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April 9, 2020, 3:37 p.m. EDT

Anthony Scaramucci: The American people need a lot more stimulus cash

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By Shawn Langlois, MarketWatch

Anthony Scaramucci, founder and co-managing partner at SkyBridge Capital.

‘I think they need to put up more helicopter money.’

That’s Anthony Scaramucci, SkyBridge Capital founder and former White House communications chief, explaining to CNBC in an interview posted on Thursday what he thinks the government needs to do to get the reeling economy back on track.

“Helicopter money” is a phrase used to describe when central banks rain down cash, as if out of a helicopter, on the public to stimulate the economy. In this case, Scaramucci, according to his firm’s calculations, said that each adult should get $3,000 and each child $1,500, up from the already announced stimulus package of $1,200 and $500, respectively,

He also said strict social-distancing measures could start to ease next month.

“I think it’s going to be a soft opening of the American economy in the first week of May, people will be in masks and maybe two weeks later, the hot zones like New York and New Orleans and Detroit,” Scaramucci explained. “It will be a slow grind on the way back but getting people to go back to work I think will lift spirits and it will improve the economic outlook.”

Meanwhile, the stock market was doing its part to lift spirits in Thursday’s session, with the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.05%  , S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.34% and tech-heavy Nasdaq Composite /zigman2/quotes/210598365/realtime COMP -0.69% all pushing nicely higher.

US : Dow Jones Global
+11.93 +0.05%
Volume: 375.55M
June 4, 2020 5:10p
-10.52 -0.34%
Volume: 3.74B
June 4, 2020 5:10p
US : U.S.: Nasdaq
-67.10 -0.69%
Volume: 5.63M
June 4, 2020 5:16p

Shawn Langlois is an editor and writer for MarketWatch in Los Angeles. Follow him on Twitter @slangwise.

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