Mottek On Money (Weekend of May 8th, 2020)

The coronavirus crisis and its impact on Main Street and Wall Street: The economy gets hit with the worst monthly job loss on record. The U.S. unemployment rate hits the highest seen since the Great Depression as the coronavirus crisis continues. The April jobs report shows 20.5 million jobs lost and the unemployment shot up to 14.7%. Meanwhile, the stock market rallied as coronavirus restrictions begin to ease and the economy begins to slowly reopen. Tech stocks led the rally with the Nasdaq erasing recent losses and turning positive for 2020. Analysis of the week's history shattering news on the economy and the markets with Dr. Mohamed El-Erian, Chief Economic Advisor, Allianz, former PIMCO CEO in Newport Beach. Art Hogan, Chief Market Strategist, National Securities. The coroanvirus crisis is having an enormous impact on the Los Angeles economy. Bill Allen, President/CEO, Los Angeles County Economic Development Corporation (  ) discusses unprecedented job losses due to the business lockdowns and resources available to help L.A. businesses. Millions of homeowners are not paying their mortgages during the crisis. The latest discussed with Jeff Lazerson, President, MortgageGrader and OC Register Columnist.