Government Spending Sprees: Novavax’s Vaccine and U.S. Business Relief

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 7 July 2020

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

Vaccine maker Novavax received $1.6B from the U.S. government for “Operation Warp Speed,” an effort to expedite the race for a coronavirus vaccine. Novavax CEO Stanley Erck maps out his timeline for vaccine distribution. The government has also poured trillions of dollars into the American financial recovery from the Covid-19 pandemic, and Jason Furman, former Chairman of President Obama’s Council of Economic Advisers, says the government is battling two concurrent recessions. He and AEI’s Michael Strain discuss whether more stimulus is still needed to rescue the U.S. economy. Plus, TikTok is dancing its way out of Hong Kong, Palantir is preparing for its IPO, and Patrick Mahomes just closed a $500 million deal.

Transcript

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0:00.0	This is Squawk Pod. I'm C.N.C. producer Katie Kramer. Today on our
0:05.6	podcast, Federal Spending Sprees. The US government has poured trillions of
0:10.2	dollars into the economy as the coronavirus pandemic wears on.
0:13.4	Jason Furman, chair of President Obama's Council of Economic Advisors, says more money is needed.
0:18.8	There's effectively two recessions. The shutdown recession looks like it's going to stop improving. The normal
0:25.6	recession underneath it looks like it's getting a little bit worse. You know, that's
0:29.8	certainly an ugly combination for the next several months.
0:34.0	Operation Warps Speed, the government's other spending spree for a COVID vaccine, the CEO of
0:39.4	Nova Vax on his company's prospects after a hefty gift from Washington.
0:43.4	What the coronavirus does is it moves up the timetable for us to have revenue and quite a bit actually.
0:50.1	Those stories plus Tik-Tox dancing right out of Hong Kong.
0:53.5	Patrick Mahomes has landed a $500 million NFL deal.
0:57.3	And Andrews getting in the game?
0:58.8	I'm trying to make some quick money here.
1:00.9	I'm trying to make some fast money here. It's Tuesday July 7th
1:04.4	2020 squawk pot begins right now. Good morning and welcome to
1:09.0	squawkbox right here on see and be sure I'm in
1:11.2	source working along with Joe Kernanissa le is in the house virtually with us
1:16.4	this morning Becky's off in the house nice to see you mollis this is a first this is actually
1:22.3	a first for Joe and I and Becky. I think we've all actually been together every day thus far
1:29.3	through this whole craziness and
1:32.0	We're gonna start trying to try to take some
	...

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