Reopening the Economy: Howard Schultz, Connecticut Governor & Fmr. FDA Head

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 21 April 2020

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

The price of U.S. crude oil plunged below zero for the first time in history. As the U.S. attempts to look beyond the pandemic, state leaders are planning to coordinate reopening their jurisdictions; Connecticut Governor Ned Lamont is working with six other states, and he does not expect Connecticut’s schools to reopen earlier than May 20th. Former FDA Commissioner Dr. Scott Gottlieb discusses the complications that accompany any timeline for reopening, from health liabilities to social distancing in a post-Covid society. Former Starbucks CEO Howard Schultz considers America’s moral and economic obligation to support small business during the crisis.

Transcript

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0:00.0	This is Squawk Pod. I'm C. NBC producer Katie Kramer today on our podcast,
0:05.7	Reopening for Business. Starbucks visionary Howard Schultz on the
0:09.5	responsibility to keep small businesses running. It would be immoral to let these companies and these people fail.
0:16.0	Connecticut's Governor Ned Lamont on business in his state and the outlook for its school
0:20.3	children.
0:21.3	I've got a May 20th date as a decision note. Former
0:24.4	FDA head Scott Gottlieb warns that the timeline to reopen businesses is
0:28.4	tricky. Jim's nail salons, bowling alleys, tattoo parlors. It feels like they collected a list of the businesses
0:34.4	that were most risky and decided to open those first. And what's less than zero, the price of oil?
0:40.3	I think peak oil might have been maybe not a real thing.
0:44.4	It's Tuesday April 21st 2020
0:47.5	Squawk Pod begins right now.
0:50.2	Good morning everybody.
0:51.3	I'm Becky Quick along with Joe Cronin and Andrew Ross Sorkin.
0:54.3	First up today on the podcast and historic price move that you wouldn't think was possible.
1:01.3	U.S. oil futures plunged below zero for the first time
1:04.7	yesterday. Reflecting the lack of capacity to store all of the oil that isn't being used because
1:09.5	of the coronavirus pandemic, the price of a barrel of West Texas intermediate crewed for May delivery
1:14.8	closed at about $18 on Friday. That's low. Remember oil's price high of more than $100 a barrel
1:20.8	back in 2008. You might have felt it at the gas station. The price on that same
1:25.0	contract, a barrel of oil delivered in May, so soon, plunged to negative $3.63 at yesterday's
1:32.0	close.
	...

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