants to these companies to pay back or not pay back over time, because most of these will end up being forgiven.
00:38:17.000Float the companies the cash right now.
00:38:18.000And yes, float the companies the cash.
00:38:20.000And this turns out to be the major sticking point with the Democrats.
00:38:23.000So over the weekend, it appeared that the Republican bill that was being pushed by Mitch McConnell, which had some fairly significant flaws in it, but was certainly better than nothing.
00:38:51.000We're having good bipartisan agreements.
00:38:54.000The initial bill Leader McConnell put in didn't have any Democratic input, and we were worried they would just try to put it on the floor and not consult Speaker Pelosi, because the House still has to pass this.
00:39:05.000But actually, to my delight and surprise, there has been a great deal of bipartisan cooperation thus far.
00:39:13.000Okay, and it looked as though this thing was going to get done like yesterday.
00:39:16.000And then Nancy Pelosi walked through the door, threw a bomb on the table and said, no, we're not going to do any of this.
00:39:20.000We're going back to the drawing board.
00:39:39.000The Democrats think that the Republican bill is too pro-business.
00:39:42.000Their proposal, I'm not kidding you, their proposal is basically unending unemployment insurance, like for four to six months, and paid sick leave.
00:39:51.000Okay, there's only one problem with that.
00:39:54.000Number one, how do you propose to pay for that when the economy doesn't restart?
00:39:57.000And two, even if the economy does restart, what happens when all of those jobs are gone?
00:40:01.000Now these people are direct employees of the federal government.
00:40:04.000Because the fact is, what you really need is when the clamps come off, all these businesses to go back to work and continue paying their employees.
00:40:10.000You think people are going to, like, what do you think people are going to have the ability to do with unemployment money that goes four to six months?
00:40:16.000Eventually, this will morph into universal basic income, but at a very high level, right?
00:40:20.000Not at a thousand dollars a month like Andrew Yang says, but at several thousand dollars a month.
00:40:36.000That is not a financial priority at this point.
00:40:39.000Okay, again, there are holes in this bill, in the Republican bill.
00:40:43.000The Heritage Foundation has criticized the bill.
00:40:45.000They say it provides over $200 billion in special assistance to specific industries in a way that will likely encourage political abuse.
00:40:51.000What really should happen here is that private banks should be giving out the loans, and then the federal government should be backing those loans, giving zero-interest loans to the bank to pass out loans to these companies so that the banks can do their own actuarial investigations and decide what is a good loan and what is not a good loan.
00:41:09.000But instead, the federal government wants to micromanage the process, or the Democrats do, What the Democrats want to do is they only want to give loans to companies that vowed to keep a certain number of their people employed for a certain amount of time, which of course doesn't look to the future when those industries are going to change.
00:41:22.000But more importantly, what they really want to do is not give very much assistance to business at all.
00:41:28.000Instead, what they want to do is go direct to consumers.
00:41:29.000So Chuck Schumer laid this out over the weekend, the Democratic plan.
00:41:33.000We're gonna go through the Democratic plan right here and he can explain it.
00:41:35.000Basically, Chuck Schumer says that there are five basic points here.
00:41:40.000I'm not even gonna play it, I'm just gonna read it to you.
00:41:41.000So, Chuck Schumer says there are five basic things.
00:41:44.000He says, first, we beef up unemployment insurance in a huge way that's never been done before.
00:41:48.000You can call it unemployment on steroids or employment insurance.
00:41:50.000You lose your job because of this crisis or any other reason.
00:43:02.000Okay, the reality is, if you're trying to shore up your company so that it is still working at a certain point, you're going to need to actually have some flexibility in how you run your business.
00:43:14.000We'll get to more of the Democratic plans and how this whole thing fell apart yesterday.
00:43:18.000First, if you haven't had a chance to see some of our content called All Access Live, you should head over to dailywire.com and check it out.
00:43:24.000Jeremy Boring and I kicked it off late last week.
00:43:34.000All Access Live is a lot more relaxed than our normal programming.
00:43:36.000It's less focused on bringing you news and information, more about just hanging out with you, because, listen, we're all together alone, so you may as well just hang out together.
00:43:43.000I'm planning on being there this afternoon.
00:43:44.000Had a bit of a family issue on Friday, so couldn't do it on Friday, but Thank God everything's okay.
00:43:52.000Join us on All Access Live over at dailywire.com.
00:43:55.000We remain the largest, fastest growing conservative podcast and radio show in the nation.
00:43:59.000Okay, so as I say, the Chuck Schumer plan basically involves unending amounts of money to people who are unemployed, which really, again, it should last as long as the lockdowns.
00:44:16.000When the lockdown ends, everybody needs to go back to work.
00:44:18.000Incentivizing people not to go back to work would be the problem.
00:44:21.000And if you think that those programs are not going to be permanent, you're wrong.
00:44:24.000Four to six months of unemployment insurance, Democrats are not going to Stick to four to six months of unemployment insurance, because the fallout from this thing is going to be broader than that.
00:44:32.000And instead of incentivizing people to get back in the workforce, they're going to incentivize people not to be back in the workforce.
00:44:37.000It's one thing to compensate people for the forced government shutdown.
00:44:39.000It is another thing to pay people beyond the forced government shutdown to stay out of work.
00:44:44.000They say that they want not only paid sick leave, but paid family leave for months at a time, that they want to forgive student loans.
00:44:51.000Like, what in hell does any of this have to do with actually shoring up the economy at this point.
00:44:56.000The Democrats apparently have significant reservations about helping American business.
00:45:01.000This thing is just too pro-business for them.
00:45:13.000We had a high level of bipartisanship in five different working groups over the last 48 hours, where members who were participating were reaching agreement.
00:45:53.000The American people expect us to act tomorrow.
00:45:58.000Well, that is all true, and that's why the market's tanked at the open.
00:46:00.000They're down, again, significantly at the open, down like 18,000.
00:46:04.000So the market is down about 40% from its highs of just about a month ago, which is totally insane.
00:46:11.000We've never seen anything like it before.
00:46:13.000Meanwhile, again, what exactly were the Democratic objections here?
00:46:16.000Their big objection, the one that they are talking about, supposedly, is that there's a big slush fund that is going to be handed out to states and localities and businesses run by the Treasury Secretary.
00:46:25.000And their talking point is that Trump is going to bail out his own businesses.
00:46:28.000Okay, a couple of quick things about that.
00:46:30.000One, if he does exclusively bail out his own businesses, he's not going to win re-election.
00:46:36.000If the president does do that, if he were giving a disproportionate share of the bailout money to his own businesses, not only is he not going to win re-election, he'd probably be in violation of the Emoluments Clause.
00:46:51.000Is it the idea that because Trump's name is on the organization, all those people deserve to be unemployed because of a vast government shutdown?
00:46:56.000So Trump shouldn't get the same sort of consideration.
00:46:58.000Trump hotels shouldn't get the same sort of consideration as Marriott hotels.
00:47:01.000By the way, Marriott just furloughed Something like two-thirds of its employees.
00:47:06.000The furlough includes two-thirds of its 4,000 employees at their headquarters and two-thirds of their 174,000 employees around the world.
00:47:15.000And Democrats are holding this thing up?
00:47:17.000Now, if you ever want to see something incredible about media bias, the evolving New York Times headline on this thing is just unbelievable.
00:47:23.000So the New York Times had several headlines on this thing.
00:47:25.000It started off with an accurate headline, then quickly moved to a non-accurate headline.
00:47:30.000It said, Democrats Block Action on $1.8 Trillion Stimulus.
00:47:33.000Within a few minutes, they had changed the headline.
00:48:01.000So again, what exactly were they upset about?
00:48:04.000Well, according to the New York Times, which of course is not biased in any way at all, Democrats risked a political backlash if they're seen as obstructing progress.
00:48:12.000They argued the vote on Sunday was premature, giving their remaining reservations about the measures.
00:48:18.000McConnell wanted to hold another vote at 9.45 a.m.
00:48:21.000on Monday morning, 15 minutes after markets opened, to demonstrate to Democrats that their votes actually mattered to the markets.
00:48:27.000Democrats instead pushed it back to noon at the earliest on Monday.
00:48:32.000The mood on Capitol Hill was grim because Dow futures fell immediately upon news that this thing started to fall apart.
00:48:38.000Democrats denounced the package as a corporate giveaway that favored big business over workers and failed to ensure that bailed out companies would not enrich themselves after receiving government aid.
00:48:46.000So they're going to micromanage these companies that they have now shut down.
00:48:50.000They were particularly incensed at the inclusion of a provision that would give the Federal Reserve access to $425 billion that could be leveraged for loans to broad groups of flailing companies, leaving Congress with little or no say in which businesses could receive assistance or how it could be used.
00:49:03.000They want to now micromanage all these businesses.
00:49:05.000They were looking to leverage their way into businesses that were profitable until five minutes ago when the government forcibly shut down all these businesses all across the country.
00:49:12.000And they're saying the business heads don't know how to run their businesses anymore.
00:49:15.000We know how to run their businesses anymore.
00:49:17.000So instead of just floating loans to these companies along the basis of how they run, And by the way, if you think that like, okay, I run a business.
00:49:24.000If you think that if we got a loan from the government right now, we wouldn't use that to keep our people employed, that instead we would just sort of pocket the cash for no apparent reason, you don't understand how businesses work.
00:49:34.000Because in order for us to be operational on the other side of this, we have to maintain as much of our core employee base as humanly possible.
00:49:41.000Employers are constantly deciding who to hire and who to fire on the basis of efficiencies.
00:49:46.000And the fact is that when we come out the other side of this, people are going to need those employers.
00:49:50.000There will be a hiring boom on the other side of this when the market recovers.
00:49:53.000But saying to companies that you're going to micromanage them and you're going to dictate that they continue to have a certain number of employees, for example, like who the hell is Chuck Schumer to tell a company exactly how many employees they should be paying to stay there?
00:50:04.000There should be unemployment insurance that should be extended for people who are laid off.
00:50:08.000But also, the companies need to continue to exist.
00:50:10.000Because if they don't continue to exist, these are not mutually exclusive.
00:50:13.000If the companies don't continue to exist, none of this is going to matter.
00:50:17.000And by the way, five seconds after this thing ends, the companies are going to have to fire a bunch of people because guess what?
00:50:23.000Let's say that the federal government floats you a loan and says you have to keep 80% of your workforce employed.
00:50:28.000Or you gotta keep 100% of your workforce employed or we are not going to give you the money.
00:50:32.000What do you think happens on the other side of this when we come out of lockdown and the market is still not there?
00:50:39.000Because it's gonna take a little while for the market to recover.
00:50:41.000All those people are gonna get laid off anyway.
00:50:44.000So what exactly are you talking about?
00:50:45.000And the business is gonna take a major hit.
00:50:48.000Businesses know how best to run their businesses.
00:50:51.000And yes, we should be tiding people over.
00:50:53.000Yes, we should be ensuring that they are furloughed rather than fired.
00:50:56.000Yes, we should be ensuring that those small businesses continue to exist.
00:51:01.000I don't love the Republican bill, but I like the Democratic proposals even less.
00:51:08.000No loans to basically cut down all the loans so that Chuck Schumer can decide which businesses ought to get the loans and they can control exactly how these businesses run.
00:51:18.000And it does smack of a political agenda.
00:51:21.000And if that becomes permanent, if Democrats think that they get to run all of these businesses from the top down because the government declared that they were going to shut down all these businesses in the first place, it's the greatest seizure of private property in the history of the United States, if that's the case.
00:51:32.000If what you have here, I mean, other than slavery, obviously.
00:51:36.000I mean the seizure of private property, meaning like you own your own labor.
00:51:39.000If somebody enslaves you, then obviously that's a seizure of you and your property.
00:51:42.000Okay, but Other than the evil enslavement of human beings.
00:51:46.000This is the greatest destruction of private property in the history of the United States if you're talking about shutting down vast swaths of companies and then saying to them that in return for the loan we now get to run your company basically forever without an endpoint because the Democrats are not proposing any endpoint here.
00:52:01.000Democrats say they're concerned about how the government would go about bailing out distressed companies, complaining the measure would give too much discretion to Mnuchin to decide who received funds, would allow too much time before he'd have to disclose the recipients, because the measure gives the Treasury Secretary six months to reveal all of this stuff.
00:52:15.000The draft bill would provide a total of $500 billion in loans and other support for distressed cities, states, and industries, including $50 billion for passenger airlines, $8 billion for cargo carriers.
00:52:24.000Again, I don't love any of this, but it's not exactly a bailout when you're forcing these things to shut down in the first place.
00:52:31.000Under the Republicans' draft bill, the federal government would be allowed to take stock shares or other equity in any business that accepts loans under the program.
00:52:37.000That's a provision the administration had floated publicly.
00:52:54.000So I've been sitting home with the kids and that means that it's time to catch up on the movies because let me just tell you when you have a six-year-old and you have a three-year-old you can do as much homeschooling as possible and then everybody needs a break.
00:53:05.000So there's a fun movie that didn't get tons of attention when it came out but it is kind of a kick called Spies in Disguise with Will Smith and Tom Holland.
00:53:15.000The basic premise of the film is incredibly silly and also funny, which is that Will Smith is a secret agent.
00:53:20.000Tom Holland is sort of the Q character, except that the Q character only makes very, very odd devices that are sort of directed at non-violent.
00:53:28.000And it's in about 30 minutes into the film, the Q character, in order to allow Will Smith to hide from the authorities, transforms Will Smith into a pigeon.
00:53:40.000And so he's a pigeon for like half the film.
00:53:41.000And the movie's actually quite funny and quite charming.
00:54:32.000A little bit scary for the very, very young crowd, but if they're over seven, maybe over six, I watched it with my six and three-year-old, so I'm irresponsible, but let's be real, we're all in quarantine.
00:54:58.000And I think that what this quarantine has shown more than anything else, what this whole lockdown has shown more than anything else, is that celebrities desire attention more than anything in the world, right?
00:55:06.000This is why they're releasing videos of themselves singing Imagine, and why they're on Instagram talking about how life is really difficult at their palatial estates and everything.
00:55:15.000Like, listen, celebrities We don't care.
00:55:18.000Here's the thing about celebrities that many of them don't really understand.
00:55:20.000We don't care that much about you when you are not reading a line.
00:55:24.000And when you're not reading a line, you're just not all that interesting.
00:55:26.000What makes you interesting is the lines you're reading, you're good at acting, right?
00:55:29.000Off screen, when I'm not doing politics, I gotta say my life is fairly boring.
00:55:33.000Okay, I think that most celebrities don't understand this since they think they have very important things to say, even when they're doing bizarre things.
00:55:39.000So, Madonna, in a video that you cannot unsee, did a video yesterday from her bathtub about how coronavirus is the greatest equalizer in the world.
00:55:49.000She said from her bathtub that has rose petals in it.
00:55:53.000Just like everybody else who's like normal, right?
00:55:55.000Like I know that when I give my child a bath, I have rose petals in there because like that's the way I run.
00:56:01.000Here is Madonna explaining to all of us about the equality of coronavirus from her presumably multi-million dollar estate in a bathtub filled with rose petals like any normal human being.
00:56:16.000COVID-19, it doesn't care about how rich you are, how famous you are, how funny you are, how smart you are, where you live, how old you are, what amazing stories you can tell.
00:56:46.000Um, and then they pan over and there's just some random dude playing the piano in her bathroom while she's naked in her bathtub filled with rose petals.
00:58:06.000Nearly 700,000 people filed for unemployment last week.
00:58:09.000More unemployment claims than we saw at the peak of the 2009 recession.
00:58:13.000We will examine the promising signs for a cure to coronavirus, and perhaps more importantly, the promising signs that President Trump is ready to free us from the dictatorship of public health experts.
00:58:24.000Then, mainstream media journalists humiliate themselves, because today is a day ending in Y. And New York City government publishes a helpful guide on how to have sanitary group sodomy during the pandemic.