MARIA: MARKETS POINTG TO A you can count on us.
MARIA: MARKETS POINTG TO A
HIGHER OPENING TO LOOK AT
STOCKS DOW INDUSTRIALS UP 141
POINTS RIGHT NOW NASDAQ UP 32
S&P UP 14.
THERE ARE NEW CONCERNS HOVER
THIS MORNING ABOUT THE
ECONOMIC RECOVERY FROM
CORONAVIRUS, THAT IT C
TAKE THE BETR PART OF A
DECA ACCORDING TO REPORT
FROM CONTROL BUDGET OFCE,
GOLDMAN SACHS SAYING THE JOBS
MARKET ISHOWING EARLY S
OF RECOVERY, FROM CORONAVIR
DAMAGE JOINING M RIGHT NOW
FOER COUNS EVERY ECOMIC
ADVISERSIRMANNDER
PRESIDENT OBAMA UNIVERSITY OF
AGO SCHOOL OF BUSINESS
PROFESSOR ECONOMICS AUSTAN
OLSBEE THANK YOU FOREING
HERE
>> GREAT TO SEE YOU AGAIN
MARIA.
E SAW THE PICTURE O
CHICAGO, JUST A WHILE AGO WHEN
I HAD GRADYMBLEN THE
SHOW, AND HE WALKED US THROUGH
SOME OF THE PROTESTSNING
VIOLENT LOOTING INTENSIFYING
IN MAJOR CITIES OVER THE DEATH
OF GEORGEFLOYD.
BUSINESSES ALREADY IN SHAMBLES
FROM CORONAVIRUS LOCKDOWNS NOW
DEALING WITH VANDALS WHO IS A
YOUR TAKE ON WHERE WE ARE THIS
MORNING, AUSTAN REOPENING OF
AMERICA?
>> WELL, YOU GOT TWO DIFFERENT
THGS GOING ON,ERE IN
CHICAGO, THERE WAS SOME
LOOTING, INLL PATES
MOSTLY THERE WERE I THINK
HUNDDS OF THOUSANDS OF
PEACEFUL PROTESTERS, I DO
THINK I COMES AT AN AWKWARD
MOMENT FOR ECONOMY.
AS YOU KNOW, WE WENT INTO
LOCK MOSTL NOT FROM
POLICY, I MEA T WITHDRAWAL
FROM THECONOMY BEGAN BECSE
PEOPLE WERE AFRD IT STARTED
BEFORE THERE EVE WER
LOCKDOWNS NOW TRYING TO UNDO
LODOWNS ENCOURAGE PEOPLTO
GO BACK OUT I THINK AN AWKWARD
MOMENT FOR THAT BECAUSE PEOPL
ARE GOING TO AGAIN, FEE LIKE
-- THERE IS A L OF
UNCERTAINTY.
AND MOMENTS OF UNCERTAINTY
LI THAT ARE DEFINITY NOT
GOOD F MORE THAN ECONOMIES
WHERE SO SERVICE SECTOR
DOMINATED.
>> THE PRESIDENT SAYS HE WILL
MOBILIZE THE MILITARY,F THE
GOVERNORS DO NOT CONTROL THIS
UNREST, YOURE SINGHERE
WAS A LOT OF PEACEFUL
PROTESTING IN CHICAGO THAT
NOT WHAT WE SAW ACROSS THE
COUNTRY WHAT IS Y TAKE ON
GETTIN THE MILITAR VOLVED?
>> WELL I -- FOR BUSINESS I
DON’T THINK DECLARING MARTIAL
LAW IGOING TO BE G F
BUSINESS.
I THIN THE MARKETS GOING TO
BE A LITTLE HAVE EXTRA
UNCERTAIIES ON AT, I DID
NOT THINK IT WAS PRESIDENT’S
NEST HOUR TO HAVE- THE
WERE PEACEFUL PROTESTERS
OUTSIDE WHITE HOUSE THEY TEAR
GOOD OFHEM THROUGH BLACK
HAWK HELICTERS AT THEM T
CL THEM O SO HE CAN WALK
ACROSS THE STREE HOLD UP A
BIBLE.
I THOUGHT THA WAS A LITTLE
STRANGE.
WE ARE GOING TO SEE HOW
PRESIDENT’S REACTION PLAYS
OUT.
IN THE U.S., HISRICALLY WE
DOT HAVE A LOT OF GREAT
PARALLEL EITR ON THE
ECONOM ORN THE CRACKDOWN
ON PROTESTS.
WHAT IMPACT THEY HAVE ON THE
ELECTION.
I THINK A CONGRESSIONAL BUDGET
OFFICE REPT THAT YOU
MENTIONEDHE TOP OF THE
SEGMENT IS KIND OF AN
INTERESTING ONE BECAUSE IT
SHOWS TO GET WALK T WHERE WE
WERE BEFORE COVID, TAKES A
VERY LONGTIME.
BUT THAT THEOULD BE A
REBOUND IN E SHORT RUN.
THAT WOU BE PRETTY
SIGNANT IT WOULD JUST BE
15, 20% OF WHERE WE WERE
MAA: YEAH, JUSO BE
CLEAR, AUSTAN IN PRESIDENT W
MAKING THIS SO SYMBOLIC WAL
TO ST.OHNS CHU W
HOLDING AIBLE ST. JOHNS
CHURCH WASOTALLYEFACED
BOARDED UP, IN NEW YORK,
MACY’S LOOTED NORDSTROM LOOTED
FIRESET MICHAEL COORS LOOTED
TWO TIMES BEST Y SEVERAL 57
STREET BOUTIQUES SO ANYTHING
BUT PEACEFUL IN TERMS OF WHAT
WE’RE SEEING ACROSS THE KIN
YOU MAY BE SEEING SOMETHING
PEACEF IN CHICAGO BUT DAGEN
MCDOWELL JUMP IN HERE, BECAUSE
WE ARE TALKI ABOUT A
TUATION, T HAS GOTTEN OUT
OF CONTR ACROSS THE KIN IT
IS NOT PEACEFUL IN MANY
CORNERS AS WE HAVE SEEN
FIRSTHAND ONHESE PICTURES.
DAGEN: NO THERE I ACTUALLY
SMALL BUSINESS OWNER JUST
OPENED A WINE STORE ONY
STREET, HE DID IT WITH HIS OWN
HANDS, LIKE BUILT THE
SHELVING, EVETHING THE FRONT
WINDOW T DOOR WERE SMASHED
IN, NOT LAST NIGHT, NIGHT
BEFORE LAST.
AND HE IS DEVASTATED BUT
AUSTAN THIS GOES TO THE POINT
-- TO LINK TO THE ECONOMY,
U HAVE THESESINESSES,
RETAIL INARTICULAR IS
DEVASTATED B LKDOWN ROUGH
NANCIAL CONDITIONY MAJOR
CHAINS ALREADY FILING FOR
BANKRUPTCY YOU THROW IN
DESTRUCTION PROPERTY
PARTARLY WITH PVATELY
OWNED OR SMALL BUSINESSES,
THAT ARE ALREADY STRUGGLING.
YOU HAVE WHAT IS GOING TO BE A
WASTELAND NEWORK CITY OTHER
METROPOLAN AREAS HOW MANY
BUSINESS DON’T REOPEN HOW MANY
JOBS A DESTROYED PERMANENTLY
THAT IS DISTRIBUTE TO GO THIS
RECOVERY THAT IS GOING TO TAKE
>> WELL, THAT IS NOT IN THE C
ASSESSME BO REPORT
OBVIOUSLY, WE ARE GOI TO
COME END OF THE MEN AND WOMEN
TH PPP MONEY FOR SMALL
BUSINESS, GOING TO RUN OU
SO WE GAVE HUNDREDS
BILLIONS OF DOLLARS TO SMA
BUSINESSES, FOR THEM TO KEEP
EMPLOYEES ON THE PAYROLL TO
THE END OF JUNE.
AND NOW, AS YOU KNOW CESS
IS FIGHTING OHETHER THEY
ARE GOING TO EXTEND THAT
MONEY, AND I THINK THERE IS
POTENTIALLY A WHOLE SECOND
WAVE OF UNEMPLOYMENT THAT YOU
ARE DESCRIBING, IF WE SEE MASS
BANKRUPTCIES OF THESE SMALL
FIRMS, FOR THEGER FIRMS,
E FED ISAS GOT SOME
AMMUNITION BUT FOR THE SMALL
FIRMS THEY ARE GOING TO BE IN
TROUBLE.