>> Stephen: WELCOME BACK, EVERYBODY.
MY NEXT GUEST IS A FINANCIAL COLUMNIST FOR "THE NEW YORK
TIMES" AND A CO-ANCHOR OF "SQUAWK BOX" ON CNBC.
PLEASE WELCOME ANDREW ROSS SORKIN.
ANDREW, GOOD TO SEE YOU AGAIN.
>> GREAT TO SEE YOU, MY FRIEND.
>> Stephen: IT'S BEEN A LONG TIME, MAN.
>> IT WAS.
>> Stephen: LAST TIME WE TALKED I WAS IN CHARACTER.
SO LET'S SEE HOW THIS GOOD GZ.
>> VERY TRUE.
>> Stephen: OKAY, SO, THERE'S-- SO MANY PEOPLE ARE IN
ECONOMIC DISTRESS RIGHT NOW.
THERE IS JUST MASSIVE UNEMPLOYMENT.
THERE'S CIVIL UNREST.
THERE ARE SHUTTERED BUSINESSES ALL OVER THE UNITED STATES.
AND YET THIS WEEK THE MARKET HAS BEEN CLIMBING.
HOW IS THAT POSSIBLE?
AND FOLLOW-UP QUESTION: I KNOW WALL STREET ISN'T THE ECONOMY
BUT SHOULDN'T THEY PRETEND TO HAVE SOME RELATIONSHIP TO THE
ECONOMY OR JUST GO DOWN AND SAW OFF THE BOTTOM HALF MANHATTAN
AND PUSH IT INTO THE ATLANTIC OCEAN?
>> THE HONEST ANSWER, THERE'S SOMETHING PERVERSE, IF YOU WILL,
ABOUT THE STOCK MARKET, AND INVESTORS.
BECAUSE WHAT THEY'RE DOING IS THEY'RE NOT REALLY LOOKING AT
THE ECONOMY TODAY.
THAT'S NOT WHAT THE STOCK MARKET IS SAYING.
TODAY IS LIKE ALREADY IN THE REARVIEW MIRROR TO THEM.
THE INVESTMENT COMMUNITY IS LOOKING AT WHAT THE WORLD LOOKS
LIKE, OR WHAT THEY'RE BETTING THE WORLD IS GOING TO LOOK LIKE
IN 12 MONTHS FROM NOW.
SO WHEN YOU SEE THE STOCK MARKET UP, WHAT-- WHAT THE STOCK MARKET
IS TRYING TO DO IS-- IS BET OR GUESS WHAT THE WORLD'S GOING TO
BE THEN.
AND I THINK THE HOPE IS-- WE HOPE-- THAT THERE'S GOING TO BE
EITHER A VACCINE OR A THERAPEUTIC, AND THAT
UNEMPLOYMENT DOESN'T LOOK ANYTHING LIKE IT LOOKS LIKE
TODAY, AND THAT IT LOOKS A LOT BETTER THAN THEN.
THERE'S THAT.
THAT'S ONE PART OF IT.
THE OTHER PART OF IT IS THE FEDERAL RESERVE IS PRINTING
TRILLIONS OF DOLLARS, PRINTING MONEY LIKE IT'S GOING OUT OF
TILE.
THEY DON'T EVEN PRINT IT.
THEY PRESS 0, 0, 0, ON A COMPUTER.
THAT'S EXACTLY HOW IT HAPPENS.
>> Stephen: LITERALLY?
>> LITERALLY-- BEN BERNANKE ONCE EXPLAINED IT, THE FORMER FED
CHAIR, LITERALLY.
IT'S ALL ON A COMPUTER.
THERE ARE A LOT OF INVESTORS SAYING TO THEMSELVES, CASH,
CASH, HAVING A DOLLAR IS GOING TO BE WORTH LESS BECAUSE WE'RE
PRINTING SO MANY.
I PREFER TO OWN STOCKS BECAUSE THAT MAY HAVE MORE VALUE IN THE
FUTURE.
AND THE OTHER PART IS THE PRESIDENT.
WE HAVE AN ELECTION COMING UP.
AND THERE IS A VIEW HE IS GOING TO SPEND AS MUCH MONEY AS IT
TAKES, WHETHER HE HAS TO SEND YOU A CHECK WITH HIS SIGNATURE
ON IT FROM NOW UNTIL NOVEMBER TO KEEP-- TO KEEP THE VOTE, IF YOU.
>> Stephen: WILL TO BUY.
I BELIEVE THE WORD FOR IS "BUY" IS WHAT YOU'RE LOOKING FOR.
>> I'M A JOURNALIST, AND I TRY TO STAY STRAIGHT DOWN THE CENTER
THERE.
>> Stephen: I CAN TELL YOU.
LET ME ASK YOU ABOUT THE YOU KEEP PRINTING MONEY HERE, AND
MONEY WILL BE LESS VALUABLE LATER.
DO WE KNOW THAT THAT'S TRUE?
THERE WAS A LOT OF CRYING THE STIMULUS OF 2009 WAS GOING TO
CAUSE A DEVALUING OF OUR MONEY-- OR RATHER, MAKE OUR MONEY LESS
VALUABLE.
DIDN'T HAPPEN.
>> RIGHT.
>> Stephen: INFLATION NEVER SHOWED UP.
WHY WOULD INFLATION SHOW UP NOW?
LITERALLY, EVERYBODY AROUND THE WORLD IS DOING THE SAME THING.
>> FAIR POINT.
>> Stephen: EVERYTHING IS AMBINENNING THEIR MONEY SUPPLY.
>> THAT'S A FAIR POINT AND THERE HAS BEEN A DEBATE, 10 YEARS OR
MORE, ABOUT PRINTING MONEY.
AT LEAST NOW, ONE OF THE REASONS THE STOCK MARKET IS MOVING IS
BECAUSE THOSE INVESTORS THINK TAT.
WHETHER THEY'RE RIGHT OR WRONG, WELL, THAT'S WHAT MAKES THE
MARKET.
>> Stephen: IF CORONAVIRUS ENDED TOMORROW, GIVEN WHAT IT
HAS DONE TO THE ECONOMY ALREADY, HOW LONG IS THE RECOVERY?
>> TOMORROW?
>> Stephen: LET'S SAY RIGHT NOW, LIKE--
>> SO, THE GOOD NEWS IS THINGS WOULD ACTUALLY RECOVER PRETTY
QUICKLY.
THE BAD NEWS IS, THERE'S A LOT OF PEOPLE WHO ARE GETTING LAID
OFF.
THERE ARE PEOPLE WHO ARE GETTING LAID OFF BECAUSE THE COMPANIES
AND THEES ABOUTS AND THE SMALL BUSINESSES CAN'T OPEN.
THE RESTAURANT CAN'T OPEN, RIGHT.
IF EVERYBODY COULD GO TO THE RESTAURANT THERE, WOULD BE A LOT
MORE PEOPLE WORKING AT THE RESTAURANT.
THE PROBLEM IS ACTUALLY AT BIG COMPANIES, EVEN COMPANIES DOING
PRETTY WELL, TO BE HONEST WITH YOU, ARE-- I HATE TO SAY THIS--
TAKING ADVANTAGE OR BEING OPPORTUNISTIC, EVEN, ABOUT
LAYING PEOPLE OFF DURING THIS PERIOD BECAUSE, "A", THEY SEE
EVERYBODY ELSE LAYING PEOPLE OFF AND THEY SAY THEY CAN DO IT.
TWO, IN THIS WORK-FROM-HOME WORLD WE'RE ALL LIVING IN, THEY
SAY MAYBE I CAN DO MORE WITH LESS OR AS WELL WITH LESS.
THAT'S THE SCARY PART.
I THINK IT'S NOT JUST PEOPLE WHO WILL BE "FURLOUGHED" THAT ARE
BEING UNEMPLOYED RIGHT NOW.
I THINK IT WILL ACTUALLY BE BROADER THAN THAT.
THAT'S WHAT WE HAVE TO KEEP OUR EYES ON AND WORRY ABOUT A LITTLE
BIT.
>> Stephen: ANDREW, I'M SORRY.
WE HAVE TO TAKE A QUICK BREAK, DON'T GO ANYWHERE.
WE'LL BE RIGHT BACK WITH MORED WITH SORK.