[Music hello everyone and ░░░░░░░░ in to crush the ░░░░░░░░ calm I m Kenneth ░░░░░░░░ dairy and I m ░░░░░░░░ incredibly humbled to be ░░░░░░░░ to have your attention ░░░░░░░░ this time for you ░░░░░░░░ in to crush the ░░░░░░░░ listening and supporting the ░░░░░░░░ what unprecedented times we ░░░░░░░░ seeing right now in ░░░░░░░░ economy with the system ░░░░░░░░ fragility of the system ░░░░░░░░ re gonna be talking ░░░░░░░░ that today with my ░░░░░░░░ guest David Stockman what ░░░░░░░░ privilege it is to ░░░░░░░░ speaking to the man ░░░░░░░░ the interview is already ░░░░░░░░ you are absolutely going ░░░░░░░░ love it but I ░░░░░░░░ to let everyone know ░░░░░░░░ you want the most ░░░░░░░░ to date information on ░░░░░░░░ is going on with ░░░░░░░░ 19 the virus the ░░░░░░░░ visit crush the street ░░░░░░░░ forward slash virus for ░░░░░░░░ special report and if ░░░░░░░░ like what you re ░░░░░░░░ in gold and you ░░░░░░░░ to know what s ░░░░░░░░ on gold is responding ░░░░░░░░ above 1 600 in ░░░░░░░░ 1650 range visit crush ░░░░░░░░ street comm forward slash ░░░░░░░░ for a special report ░░░░░░░░ gold they are both ░░░░░░░░ just go to these ░░░░░░░░ which you ll see ░░░░░░░░ the description area and ░░░░░░░░ this interview hello everyone ░░░░░░░░ welcome in to crush ░░░░░░░░ street calm I am ░░░░░░░░ a Missouri one third ░░░░░░░░ the US is currently ░░░░░░░░ a stay at home ░░░░░░░░ in this environment the ░░░░░░░░ market is on track ░░░░░░░░ its worst performance since ░░░░░░░░ 30 one fed in ░░░░░░░░ are deliberating deliberating daily ░░░░░░░░ markets seem to ignore ░░░░░░░░ the government and the ░░░░░░░░ are doing and to ░░░░░░░░ all of this today ░░░░░░░░ have a very special ░░░░░░░░ an expert on the ░░░░░░░░ and markets David Stockman ░░░░░░░░ New York Times bestselling ░░░░░░░░ a returning guest he ░░░░░░░░ as Ronald Reagan s ░░░░░░░░ director he s a ░░░░░░░░ insider speaking truth and ░░░░░░░░ s the editor of ░░░░░░░░ Stockman s contra corner ░░░░░░░░ subscription based daily news ░░░░░░░░ commentary service and bubble ░░░░░░░░ Schrader s a premium ░░░░░░░░ research publication and he ░░░░░░░░ the book trumped a ░░░░░░░░ on the brink of ░░░░░░░░ and I think that ░░░░░░░░ going to be very ░░░░░░░░ today David Stockman thanks ░░░░░░░░ joining me across the ░░░░░░░░ calm happy to be ░░░░░░░░ you and I think ░░░░░░░░ idea of ruin unfortunately ░░░░░░░░ a topic that can ░░░░░░░░ be avoided but you ░░░░░░░░ I think the important ░░░░░░░░ to establish here is ░░░░░░░░ it s not the ░░░░░░░░ virus at the end ░░░░░░░░ the day is bringing ░░░░░░░░ this calamity that s ░░░░░░░░ the nation we were ░░░░░░░░ the American economy is ░░░░░░░░ with debt and bubbles ░░░░░░░░ supply chains and it ░░░░░░░░ become a hand to ░░░░░░░░ economy where everybody assumes ░░░░░░░░ Washington and the Federal ░░░░░░░░ has your back and ░░░░░░░░ don t need rainy ░░░░░░░░ funds you don t ░░░░░░░░ cash Wizards on your ░░░░░░░░ sheet if you re ░░░░░░░░ business you can lever ░░░░░░░░ to the hilt you ░░░░░░░░ buy back your stock ░░░░░░░░ the things that have ░░░░░░░░ going on that caused ░░░░░░░░ a serious but moderate ░░░░░░░░ public health impact to ░░░░░░░░ turned into what is ░░░░░░░░ up as an economic ░░░░░░░░ so we ll get ░░░░░░░░ this I think in ░░░░░░░░ next few months this ░░░░░░░░ will abate it is ░░░░░░░░ contained it has been ░░░░░░░░ elsewhere around the world ░░░░░░░░ the economy will revive ░░░░░░░░ you know capitalism doesn ░░░░░░░░ have a death wish ░░░░░░░░ soon as the all ░░░░░░░░ is given businesses will ░░░░░░░░ restaurants will reopen people ░░░░░░░░ go back to their ░░░░░░░░ their income they ll ░░░░░░░░ spending so we re ░░░░░░░░ heading to any kind ░░░░░░░░ Great Depression but hopefully ░░░░░░░░ we get to the ░░░░░░░░ side in a few ░░░░░░░░ some big big deep ░░░░░░░░ will be asked about ░░░░░░░░ we were so vulnerable ░░░░░░░░ something that really an ░░░░░░░░ allegedly is strong and ░░░░░░░░ as ours should have ░░░░░░░░ able to handle as ░░░░░░░░ matter of course David ░░░░░░░░ seems like we took ░░░░░░░░ stairs up as the ░░░░░░░░ adages and then the ░░░░░░░░ is falling through now ░░░░░░░░ mean we re completely ░░░░░░░░ the Trump boom in ░░░░░░░░ less than 30 days ░░░░░░░░ and you know the ░░░░░░░░ seems to be at ░░░░░░░░ door willing to do ░░░░░░░░ it takes I mean ░░░░░░░░ Kashkari admitted that and ░░░░░░░░ are willing to act ░░░░░░░░ Swift and overwhelming force ░░░░░░░░ fact he pointed to ░░░░░░░░ as a misfire we ░░░░░░░░ t act quick enough ░░░░░░░░ didn t act strong ░░░░░░░░ and that s because ░░░░░░░░ that we didn t ░░░░░░░░ the 2008 financial crisis ░░░░░░░░ here we are with ░░░░░░░░ Fed attempting to throw ░░░░░░░░ of dollars at this ░░░░░░░░ an overwhelming sort of ░░░░░░░░ can we read between ░░░░░░░░ lines here a little ░░░░░░░░ is it really because ░░░░░░░░ need they re trying ░░░░░░░░ do it better than ░░░░░░░░ or they have to ░░░░░░░░ it way more significantly ░░░░░░░░ 2008 neither I mean ░░░░░░░░ Kashkari is a clear ░░░░░░░░ present danger to the ░░░░░░░░ people he was you ░░░░░░░░ the bad Carrier for ░░░░░░░░ Paulson when they panicked ░░░░░░░░ 208 and went around ░░░░░░░░ bailed out Wall Street ░░░░░░░░ the auto companies and ░░░░░░░░ the rest of it ░░░░░░░░ was totally unnecessary there ░░░░░░░░ t going to be ░░░░░░░░ Great Depression around the ░░░░░░░░ that was just Bernanke ░░░░░░░░ around with his hair ░░░░░░░░ fire and so now ░░░░░░░░ have Bernanke jr In ░░░░░░░░ form of this Kashkari ░░░░░░░░ who can t seem ░░░░░░░░ get a real job ░░░░░░░░ you know at the ░░░░░░░░ Louis or at the ░░░░░░░░ Fed waving his arms ░░░░░░░░ I want to tell ░░░░░░░░ the Fed were no ░░░░░░░░ about what they get ░░░░░░░░ 208 and now they ░░░░░░░░ doubling and tripling down ░░░░░░░░ re destroying the financial ░░░░░░░░ I mean for crying ░░░░░░░░ loud they re trying ░░░░░░░░ drive interest rates to ░░░░░░░░ on everything you discipline ░░░░░░░░ commercial paper now they ░░░░░░░░ going to start buying ░░░░░░░░ debt who knows next ░░░░░░░░ they ll probably come ░░░░░░░░ with an excuse to ░░░░░░░░ junk bonds this is ░░░░░░░░ it s unnecessary they ░░░░░░░░ in fact the truth ░░░░░░░░ they ought to allow ░░░░░░░░ rates to rise and ░░░░░░░░ the markets clear let ░░░░░░░░ speculators lose their shirts ░░░░░░░░ carried out on their ░░░░░░░░ and people who want ░░░░░░░░ invest for a risk ░░░░░░░░ return to put their ░░░░░░░░ into solid enterprises that ░░░░░░░░ to borrow money well ░░░░░░░░ know this is a ░░░░░░░░ percent there this is ░░░░░░░░ is madness what they ░░░░░░░░ doing this this doesn ░░░░░░░░ even merit you know ░░░░░░░░ discussion this is crazy ░░░░░░░░ people at the Fed ░░░░░░░░ lost it and they ░░░░░░░░ gonna make it far ░░░░░░░░ before it s over ░░░░░░░░ single thing they re ░░░░░░░░ is wrong I can ░░░░░░░░ express it any you ░░░░░░░░ more clearly than that ░░░░░░░░ know and it s ░░░░░░░░ that we ve talked ░░░░░░░░ here before we ve ░░░░░░░░ about the bubble and ░░░░░░░░ know we re in ░░░░░░░░ middle of this bubble ░░░░░░░░ moment and one of ░░░░░░░░ things that you mentioned ░░░░░░░░ alluded to the Coronavirus ░░░░░░░░ going to work itself ░░░░░░░░ ultimately we ll eventually ░░░░░░░░ back to business as ░░░░░░░░ but how deep do ░░░░░░░░ expect this crash this ░░░░░░░░ to be and you ░░░░░░░░ I ll follow it ░░░░░░░░ with this it s ░░░░░░░░ s a lot of ░░░░░░░░ between these central businesses ░░░░░░░░ non essential business and ░░░░░░░░ know at this point ░░░░░░░░ all seems like a ░░░░░░░░ of Cards the whole ░░░░░░░░ what is non essential ░░░░░░░░ it comes to the ░░░░░░░░ as we have it ░░░░░░░░ now the Fed is ░░░░░░░░ to address all of ░░░░░░░░ different aspects it s ░░░░░░░░ whack a mole right ░░░░░░░░ hit one you tell ░░░░░░░░ take care of one ░░░░░░░░ something else pops up ░░░░░░░░ you know I understand ░░░░░░░░ know there s this ░░░░░░░░ sort of response versus ░░░░░░░░ know a more Austrian ░░░░░░░░ market capitalism response but ░░░░░░░░ know we know the ░░░░░░░░ is gonna just do ░░░░░░░░ thing Congress is gonna ░░░░░░░░ their thing and you ░░░░░░░░ I guess my question ░░░░░░░░ is how deep is ░░░░░░░░ going to be because ░░░░░░░░ everything is tied in ░░░░░░░░ well first of all ░░░░░░░░ you re going to ░░░░░░░░ containment if you re ░░░░░░░░ to put sequestered people ░░░░░░░░ oughta see Quester the ░░░░░░░░ telling shut up lock ░░░░░░░░ doors get out of ░░░░░░░░ way because they re ░░░░░░░░ helping anything they re ░░░░░░░░ spreading fear because people ░░░░░░░░ saying well if the ░░░░░░░░ is this desperate you ░░░░░░░░ they they re going ░░░░░░░░ this week they re ░░░░░░░░ hundred 20 five billion ░░░░░░░░ worth of bonds and ░░░░░░░░ backed securities a day ░░░░░░░░ crazy last week they ░░░░░░░░ two hundred and seventy ░░░░░░░░ million this week six ░░░░░░░░ and fifty billion or ░░░░░░░░ they re going to ░░░░░░░░ a trillion dollars where ░░░░░░░░ money printing in 10 ░░░░░░░░ days no wonder people ░░░░░░░░ getting the panic this ░░░░░░░░ out to lunch crazy ░░░░░░░░ that is not helping ░░░░░░░░ except spreading the fear ░░░░░░░░ now when it comes ░░░░░░░░ the adjustment over the ░░░░░░░░ couple of months I ░░░░░░░░ Wall Street is going ░░░░░░░░ be the ground zero ░░░░░░░░ the collapse you know ░░░░░░░░ talk about the stock ░░░░░░░░ being down let s ░░░░░░░░ back to 2016 when ░░░░░░░░ was campaigning and correctly ░░░░░░░░ there s a big ░░░░░░░░ ugly bubble out there ░░░░░░░░ is going to burst ░░░░░░░░ that was when the ░░░░░░░░ amp P 500 was ░░░░░░░░ 21 80 on Election ░░░░░░░░ it s almost back ░░░░░░░░ now the thousand points ░░░░░░░░ the S amp P ░░░░░░░░ went up the 60 ░░░░░░░░ so 55 during Trump ░░░░░░░░ first three years was ░░░░░░░░ the final last gasp ░░░░░░░░ of a bubble that ░░░░░░░░ been you know being ░░░░░░░░ by the Fed since ░░░░░░░░ 209 panic so we ░░░░░░░░ just beginning to get ░░░░░░░░ to rationality I think ░░░░░░░░ know uh when the ░░░░░░░░ does hit the Main ░░░░░░░░ economy we ll talk ░░░░░░░░ that in a minute ░░░░░░░░ are going to drop ░░░░░░░░ 100 a share and ░░░░░░░░ were a hundred and ░░░░░░░░ for the year just ░░░░░░░░ in 2019 easily dropped ░░░░░░░░ 40 so you know ░░░░░░░░ a reasonable multiple on ░░░░░░░░ 15 16 times you ░░░░░░░░ the sp500 1600 so ░░░░░░░░ still have a ways ░░░░░░░░ go but that needs ░░░░░░░░ be allowed to happen ░░░░░░░░ need to blow the ░░░░░░░░ of the system and ░░░░░░░░ bubbles out of the ░░░░░░░░ and you know get ░░░░░░░░ markets back on and ░░░░░░░░ price discovery mode rather ░░░░░░░░ this constant intervention and ░░░░░░░░ by the Fed I ░░░░░░░░ t have any hope ░░░░░░░░ s going to happen ░░░░░░░░ at least this time ░░░░░░░░ these people on the ░░░░░░░░ down from 3380 where ░░░░░░░░ s good February 19th ░░░░░░░░ know that was probably ░░░░░░░░ month ago the stock ░░░░░░░░ was a 33 80 ░░░░░░░░ the Bulls were coming ░░░░░░░░ CNBC saying you know ░░░░░░░░ s nowhere to go ░░░░░░░░ up 3 600 blah ░░░░░░░░ blah by the end ░░░░░░░░ the year so we ░░░░░░░░ come down the elevator ░░░░░░░░ pretty rapidly but I ░░░░░░░░ think we ve got ░░░░░░░░ ways to go and ░░░░░░░░ needs to happen Main ░░░░░░░░ I think you re ░░░░░░░░ to have a sudden ░░░░░░░░ of unemployment claims in ░░░░░░░░ next few weeks because ░░░░░░░░ are just being laid ░░░░░░░░ left and right as ░░░░░░░░ close businesses and shut ░░░░░░░░ public events but it ░░░░░░░░ going to be a ░░░░░░░░ that I think will ░░░░░░░░ all over in a ░░░░░░░░ of months businesses will ░░░░░░░░ but these are mostly ░░░░░░░░ businesses that are being ░░░░░░░░ down anyway they ll ░░░░░░░░ as fast that we ░░░░░░░░ as fast as they ░░░░░░░░ closed people will be ░░░░░░░░ back to work in ░░░░░░░░ will start flowing again ░░░░░░░░ will happen so there ░░░░░░░░ a tremendous hysteria going ░░░░░░░░ in this country about ░░░░░░░░ economy and what Congress ░░░░░░░░ doing with a two ░░░░░░░░ dollar suit lying bailout ░░░░░░░░ of every corporation in ░░░░░░░░ good bad and indifferent ░░░░░░░░ small and you know ░░░░░░░░ the industry you can ░░░░░░░░ of I think it ░░░░░░░░ downright crazy it s ░░░░░░░░ going to bury what ░░░░░░░░ federal government further in ░░░░░░░░ further a berry future ░░░░░░░░ as far as the ░░░░░░░░ can see but you ░░░░░░░░ this is what we ░░░░░░░░ up against because the ░░░░░░░░ it s been you ░░░░░░░░ accessor baited so tremendously ░░░░░░░░ self serving politicians and ░░░░░░░░ bankers who can t ░░░░░░░░ a good crisis you ░░░░░░░░ have a moderate small ░░░░░░░░ let them blow it ░░░░░░░░ out of proportion and ░░░░░░░░ start doing all kinds ░░░░░░░░ crazy stuff that violate ░░░░░░░░ rule of common sense ░░░░░░░░ sound money and prudent ░░░░░░░░ discipline that was ever ░░░░░░░░ that s what they ░░░░░░░░ doing right now so ░░░░░░░░ got a real mess ░░░░░░░░ but it s not ░░░░░░░░ of the Kovach 19 ░░░░░░░░ it s because of ░░░░░░░░ of the you know ░░░░░░░░ of government in central ░░░░░░░░ in this country and ░░░░░░░░ of the forces of ░░░░░░░░ Street that one upside ░░░░░░░░ and to be you ░░░░░░░░ socialized the downside capitalism ░░░░░░░░ the upside you know ░░░░░░░░ of this is coming ░░░░░░░░ a head and it ░░░░░░░░ making it appear a ░░░░░░░░ more dire than it ░░░░░░░░ is this isn t ░░░░░░░░ 1930s this isn t ░░░░░░░░ Great Depression by September ░░░░░░░░ re gonna you know ░░░░░░░░ economy is going to ░░░░░░░░ back to a you ░░░░░░░░ a reasonable keel but ░░░░░░░░ s not a strong ░░░░░░░░ it s not a ░░░░░░░░ economy Trump didn t ░░░░░░░░ anything he s making ░░░░░░░░ worse and maybe the ░░░░░░░░ thing you can see ░░░░░░░░ is that this is ░░░░░░░░ kind of wake up ░░░░░░░░ that might get at ░░░░░░░░ a few people thinking ░░░░░░░░ we need to do ░░░░░░░░ in a fundamentally different ░░░░░░░░ going forward so David ░░░░░░░░ diri I agree with ░░░░░░░░ things will turn around ░░░░░░░░ ultimate bid for our ░░░░░░░░ is the fact that ░░░░░░░░ all want to ultimately ░░░░░░░░ back to our lives ░░░░░░░░ get back to some ░░░░░░░░ of normalcy but one ░░░░░░░░ that I would say ░░░░░░░░ know obviously I expect ░░░░░░░░ s to be all ░░░░░░░░ opened and you know ░░░░░░░░ to be back to ░░░░░░░░ but in the grind ░░░░░░░░ this people are not ░░░░░░░░ to be making their ░░░░░░░░ payments they re not ░░░░░░░░ to be making the ░░░░░░░░ there s gonna be ░░░░░░░░ there s gonna be ░░░░░░░░ lot of churning that ░░░░░░░░ place and it may ░░░░░░░░ look the same in ░░░░░░░░ as it did in ░░░░░░░░ and that s my ░░░░░░░░ how much of a ░░░░░░░░ is it going to ░░░░░░░░ first I don t ░░░░░░░░ it s a great ░░░░░░░░ but I don t ░░░░░░░░ it s going to ░░░░░░░░ nearly as as all ░░░░░░░░ these and waivers are ░░░░░░░░ first of all you ░░░░░░░░ to remember we got ░░░░░░░░ trillion dollar safety net ░░░░░░░░ this country state and ░░░░░░░░ in federal spending for ░░░░░░░░ stamps unemployment insurance cash ░░░░░░░░ Medicaid all the rest ░░░░░░░░ is a trillion dollars ░░░░░░░░ it automatically expands so ░░░░░░░░ some people you know ░░░░░░░░ over the edge and ░░░░░░░░ out of cash the ░░░░░░░░ net is there that ░░░░░░░░ the first thing second ░░░░░░░░ automatic there s 26 ░░░░░░░░ of unemployment so anybody ░░░░░░░░ s getting laid off ░░░░░░░░ it s going to ░░░░░░░░ unemployment within days so ░░░░░░░░ may not be a ░░░░░░░░ percent of their paycheck ░░░░░░░░ it s something like ░░░░░░░░ or 70 percent in ░░░░░░░░ cases so what people ░░░░░░░░ not going out to ░░░░░░░░ and restaurants and movies ░░░░░░░░ you know public events ░░░░░░░░ and so forth so ░░░░░░░░ re going to be ░░░░░░░░ less as well as ░░░░░░░░ less but it doesn ░░░░░░░░ mean that everybody is ░░░░░░░░ to be defaulting on ░░░░░░░░ mortgage or they re ░░░░░░░░ with that s ridiculous ░░░░░░░░ a lot of people ░░░░░░░░ and I think the ░░░░░░░░ maybe will get a ░░░░░░░░ up call here you ░░░░░░░░ it s the same ░░░░░░░░ thing we encourage everybody ░░░░░░░░ live hand to mouth ░░░░░░░░ know and if you ░░░░░░░░ t have the money ░░░░░░░░ buy something borrow it ░░░░░░░░ all has to change ░░░░░░░░ on the margin it ░░░░░░░░ not going to take ░░░░░░░░ the 21 trillion GDP ░░░░░░░░ the margin is going ░░░░░░░░ put a few 10 ░░░░░░░░ more people on welfare ░░░░░░░░ a while they re ░░░░░░░░ on employment and that ░░░░░░░░ why it s there ░░░░░░░░ we don t need ░░░░░░░░ be sending a check ░░░░░░░░ crying out loud a ░░░░░░░░ 500 out to everyone ░░░░░░░░ has a pulse in ░░░░░░░░ or a Social Security ░░░░░░░░ this is you know ░░░░░░░░ madness so why are ░░░░░░░░ doing this they re ░░░░░░░░ send it to me ░░░░░░░░ m gonna send it ░░░░░░░░ you they re gonna ░░░░░░░░ sending it to anybody ░░░░░░░░ or viewing your program ░░░░░░░░ is crazy as Hell ░░░░░░░░ couldn t agree more ░░░░░░░░ I m here outside ░░░░░░░░ Austin in Williamson County ░░░░░░░░ are doing a stay ░░░░░░░░ home measure they re ░░░░░░░░ that today as we ░░░░░░░░ this on March 24th ░░░░░░░░ s gonna be announced ░░░░░░░░ I know you re ░░░░░░░░ New York City or ░░░░░░░░ York and in New ░░░░░░░░ at the Javits Center ░░░░░░░░ re turning the convention ░░░░░░░░ into a thousand bed ░░░░░░░░ this Coronavirus seems to ░░░░░░░░ taken the world by ░░░░░░░░ and it is overwhelming ░░░░░░░░ the response that we ░░░░░░░░ seeing and the supplies ░░░░░░░░ being depleted medical you ░░░░░░░░ places are running out ░░░░░░░░ masks and and supplies ░░░░░░░░ mean many places are ░░░░░░░░ you know supplies for ░░░░░░░░ a week left before ░░░░░░░░ re depleted what are ░░░░░░░░ thoughts on on the ░░░░░░░░ I think that s ░░░░░░░░ media that CNN you ░░░░░░░░ it s NBC the ░░░░░░░░ is responding very rapidly ░░░░░░░░ number of tests that ░░░░░░░░ being produced are in ░░░░░░░░ millions a week shortly ░░░░░░░░ supplies you know are ░░░░░░░░ generated now you know ░░░░░░░░ s only a million ░░░░░░░░ beds in America most ░░░░░░░░ the time so 800 ░░░░░░░░ or more full so ░░░░░░░░ s not that much ░░░░░░░░ capacity there shouldn t ░░░░░░░░ the system you know ░░░░░░░░ t tolerate it the ░░░░░░░░ would be too great ░░░░░░░░ you get a sudden ░░░░░░░░ like this and you ░░░░░░░░ going to have overflow ░░░░░░░░ so the system responds ░░░░░░░░ they re not having ░░░░░░░░ conventions at the Javits ░░░░░░░░ so convert it quickly ░░░░░░░░ an overflow capacity what ░░░░░░░░ wrong with that I ░░░░░░░░ just think there s ░░░░░░░░ too much you know ░░░░░░░░ m waving and hysteria ░░░░░░░░ on here and the ░░░░░░░░ is not being heard ░░░░░░░░ as bad as people ░░░░░░░░ I live in New ░░░░░░░░ City where early today ░░░░░░░░ know get some exercise ░░░░░░░░ walk around you know ░░░░░░░░ of these restaurants that ░░░░░░░░ closed allegedly are not ░░░░░░░░ what s happening is ░░░░░░░░ re delivering either delivery ░░░░░░░░ know guys who are ░░░░░░░░ out and it s ░░░░░░░░ the modality of business ░░░░░░░░ changing there s the ░░░░░░░░ in the number of ░░░░░░░░ who are walking the ░░░░░░░░ from the restaurant your ░░░░░░░░ as opposed to you ░░░░░░░░ from your own restaurant ░░░░░░░░ I don t want ░░░░░░░░ minimize it obviously revenue ░░░░░░░░ down at many of ░░░░░░░░ places but it s ░░░░░░░░ like we re going ░░░░░░░░ some economic blackout or ░░░░░░░░ hole the other thing ░░░░░░░░ want to say very ░░░░░░░░ is capitalism doesn t ░░░░░░░░ a death wish that ░░░░░░░░ what the Keynesian say ░░░░░░░░ s what the state ░░░░░░░░ and the big government ░░░░░░░░ say that if you ░░░░░░░░ t let us spend ░░░░░░░░ this money and intervene ░░░░░░░░ all these ways and ░░░░░░░░ safety nets and soup ░░░░░░░░ and bailouts under everybody ░░░░░░░░ know we re heading ░░░░░░░░ the 1930s complete total ░░░░░░░░ self serving lies we ░░░░░░░░ believe it and if ░░░░░░░░ public gets a little ░░░░░░░░ rational about social distancing ░░░░░░░░ avoiding large groups for ░░░░░░░░ few weeks I think ░░░░░░░░ whole thing is going ░░░░░░░░ pass we ve already ░░░░░░░░ that in other countries ░░░░░░░░ reason that looks like ░░░░░░░░ s a you know ░░░░░░░░ spreading like wildfire in ░░░░░░░░ United States is we ░░░░░░░░ testing like wildfire it ░░░░░░░░ proved in every country ░░░░░░░░ the rate of cases ░░░░░░░░ reported is a function ░░░░░░░░ the rate of testing ░░░░░░░░ you know we re ░░░░░░░░ in that part of ░░░░░░░░ curve where we re ░░░░░░░░ like mad and so ░░░░░░░░ s 46 000 cases ░░░░░░░░ let me suggest that ░░░░░░░░ you look around the ░░░░░░░░ there the rate of ░░░░░░░░ cases in Japan is ░░░░░░░░ one thousandth of the ░░░░░░░░ the rate of reported ░░░░░░░░ in the United States ░░░░░░░░ 1 100 the rate ░░░░░░░░ reported 1 100 of ░░░░░░░░ the rate of reported ░░░░░░░░ in Italy is 1 ░░░░░░░░ of 1 so everywhere ░░░░░░░░ the worst case Italy ░░░░░░░░ Japan which is doing ░░░░░░░░ nothing it s not ░░░░░░░░ its restaurants it s ░░░░░░░░ closed its subways and ░░░░░░░░ the rest of it ░░░░░░░░ are there s a ░░░░░░░░ of exposure that s ░░░░░░░░ different from one country ░░░░░░░░ another and the only ░░░░░░░░ that explains it is ░░░░░░░░ in Japan they didn ░░░░░░░░ test they don t ░░░░░░░░ any cases in South ░░░░░░░░ they had a massive ░░░░░░░░ of tests and they ░░░░░░░░ a lot of cases ░░░░░░░░ you know this is ░░░░░░░░ this is not the ░░░░░░░░ Plague this is not ░░░░░░░░ in southern Europe and ░░░░░░░░ know we ought to ░░░░░░░░ a grip on I ░░░░░░░░ points well taken David ░░░░░░░░ a more optimistic note ░░░░░░░░ we see zoom up ░░░░░░░░ percent today I don ░░░░░░░░ know what it is ░░░░░░░░ the very moment but ░░░░░░░░ we are on zoom ░░░░░░░░ this pandemic crisis what ░░░░░░░░ do you suspect to ░░░░░░░░ and in this out ░░░░░░░░ this and you know ░░░░░░░░ we go back into ░░░░░░░░ in our economy well ░░░░░░░░ the very short run ░░░░░░░░ delivery businesses the own ░░░░░░░░ businesses obviously are getting ░░░░░░░░ boost out of this ░░░░░░░░ you know that will ░░░░░░░░ as soon as the ░░░░░░░░ emergency passes I think ░░░░░░░░ if there s any ░░░░░░░░ investors left in Wall ░░░░░░░░ as opposed to people ░░░░░░░░ just speculating on what ░░░░░░░░ Fed is going to ░░░░░░░░ companies that have better ░░░░░░░░ sheets more cash reserves ░░░░░░░░ not as you know ░░░░░░░░ you know waste their ░░░░░░░░ sheet capacity and their ░░░░░░░░ on financial engineering might ░░░░░░░░ a little better reception ░░░░░░░░ the stock market as ░░░░░░░░ to those who didn ░░░░░░░░ I think it s ░░░░░░░░ of outrageous that you ░░░░░░░░ Boeing now down there ░░░░░░░░ hand out in every ░░░░░░░░ in Washington asking for ░░░░░░░░ huge bailout effort spent ░░░░░░░░ hundred billion dollars buying ░░░░░░░░ it s not I ░░░░░░░░ Boeing is in a ░░░░░░░░ cyclical and also vulnerable ░░░░░░░░ both Boeing can be ░░░░░░░░ badly by wars by ░░░░░░░░ by plagues they never ░░░░░░░░ should have been draining ░░░░░░░░ balance sheet buying back ░░░░░░░░ hand over fist the ░░░░░░░░ point of that was ░░░░░░░░ they got you know ░░░░░░░░ stock price went from ░░░░░░░░ hundred to four hundred ░░░░░░░░ was Wall Street speculators ░░░░░░░░ for the right because ░░░░░░░░ irresponsible reckless stupid people ░░░░░░░░ the board of directors ░░░░░░░░ Boeing we re in ░░░░░░░░ this kind of really ░░░░░░░░ financial plan and operation ░░░░░░░░ today they got their ░░░░░░░░ out looking for a ░░░░░░░░ I think they ought ░░░░░░░░ have their hands chopped ░░░░░░░░ to tell you the ░░░░░░░░ and if Molina can ░░░░░░░░ make it because they ░░░░░░░░ used up all their ░░░░░░░░ I ll let them ░░░░░░░░ for bankruptcy it s ░░░░░░░░ going to stop the ░░░░░░░░ from running it s ░░░░░░░░ gonna throw any workers ░░░░░░░░ know out on the ░░░░░░░░ but it will cause ░░░░░░░░ shareholders to get their ░░░░░░░░ desserts and the lenders ░░░░░░░░ this reckless operation to ░░░░░░░░ some losses this is ░░░░░░░░ we need to happen ░░░░░░░░ we re going to ░░░░░░░░ prevent this from recurring ░░░░░░░░ the future well there ░░░░░░░░ have it everyone David ░░░░░░░░ of David Stockman is ░░░░░░░░ corner David if people ░░░░░░░░ to learn more about ░░░░░░░░ and the work you ░░░░░░░░ please let them know ░░░░░░░░ they can go and ░░░░░░░░ they can expect to ░░░░░░░░ well I publish a ░░░░░░░░ and analysis five days ░░░░░░░░ week at David Stockman ░░░░░░░░ corner you can just ░░░░░░░░ Google it ll pop ░░░░░░░░ up it s a ░░░░░░░░ service a dollar a ░░░░░░░░ so it s not ░░░░░░░░ that expensive but we ░░░░░░░░ the whole gamut from ░░░░░░░░ banking the fiscal policy ░░░░░░░░ Washington Politics wall screen ░░░░░░░░ what companies are doing ░░░░░░░░ global economy in financial ░░░░░░░░ and this is a ░░░░░░░░ where we re in ░░░░░░░░ waters and I think ░░░░░░░░ status quo that has ░░░░░░░░ for the last 30 ░░░░░░░░ that assumes that all ░░░░░░░░ is sustainable and real ░░░░░░░░ now getting its comeuppance ░░░░░░░░ ve been living in ░░░░░░░░ fantasy people are gonna ░░░░░░░░ to figure their way ░░░░░░░░ of this the morning ░░░░░░░░ after this Coronavirus does ░░░░░░░░ we re going to ░░░░░░░░ in a new world ░░░░░░░░ I try to provide ░░░░░░░░ insight and analysis in ░░░░░░░░ based on history because ░░░░░░░░ got any sense of ░░░░░░░░ the last hundred or ░░░░░░░░ years you realize that ░░░░░░░░ we ve been doing ░░░░░░░░ the last decade or ░░░░░░░░ is totally an aberration ░░░░░░░░ violates every for actuality ░░░░░░░░ discipline and you know ░░░░░░░░ money that s ever ░░░░░░░░ discovered by mankind and ░░░░░░░░ re gonna have to ░░░░░░░░ back to a more ░░░░░░░░ view of things so ░░░░░░░░ s that s what ░░░░░░░░ can find David thanks ░░░░░░░░ much for coming on ░░░░░░░░ show today stay safe ░░░░░░░░ I hope to do ░░░░░░░░ one of these interviews ░░░░░░░░ short order here especially ░░░░░░░░ things play out maybe ░░░░░░░░ s sometime in September ░░░░░░░░ s start to settle ░░░░░░░░ very good thank you sir