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Steve Moore predicts another Great Depression if economy remains closed - YouTube
Channel: Fox Business
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see what do you think we will hear from
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the President on this revisiting the
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April 30th deadline about slowly not
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quickly getting Americans back to work
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on whose advice is he heeding those from
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the medical establishment the economic
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woo what do you know about that I think
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a little bit of all of those obviously
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the medical team is trying to give him
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the best advice about containing the
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virus but you know me I've been saying
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this for a long time and I know there a
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lot in the White House who agree with me
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that we got it got the economy up and
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running quickly because we don't want to
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see more reports like we saw this week
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with six million people signing up for
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unemployment benefits so look I was very
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hardened but what I just heard from
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Blake Burman those are really positive
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things that that they think they can get
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some of the economy opened up by May 1st
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that then we may have flattened out this
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curve a little bit you're seeing that by
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the way reflected in the markets Neal my
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take on this is when you look at what's
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happening with the fluctuation in the
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market I would I would say that about
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80% of the fluctuation in the stock
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market right now is based on what the
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johns hopkins reports are telling us
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about the progress with respect to
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fighting this virus so we got to get the
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economy reopened obviously but we have
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to do it at a very health conscious way
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no I think you're dead-on right about
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doctor doctor I put it 95 percent really
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hinges on ian's we get on the path of
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the virus but having said that seat I
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mean the president will be leading off
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this briefing today and there's been
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some criticism from nullus in the Wall
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Street Journal that he tends to make it
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him about himself and the states too
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long it starts getting in fights with
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reporters The Wall Street Journal cited
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that the president then ripped the Wall
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Street Journal is fake news team at a
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curiosity or a very rational seasoned
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business guy do you think The Wall
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Street Journal is fake news no I don't I
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love that newspaper and I worked there
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for 10 years so I'm a little biased as
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you know Neal but I thought there was
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some pretty sage advice look I love this
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president - I've worked with him
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but I would say this they I think the
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president would be wise to take some of
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that advice to The Wall Street Journal
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he's done an amazing job in these press
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conferences but maybe not doing battle
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with the with the media so often and so
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much and really just tell it the
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American people just want to know what's
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going on and they want to be reassured
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by this president we're gonna solve this
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crisis both Ruth respecter our economy
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and the health crisis that we have right
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now
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and be presidential I'd like to see him
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rise above this and not get in spats
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with the media but you know Donald Trump
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is Donald Trump he's gonna do what he
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wants to do and that's one of the things
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I love about him but I hope that I'm
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glad at least he's reading the
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editorials at The Wall Street Journal
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they're very good at it Earl's right he
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did say that the journal always forgets
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to mention that the ratings for the
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White House press briefings were through
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the roof and is the only way for me to
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escape the fake news and get my points
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across but when he says stuff like that
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Steve about ratings at how he's
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performing and the job that he's doing
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he puts it in a different framework for
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Americans who just want to know hey am i
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safe is this thing gonna kill me right I
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think there's something to that again
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how am I to give advice to this
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President was one of the great political
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I mean he's a great political mind as
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well as an economic leader for our
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country but let me switch gears yeah
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absolutely I think you're right and I
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didn't want to put you on the spot but I
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just wanted to get your thoughts so let
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me step back for this and what we what
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we'll have what will happen now if
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people like their foul cheese say the
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virus will decide this issue in other
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words how quickly we reopen or get back
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to you know business as usual as you
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stress it's it's gonna be a little
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difficult to go back to where we were
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maybe in that direction but dr. Fox you
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seem to say that when all is said and
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done it's it's the virus and its
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progression or slower progression that's
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going to decide it is that is the
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biggest criteria that you know of Steve
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the fact that the the cases have to
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decline for a significant period of time
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so imagine is 14 days
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year before we even entertain easing up
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I think we got to get the economy opened
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up it quickly I really do and the reason
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I do it by the way of course keeping in
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mind the best health information that we
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get but here's my point I'm not a health
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expert I'm an economists doctor pouchy
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is a great health expert but he's not an
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economist I'll tell you this if we keep
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this economy I've seen some experts
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saying we have to keep the economy
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closed through June or July if that
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happens we will have a Great Depression
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there is no way you can keep this
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economic engine the greatest economic
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engine in the history of civilization
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shut down for four months and somehow
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did some of these people think you can
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just flick this the ignition switch and
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the economy starts right up no the
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economic damage will be so severe you're
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gonna have corpses of businesses that
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will never reopen because they've sold
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their assets they have no revenues so we
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have to and one glass point I know we're
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running out of time we have half of the
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economy opened right now Neil you've
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been talking to a lot of people are
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running these great businesses that are
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operating like people like Fred Smith at
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FedEx they figured it out they've
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figured out how to keep their workplace
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safe and their workers safe which is
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their top priority but also provide
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goods and services so we actually have
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an economy so why don't we follow the
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advice of the trucking companies and the
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FedEx is and the Amazons that are doing
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it and they're doing it in a safe way
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well let's question if you don't mind
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CEO I know my producer is gonna kill me
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but you're such a good guess um Jerome
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Powell the Federal Reserve and well he's
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extra efforts Herculean efforts unlike
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we've ever seen before
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dwarfs Allah but the Fed was doing
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during the meltdown do you think Jerome
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Powell has put himself in better graces
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with the president given his performance
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in the face of this virus that he is not
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necessarily one and done with this
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president that's what I was thinking
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about that last night that's only in
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recess laughing because Trump has been
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so tough on Jerome Powell of last
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several since he was really appointed
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and and actually every meeting I've been
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with Trump you know he to talk about the
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economies but he always takes some time
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to
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attack the the Fed chairman I actually
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have to say and I've been pretty
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critical on this show and others as you
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know but I think Powell has actually
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done a pretty good job of managing this
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this this crisis I think it's the right
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thing to do good enough to keep his job
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good enough do you think you know the
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president that you think the president
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say I don't hate you anymore
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you're not allowing users anymore I
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think I would reappoint you here is the
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answer to that question if we come out
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of this and we come out of it like we
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all want to see with a v-shaped recovery
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with the economy back in good shape by
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the fall and and we don't even know not
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even nine months from now talking about
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coronavirus yes I think Jerome Powell
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will deserve to be to be reappointed but
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I'm very nervous last point very nervous
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about the Fed picking winners and losers
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in the economy right now Neil we can't
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have them said we're gonna bail out this
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company or not that company and that
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that makes me a little bit nervous but
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I'm balanced I'm gonna give him an
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a-minus great for what he's done in this
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crisis all right you needn't worry but
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it looks like we're bailing out
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everybody know where we're going but
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we'll see what happens Steve more okay
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always a pleasure thank you my friends
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now
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