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Speaker 1: In looks a lot different than it looked in. President

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Speaker 1: Trump was sent here to smash conventional forms in a sense.

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Speaker 1: Bernie Sanders has already on this. He's Bloomberg sound On

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Speaker 1: on Bloomberg HD two. The world has just hit one

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Speaker 1: million coronavirus infections. This is Vice President Mike Penn says

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Speaker 1: more than a hundred thousand Americans have been tested daily

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Speaker 1: daily for the virus and the latest impact on jobless claims.

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Speaker 1: We're going to dive into the economic reality that is

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Speaker 1: now suddenly facing the world. Mortgage defaults could pile up

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Speaker 1: at a pace that dwarves two thousand and eight. Ed

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Speaker 1: DeMarco is going to call in. He's the former acting

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Speaker 1: director of f h f A, so we'll talk to

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Speaker 1: him and uh, we're still on standby for President Trump's

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Speaker 1: daily Coronavirus Task Force briefing. So a lot to get through. Congressman,

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Speaker 1: did you did you guys? Ever? Hear Congressman Roger Marshall.

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Speaker 1: He's a Republican from Kansas. He represents the first congressional district.

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Speaker 1: He's actually an m d uh in a rural district

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Speaker 1: in Kansas. He's going to kick off the show for

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Speaker 1: us Congressman Roger Marshall, so he can offer a political

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Speaker 1: perspective and a medical perspective, and again we'll get Ed

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Speaker 1: DeMarco to weigh in on housing as well. US jobless

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Speaker 1: claims sword to once unthinkable record of six point six

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Speaker 1: five million. Uh. This by my colleague on the Bloomberg terminal,

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Speaker 1: Kadya Dmitrieva quote, the number of Americans applying for unemployment

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Speaker 1: benefits sword to a record six point six five million

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Speaker 1: last week, a level unimaginable just a month ago, remember

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Speaker 1: that pre pandemic, when the world was a simpler, simpler place.

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Speaker 1: Congressman Roger Marshall is a Republican from Kansas. He's also

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Speaker 1: an m D Congressman. I'm I'm so grateful for you

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Speaker 1: to come on the program tonight, to be able to

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Speaker 1: navigate through all of the questions I have on on

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Speaker 1: the medical issues and of course on the economic issues.

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Speaker 1: But I mean, I hate to ask you such a

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Speaker 1: depres some questions to lead things off, but six point

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Speaker 1: six five million people filing for unemployment last week. I

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Speaker 1: don't even know how to ask this. But when can

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Speaker 1: we get out of this in two months? I mean,

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Speaker 1: when when is it? Give me a light at the

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Speaker 1: end of the tunnel, please when the infection is going

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Speaker 1: to get worse for another month and then we'll start

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Speaker 1: going to start getting better. But by June, we're gonna

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Speaker 1: get folks back to work. Uh. And guess what, we

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Speaker 1: have a new antibody test out there that's gonna show

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Speaker 1: a lot of us have already had this infection and

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Speaker 1: those people can get back to work sooner and get

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Speaker 1: it out there on the front side of this. So

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Speaker 1: just remember the number one thing we can do to

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Speaker 1: help us through this economy, You have to take care

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Speaker 1: of people's help. So as a physician and a congressman,

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Speaker 1: that's my That's what I wake up in the morning

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Speaker 1: and I go to bed thinking about it. How can

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Speaker 1: I minimize the impact of this virus on the health

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Speaker 1: of cans and and and get us back to work

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Speaker 1: soon or we're gonna get through this. We've we've got

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Speaker 1: tougher days. I don't know, these days are pretty tough

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Speaker 1: for Congress and Roger Marshall for publican from Kansas. I mean,

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Speaker 1: I do know we're gonna get through this. Sorry, I'm

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Speaker 1: you know, I'm I'm all right. Listen, you said something

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Speaker 1: that's interesting that I want to I want to follow

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Speaker 1: up on you said that there's a new antibody test.

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Speaker 1: I don't even know what that means. So can you,

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Speaker 1: in very plain speak terms, explain to me what that means,

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Speaker 1: what the status of that test is, and then we'll

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Speaker 1: go from there. So go ahead, right, So the current

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Speaker 1: testing right now, it shows that you have the virus.

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Speaker 1: They do they swapped your throats and they can find

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Speaker 1: these the RNA on it say that it's in your

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Speaker 1: throat right now. But this but once you have the virus,

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Speaker 1: you start building antibody to it. First you have UH

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Speaker 1: an I G M, and then an I G T antibody.

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Speaker 1: So with all these undiagnosed viruses that have been running

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Speaker 1: around the past two or three months, I think a

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Speaker 1: lot of us have had this already and now we

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Speaker 1: could prove it. So the FDA this week, on a

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Speaker 1: fast track, has approved a couple of these antibody tests,

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Speaker 1: and on Monday some glabs will start doing it. So

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Speaker 1: it's so are an active infection, but it says that

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Speaker 1: you've had it sometime in the path and you should

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Speaker 1: be immune to it at least for several months. It's

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Speaker 1: not forever. So one of the questions Congressmen that I have,

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Speaker 1: that my friends have when we talk about this is

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Speaker 1: if you get COVID nineteen and then you beat it,

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Speaker 1: does the medical research and does the medical community say

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Speaker 1: that you can't get it again? Or what is like

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Speaker 1: there's so many that's that's the question that I have. Yep.

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Speaker 1: I think the latest data would say that your immunity

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Speaker 1: could wear off and next forward, next winners, you could

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Speaker 1: get it again. But the chances are that you have

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Speaker 1: a at least you won't have as bad of a

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Speaker 1: reaction to it that your body see know once before

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Speaker 1: and can find it better. But the big news is

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Speaker 1: we're gonna have vaccines for this by the end of

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Speaker 1: the year. And I think even your news caps we're

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Speaker 1: just talking about it tactine. So many people will read about, well,

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Speaker 1: what about next winter? What about next year? You know,

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Speaker 1: unless they focused as best we can on getting through

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Speaker 1: the crisis at hand. Okay, Congressman Roger Marshall's on the line.

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Speaker 1: He represents a rural district in Kansas. He's a Republican

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Speaker 1: UH congressman. One of the another thread that has developed

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Speaker 1: over the last several days is how important it is

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Speaker 1: to protect our farmers from this crisis because we rely

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Speaker 1: on them so much in our supply chains, especially right

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Speaker 1: now at the grocery stores. What are you doing to

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Speaker 1: make sure that farmers are protected from COVID nineteen. Yeah, well, fortunately,

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Speaker 1: farmers kind of practice social isolization to begin with. We

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Speaker 1: sometimes go through a whole day and don't see another

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Speaker 1: soul except for wife and kids. So I think that,

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Speaker 1: you know, is empowering them. Look with tell a medicine

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Speaker 1: so that they don't have to drive to a big

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Speaker 1: city if they have a healthcare So more and more

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Speaker 1: telling medicine opportunities. What can they get done there locally

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Speaker 1: because most of the communities themselves are safe. Um, very

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Speaker 1: few little little splinters of the vaccine out in the

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Speaker 1: country as well. Uh So that still those are the

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Speaker 1: best things that we can do, and of course to

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Speaker 1: encourage them to the same thing that that we're telling everybody,

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Speaker 1: you know, wash your hands if your sixth day home.

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Speaker 1: We've already closed down the schools. We have pretty much

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Speaker 1: a shelter in place except for the essential people out working.

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Speaker 1: So courtly they're a pretty good group to start with,

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Speaker 1: all right, As we as we pivot toward uh, economic

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Speaker 1: stimulus for what are what are some of the items

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Speaker 1: and economic stimulus for that you're going to be pushing for. Well,

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Speaker 1: I gotta tell you, Kevin, I think we all need

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Speaker 1: to take a breath here, and I'm gonna pivot back

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Speaker 1: to say, the most important thing I can do for

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Speaker 1: the economy is to keep Americans healthy, and I think

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Speaker 1: we need to stick with that. We just unrolled a

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Speaker 1: phase three, a two trillion dollar Phase three plan, and

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Speaker 1: I think there's lots of plans that there are several

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Speaker 1: plans that can get us through this, but to be

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Speaker 1: its execution, I think we need to keep our eye

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Speaker 1: on the ball and execute the plan we've got going

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Speaker 1: right now. Uh You like tomorrow morning, the SBA is

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Speaker 1: gonna roll out there um their their protection plan for

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Speaker 1: for wages. So I think we need to say focused

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Speaker 1: on that and kind of see where where this alway

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Speaker 1: is in two or three weeks from now. So I'm

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Speaker 1: in favor of just catching our breath here, focusing on

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Speaker 1: our health. Are you in favor of reopening parts of

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Speaker 1: the country or zones of the country. I've been talking

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Speaker 1: with people all week on background on both sides of

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Speaker 1: the Aisle, who are suggesting that once potentially we peak,

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Speaker 1: that it might be in the economic interests and then

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Speaker 1: the health interests to reopen maybe portions of the country.

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Speaker 1: You know, absolutely, I think that sounds reasonable. New York's

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Speaker 1: peak is going to be about two weeks from now,

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Speaker 1: Kansas peak is going to be a month from now,

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Speaker 1: So New York should be able to get back to

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Speaker 1: work in two weeks. I really hope that they, you know,

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Speaker 1: the people kind of stick home, stay close to their communities.

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Speaker 1: But when I say open it up, open it up

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Speaker 1: to work, I think that's all we need to be

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Speaker 1: focused on right now is rinking people get back to work.

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Speaker 1: So I would think, you know, for Kansas, is gonna

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Speaker 1: be June when when we didn't get back to work.

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Speaker 1: I hope folks in New York maybe are about back

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Speaker 1: going back to work in the middle of May. So

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Speaker 1: uh does the local members should drive it. But what

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Speaker 1: we have to be careful of is someone, uh, you know,

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Speaker 1: a state that's kind of lagging goes back and in

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Speaker 1: fact somebody that we thought it was over with all right.

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Speaker 1: Cargressman Roger Marshall, a Republican from Kansas, a doctor as well,

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Speaker 1: as the lawmaker. Thank you so so much for checking in.

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Speaker 1: Thanks for telling me about that test coming up at

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Speaker 1: DeMarco on housing. I'm Kevin Sireli. You're listening to Bloomberg.

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Speaker 1: You're listening to Bloomberg. Sound on with Kevin Sirel on

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Speaker 1: Bloomberg and one on five point seven f M h

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Speaker 1: D two. I was checking back with my mom back

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Speaker 1: in Delco just this afternoon. She said, Kevin, you gotta

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Speaker 1: get yourself into a routine. I said, what's the routine?

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Speaker 1: You wake up, You can't go anywhere. Everything's closed. She said,

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Speaker 1: snap out of it. And then she said, don't snap

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Speaker 1: out of it, snap into it. I said, all right,

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Speaker 1: all right, I'm gonna try to get myself into a routine.

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Speaker 1: How's everybody else doing with their routines? It's just been

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Speaker 1: a complete you know, we're in this whips all of

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Speaker 1: a reality check. Did you see this in Forbes? I

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Speaker 1: was reading Forbes today at least a sham off. In Forbes,

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Speaker 1: the Hampton's is seeing high demand for off season rentals

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Speaker 1: due to the coronavirus. It's almost as annoying as all

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Speaker 1: the celebrities singing. Imagine as New Yorkers expect to stay

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Speaker 1: home through at least April, as COVID nineteen cases climb.

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Speaker 1: Real estate agents on the East end of Long Island

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Speaker 1: say they're seeing unprecedented offseason interest in home rentals. Reading

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Speaker 1: from Forbes, there's been a tremendous increase in the amount

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Speaker 1: of activity in the last two to three weeks. Challenges

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Speaker 1: remain as agents aren't allowed to show properties in person,

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Speaker 1: and there is concerned that New York's ninety day moratorium

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Speaker 1: on residential evictions will allow renters to overstay their welcome,

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Speaker 1: so they're going to the Hampton's to to hide out.

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Speaker 1: I'm Kevin Cirelli, Chief Washington correspondent for Bloomberg Television of

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Speaker 1: Bloomberg Radio. We are officially on standby for the President's

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Speaker 1: daily Coronavirus Task Force briefing. Of course you can listen

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Speaker 1: to that and entirety here on Bloomberg at DeMarco's on

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Speaker 1: the line. He knows a thing or two about about housing.

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Speaker 1: Is the former acting director of the Federal Housing Finance

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Speaker 1: Agency f h f A. Of course, that's the conservator

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Speaker 1: for Fannie May and Freddie Mack. And thanks so much

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Speaker 1: for joining us. I gotta be honest. You hear how

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Speaker 1: the wealthy are going off to the Hampton's, But I'm

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Speaker 1: nervous about everyone else who can't afford to pay rent

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Speaker 1: during this time. What should we be doing? Yeah, Kevin,

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Speaker 1: you and me both, um, certainly for the rest of

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Speaker 1: the country, this is a perilous time with regard to

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Speaker 1: paying your rent or paying your mortgage. So look for um,

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Speaker 1: I'd like to let me start with homeowners, right because

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Speaker 1: this is this is something that's uh, that's high mind

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Speaker 1: for a lot of people, you know, is what sort

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Speaker 1: of assistance is going to be made available to homeowners?

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Speaker 1: And when's it? You know when? So how do we

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Speaker 1: get that? So let's let's start with this. Let's put

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Speaker 1: homeowners into two groups. So Group one of the homeowners

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Speaker 1: who continue to work or otherwise have not suffered a

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Speaker 1: financial hardship as a result of this national emergency. So

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Speaker 1: those homeowners, we expect them keep paying your mortgage, and

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Speaker 1: that's really important. If you can pay your mortgage, please

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Speaker 1: pay your mortgage. We've got limited resources to help those

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Speaker 1: who can't, which gets us to group to Group two

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Speaker 1: are those families that have suffered a financial hardship as

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Speaker 1: a result of this emergency and one of my messages

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Speaker 1: for those families. Help is available today and the bar

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Speaker 1: where the customer here needs to make one crucial step,

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Speaker 1: which is contact your mortgage service or do it by phone,

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Speaker 1: do it via their website or whatever other tools the

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Speaker 1: services made available. Inform them that you have a COVID

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Speaker 1: nineteen related financial hardship and ask them about payment for parance.

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Speaker 1: And to be clear, just who is your mortgage servicer.

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Speaker 1: That's the company you send your mortgage payment to each month.

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Speaker 1: So far we're facing a hardship. Most of them are

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Speaker 1: legally eligible to get up to six months of payment forbearance.