Capitulation. I think investors are trying to figure out when does it come. How do you know . Abigail you feel the panic and fear. Highyield is selling off , credit selling off. We are seeing the haven bid. The other thing you would want is that capitulation bottom. Technically, we are nowhere close to the bottom, so we could see days and weeks of this kind of relentless selling, very reminiscent of 2008. Take a look at the Energy Sector, down more than 15 , its worst day ever going all the way back. That is the degree of the fear, the uncertainty and the selling of an on today. David you are a technical person. Give me an example of resistance on the s p. Abigail we are looking more at support, which means we want to see where the buyers are stepping up. You want to go to a weekly chart on todays open. We are well through the 100 week moving average, which means we will probably find support down. If we are lucky, that is at 2640 , but i would make a case for 3300. When you have bonds rallying in this way, is hard for stocks folks even if you didnt have this degree of uncertainty to want to get into stocks. Why are folkss buying bonds so heavily why are folks buying bonds so heavily . We probably have a ways to go. Theres just more downside to come. David thank you for joining us. Now lets get to that oil subject with my cali, alix steel. Thanks so much for being with us. My goodness, russia versus saudi arabia. What happened . Alix it got pretty ugly, and that is going to have ramifications on shale. There is a narrative thats how to rebel went superhard and backed russia into a corner that saudi arabia went superhard and backed russia into a corner. Russia is also dealing with their trading arm of rosneft being sanctioned by the u. S. , as well as a lot of pressure on nord stream 2, their gas pipeline out of russia into europe. You can also make an argument they are waiting for a moment to strike, and this is now that moment. David do we have any indication how bad it is out there . Alix it is definitely going to be bad. Speaking with Oilfield Services and e ps, the rhetoric is it is bad. They are all cutting their capex. The problem is the private players, a large portion of the u. S. Output, they are just going to get wiped out. You have to look at whos hedged and what, and when they wind up losing money. If infected there is danger of some of the shale guys not making it, can the big guys come in . Alix its dicey. , and chevron are going to be conoco and chevron are going note ok, but others are cash positive yet. It is going to be hard. David whats in it for the budget for russia or saudi arabia . Alix russia is not going to like it, but their fiscal break is a lot lower than saudi arabia. It is much higher in the u. S. That fiscal breakeven is going to kill them. David thank you so much for joining us on that subject. Now we go to chief washington correspondent Kevin Cirilli at the white house. We just had a headline cross that said President Trump is going to hold a meeting on coronavirus economic response today. Weve been hearing that something is going to come out of the white house. Do we know when and what it is likely to be . Kevin President Trump will arrive at the white house at about 4 00 new york time, and upon his landing, hes going to head immediately into an economic briefing around the coronavirus. Surrounding him, theres been quite a lot of pressure for him to deliver some type of economic response to the coronavirus. At 5 30 new york time, there is going to be a briefing. No word yet on whether or not we will have some type of readout or communique following the economic portion of this private meeting and the public portion at about 5 30. On capitol hill, lawmakers now openly discussing issues pertaining to regulatory, the potential for some tax relief, right around the corner from tax season. Lawmakers really caught flat footed as it relates to both parties to getting some type of economic agenda across the finish line as it relates to coronavirus. But now, the general feel in washington is that they have awoken to the reality and the economic pressures, and theres been several meetings on capitol hill as well relating to this. David the tone seems to be changing at the white house. President trump said we have this under control. It seems he is actually stepping up more now. Here . S the power can the president by executive order taker of what he needs to take care of, or does he need congress . They are out of session this week, in the next. Kevin kevin dave noted that regulators in other coming up crises dave noted that regulators and other Economic Crises have been able to put things out without approval. There might be a congressional proponent of this. We just dont know which way. If they want to go the tax route, for example, they would need certainly to congressional route. But we just dont know at this time. Guy lets be very specific david lets be very specific about sick pay. Some people may not have the benefit of an employer who can cover sick pay. Is that something the white house can do, or do they need congress for that . Kevin they would need congress, and that is where the broader scope here gets to be a bit more interesting, and again, just with the 8. 3 billion package last time, even in that same breath, the president putting pressure on the federal reserve. Theres this tension between congress and monetary and fiscal policy, but hopefully we will have some more clarity coming from washington within the next 24 hours. David it sounds like we may something later today. Thank you for that report from the white house. Riddick a group that is here with first word news ritika gupta is here with the first word news. Ritika medical teams will board the cruise the ship docks in oa. Italy has reported a surge in deaths from the virus. At least 360 sick people have died there, more than in south korea. The Trump Administration is drafting economic measures to combat the fallout from the coronavirus. Bloomberg has learned one of the revisions could be a temporary expansion of paid sick leave. There could also be help from Companies Help for Companies Facing disruption. Both joe biden and Bernie Sanders have high hopes in tomorrows democratic president ial primary in michigan. Him an win could bring insurmountable lead in delegates with a clear path to the nomination. A sanders victory in michigan would help bridge the gap in delegates. Sanders loses in michigan, he says he doesnt plan to drop out of the race. Iran still allowing International Inspectors access to its nuclear sites. Iran has said it was no longer bound by any restrictions of a landmark deal, but the u. N. Atomic Watchdog Agency says it is cooperating. In recent months, iran has violated all main provisions of the pact. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Gupta. Ika this is bloomberg. David thanks so much. Coming up, we talk about the progress of the coronavirus and what can be done about it. Plus, we are keeping an eye on the markets throughout the program. U. S. Stocks are down more than 6 . Live from new york, this is bloomberg. Guy david this is balance of power. Im david westin. Governments and markets are trying to come to terms with the coronavirus. We welcome dr. Jay bhattaacharya, professor of medicine and senior fellow at the Stanford Institute of Economic Policy research. Welcome. Its willy great to have you here. Give us a sense, what can we know or at least project about where we are in the progress of this disease, given what we saw in wuhan province . Dr. Bhattacharya the data coming in from china, from korea are really interesting. Onres been a lot of focus very high mortality numbers come but the thing to remember is they are measuring people that show up at the hospital who already have severe conditions, just like almost any cold or flu severe conditions. Just like any cold or flu, illness. Range of the mortality numbers people suspect are likely to be lower than reported. For example, and south korea, where they measured a much larger number of people, the mortality rate looks like a very bad case of the flu as opposed the twosity rates in or threes, which would be 20 times worse than the flu. David so the mortality rate is lower, but in part because probably more people have it in the United States then realize. What about the Testing Process . Toit realistic to expect test people across the United States . Dr. Bhattacharya what they have right now is basically an rna test. If you have the condition, you can test and see if you have it. Once you clear the virus, you no longer test positive. So we dont have a test yet that is widely available to see whether you have had the virus and recovered from it directly. You test by seeing if you have it, and later if you test again and dont have the virus, we infer you have recovered. It is a little hard to answer that question. Theres many variables still yet to be cleared up. We dont really know the death rate. We dont know fully recovery. Are seeing you worldwide panic in response to this. It is not just how severe the condition is, which i think its probably less severe than we are seeing, but the uncertainty around that. I think that is leading to a lot of the economic effects we are seeing. David where does panic leave off and properly aggressive response pickup . It looks like in wuhan province, part of the reason it appears to be leveling off is they really put Something Like 50 Million People in quarantine. It now we have northern italy was Something Like 17 million in quarantine. I dont know whether that is panic or the best way to address deterring the spread of this disease. Dr. Bhattacharya that is an excellent point. I think a quarantine is a reasonable response in cases where you have a condition spreading rapidly. We dont have very good data about it. In somey, quarantine sense is a Public Health response of last resort. The virus was found in wuhan, the authorities really didnt know much about it. It widespread quarantine seemed like the appropriate thing. Given what we have seen about the effectivity of the condition, i think a way to thick about the quarantine is a way to slow down the rate at which people get it. Adont think we will prevent very large number of people getting it. It is very likely people will be exposed at some point or another. The thing you dont want to do is overwhelm the Health Care System caring for the people affected very severely. So in wuhan, that was a major problem. If you remember story about opening a hospital in 10 days, that is because the Health Care System is overwhelmed by the virus. The quarantine serves a really important purpose in places where it is spreading, and theres a lot of uncertainty about what is going to happen. In a sense, youre absolutely right. The panic serves a purpose. It serves a medical purpose, but has Enormous Economic consequences, disrupting peoples daily lives, at this point in china for months. It comes at a pretty severe cost. The question is what are the costs and the benefits. The benefits are that the Health Care Care system doesnt get overwhelmed, people dont get a severe version of the condition that people that get a severe version of the condition can be treated people that get a severe version of the condition can be treated. Thate who are vulnerable depend on home visits, for instance, they are going to have a hard time getting the things they need. Its not awould say good idea to panic. Listening to Public Health authorities, they have the best information. That is appropriate. So if Public Health authorities are telling you to quarantine and stay in place, that makes sense. Is it the right decision . Unfortunately, you can only tell ex post. David we had a doctor yesterday say if you are an elderly person or have any compromise to your system, you are better off not getting on a plane, or certainly a cruise ship. Should we be reacting print of lee with reacting preemptively with more of the vulnerable population . Dr. Bhattacharya i think hes absolutely right. It is the elderly, the people with preexisting health suffer the that condition for the highest rates of mortality. They have mortality above 10 . Too. Would put me at home, i would not want to be exposed to the virus if i was in a vulnerable state. That is not everybody, though. Population is not enough vulnerable state. The question is how do you balance that. How do you protect our vulnerable population while maintaining our Economic Activity . Not just economic, but other activities that make life worth living. I think that is kind of where we are. How do we target a quarantine response so that we dont hurt the most vulnerable while still being able to continue to do what we want to do . I think his response to this is completely reasonable. Dont go traveling. You are going to expose yourself, if you are vulnerable, too large amounts of people who have the virus. Dont go in very crowded places. I think some activities shutting down, like maybe shutting down very large gatherings or avoiding very large gatherings if you are vulnerable, makes some sense. David is the government giving us clear wrath information . To the people in government know enough to be able to give us clear judgment about what to do and what not to do at this point . Thats anothera excellent question. There is still quite a lot of uncertainty about the epidemiological effects of the virus. Because of that, i think this explains why we are hearing conflicting messages. The World Health Organization says 3. 4 mortality. The south korean numbers say Something Like 0. 5 mortality. Theres a vast difference between 0. 5 and 3. 4 in terms of what the right thing to do in response is. The conflicting message we are hearing is in response to that, those conflicting numbers, is the uncertainty. But i think a consensus is starting to develop that it is probably on the lower side like the south korean numbers as opposed to the higher side, the original 3. 4 numbers, largely because there is understanding that we dont have a Testing Program for a very Large Population of people who may have the condition, but are not likely to end up in a hospital with it. We are testing people at the hospital to see if they have the condition, which is probably the right place to use the limited testing we have come a but we dont have a widespread test for a population not likely to suffer or die from the condition. It will be like a very bad cold or flu as opposed to something threatening to kill you. I think a targeted Testing Program where to focus on the vulnerable populations, and a targeted program to isolate people who are at high risk of mortality, that makes most sense to me based on the numbers i am seeing. David ok, really appreciate it. That was terribly hopeful. Dr. Jay bhattaacharya is professor of medicine at Stanford University. Still ahead, the latest ahead on the plunge in markets. Energy, financials, and industrials are among the hardest hit today. The S P Energy Index is down more than 17 on the day. This is bloomberg. David this is balance of power. Time to get more on the selloff going on. Joining us is kailey leinz. Basically, you dont want risk today. Kailey theres basically red across the screen. We are off the lows at the session, 7 at the open, that triggered that circuit breaker. We are down 5 across the three major averages. There were already concerns in this market about the coronavirus and potential growth. Layered on top of this, the Oil Price Shock treated much tighter financial conditions. It is a dramatic move we are seeing in oil, dropping the most since the gulf war in 1991. Wti trading around 34 a barrel. This is very dramatic price action. We have to consider the supply shock with russia and saudi going after each other after the opec talks collapsed last week is happening simultaneously with a significant demand shock because of coronavirus. David exactly, and i think goldman said you could get 20 a barrel. Kailey the street is telling you things could get a whole lot worse before the get better when it comes to oil. Looking at the imap on my bloomberg terminal, the Energy Sector is down 17 today. You are seeing a lot of E P Companies in particular, many of them down 40 . You need oil prices at 40, 50 just to break even, and we are well below that. David and above the oil issue, you have the banks getting hit because of lower and lower rates. Kailey you have the 10 year treasury down more than 20 basis points today, again off the lows, but still looking at 0. 5 on the 10 year. Big issue for profitability. I was reading some work from betsy gray sick at Morgan Stanley from betsy gracek from Morgan Stanley. It creates higher probability of a recession, which is going to hit banks incredibly hard. David it is not just liquidity, but also solvency in the Energy Sector. Thank you so much to kailey leinz. Theext, lanhee chen of Hoover Institute is going to give us what we need in response to the coronavirus. This is balance of power on Bloomberg Television and radio. The united david states may have the most advanced Health System in the world but that may not help us dealing with what is to come with the coronavirus. Lanhee chen is a Hoover Institution fellow and Stanford University director of domestic policy studies. Lanhee chen joins us from california. Welcome. Give us a sense of where we are with our Public Health system in this country and what we need to do in response to this virus. Lanhee at this point the challenge is we are seeing certain parts of the country where the Public Health response has become elevated and more aggressive. Here in northern california, while we do have a cluster of cases in washington state, in those areas you see Public Health agencies taking a more aggressive stance to mitigate the spread of the virus. That is things like social distancing, canceling events, making sure those who are at risk, the elderly, understand the need to take additional steps to protect themselves. That is still a regional phenomenon. The question is going to be if and when it begins to take hold more broadly and nationally. You are already seeing the cdc and other federal agencies take a little bit more aggressive stance about things like cruises , telling elderly folks and folks with preexisting conditions not to go on cruises. I would expect more of that response Going Forward. The goal is to spread things out so that our hospitals and our Public Health system does not does not become strained like we saw in china. David we heard from a doctor yesterday that they hope people with compromised immune systems do not get on planes the matter what. We just heard from upper hazard medicine that you have to draw this balance. We just heard from a doctor of medicine that you have to draw a balance. For most this is a fluke, but there is a segment of the population that could get sick and die. There is a lot of damage being done to the economy and the markets at the moment. Lanhee and you know, it is a combination of many different factors. There is a responsibility to ensure we are not spreading the virus to those who are susceptible to having serious Adverse Health effects as a result. It is thedavid case that a majy of people are experiencing mild to moderate symptoms. There is the challenge of how you draw the line. Stanford is a great example. We have canceled all remaining classes for this quarter. We have gone online. We are thinking about mitigation challenges for the spring quarter because you have a bunch of students going out for spring break and potentially coming back several weeks from now. That kind of migration does tend to create challenges. I think the issue is you are right. On the one hand you want to take aggressive mitigation strategies. On the other, you do not want to create panic. It is difficult to arbitrate where the line is and it is up to our Public Officials to a certain degree to give us the facts, but also to strike responsible town about where the threats are a responsible tone about where the threats are and not overreact. David officials are struggling to understand the facts because we do not know all the pack. Beyond that, officials have a responsibility to take certain actions. We saw the fed make a 50 basis point cut last week. Kudlow talked with larry on friday and asked him about possible fiscal responses. This is part of what he had to say. We are in the camp that once targeted and timely micro kudlow on friday and asked him about possiblemeasures, not large sweg hundreds of billions of dollars that do not affect incentives and do not affect growth in any permanent way. David lets get as specific as we can. He is talking about a broadbased that could be a payroll tax cut. On the other hand, really gives sick pay provisions to people who are exposed. That would be micro targeted. If you are in the white house, how would you make the cuts . You do not want to make it too short or go too far. This is difficult because therell be Strong Political pressure to make the relief water and broader. That is what happened with the recovery act in 2008 and 2009. That administration was more inclined to seek broadbased relief. I would focus on infected individuals. Think about affected industries. There is some type of targeted relief necessary to boost travel and tourism which has been disproportionately hurt. What we are seeing in some parts of the country is that the entire economy is impacted by this. Small businesses, restaurants, stores, retail, all of those things have downstream effects. The reality is it will be hard to target this in a way that gets at the effects by region. If you do try to targeted. The challenge becomes politically, how do you stave off the argument we need broader and more relief, particularly in an election year. Everyone is oversensitive on this. Particularly if theres any prospect of recession. Now the markets are pointing toward a possible recession. We have seen in italy and maybe even in france. Can we avoid a recession here and what would it take . What would it take if theres anything we can do with the federal government level to avoid a recession . Lanhee the challenge is the global headwinds were already strong coming into this year and they have grown stronger. Part of that will be out of our control. In the United States we have to give careful thought to what the impact will be Going Forward if the coronavirus situation continues and drags on to the late spring. Hows it affecting consumer demand, which then will affect what businesses are doing in terms of hiring. We have not seen slack in the labor market. The last jobs report was very helpful. As we look forward, we will start to see some of those effects come through. The goal be to stay ahead of the curve. That will help us avoid some of the broader impacts we have seen in europe. We will have some inevitable slowdown as a result. Whether that fools us that pulls us into a full slow down remains to be seen, but obviously we have some policy we can implement. David the question is can we come back fast. With sars we came back fast, didnt we . Lanhee the impact of sars was relatively limited because the interconnectedness was not a significant. That is an interesting analog to study. Sarsarge situation the situation was far more contained regionally. The impact in the u. S. Is like night and day. This coronavirus situation is impacting america a lot more than sars did in the early 2000s. David thank you so much. That is Hoover Institution fellow lanhee chen. We have breaking news. Germany has confirmed its first death from the coronavirus according to the news agency dpa. Coming up, saudi arabia blows up the oil market. We talk with the former u. S. Ambassador to saudi Arabia Robert jordan, next. This is bloomberg. David saudi arabia has of collectively declared has effectively declared a price war with russia over oil. Prices are down over 30 . We welcome former u. S. Ambassador to saudi arabia, robert jordan. He joins us on the telephone. Mr. Ambassador, thank you for joining us. I am retired but im the diplomat in residence at smu in dallas. David that will teach me to read carefully. It is a Great Law Firm so im glad you were there for the number of years you work. The relationship between saudi arabia and russia at the moment. Ordan it is very tense right now and may have taken on personal dimensions. The new saudi oil minister, the son of the king, is a some but a somewhat impetuous individual. He and the Russian Energy minister have had personal clashes in vienna in addition to their policy differences. We hadat the same time other noise out of saudi arabia that the crown prince reportedly made some arrests of rivals are those things related . They are probably related. The king is in precarious health. He has been meeting with dignitaries. One does not know how long he can go on. With this crisis in the oil markets, there are members of who might havey been considered a threat to. Ohammed bin salman he has employed thuggish methods in the past to curtail opposition and this is another example. I do not think it will much International Confidence in the regime or their ability to manage this crisis. David we have oil way down. 36 a barrel regime or their abo manage this. What kind of pressure does that put on the fiscal status of saudi arabia, their ability to pay their bills . Amb. Jordan it puts normas pressure on. There budget requires it puts enormous pressure on. Their numbers have dropped to about 500 billion in two or three years, because of the drop in the price of oil but also the very expensive war in yemen. This puts pressure on their ability to continue that work and develop an ipo for aramco as well as the key project of the crown prince, vision 2030. David the central focus is russia and saudi arabia. There is a thirdparty getting hit. That is the United States, particularly our oil producers. In 1986, when he was Vice President , george h. W. Bush put pressure on the saudis saying to not let the oil prices go too low. What kind of incentive is there for the Trump Administration, who until now has said we want low oil prices to go to the saudis and say you cannot go too low . A seriousn we have risk that Production Capacity can be curtailed, well shut in, disinvestment, and you have a number of Oil Companies with enormously high debt, some of which comes to in the next two years. We may see further bankruptcies, further erosion of american Production Capacity if this continues. David as i recall theres been a lot of work down there in the oil patch. What kind of carnage could we see . They were pretty leveraged already. Amb. Jordan they are quite leveraged. One interesting factor is 2014 to 2016, the previous oil ofister tried the same play flooding the markets with oil in the hopes they can destroy the american shale producers. T backfired this is different this time because of the high leverage of these companies and the destruction in the market. It may be a bit more successful this time. This is a risk we have to pay careful attention to. David let me at one complicating factor, that is nord stream 2. There are sanctions against people flying and trying to cooperate with building that thing. What pressure is that putting on the russians . This is a playback for these sanctions, and the saudis are now finding themselves embroiled in the same contest the russians have initiated. It shows the ineffectiveness of opec and operating without the russians on board. David they call the bluff and the russians do not go along with the deal. Coming back to saudi arabia, how stable is the regime in your judgment . Amb. Jordan it is stable in the sense the sense that crown prince has marginalized all of his opposition and has an atmosphere, at least among the young people who make up 70 of the kingdom of being progressive , of creating sporting events and allowing women to drive and so forth. All of this comes as dispensations from him rather than recognition of human rights. That is an undercurrent things are good right now but if the budget goes down the tubes and they can no longer subsidize their population, you may see discontent spreading. That is what he is anticipating. David from your judgment in that region, what are the chances that what we are seeing between russia and saudi arabia is not a price war, but a negotiation . It may be public, it may be nasty, but a negotiation. Amb. Jordan i think there is every chance of that. The saudis may be counting on the clearance sale. They dropped the price. China buys up a lot of the cheap oil and they are ready to cut production back again. A lot of it depends on the reactions of the markets, certainly the price of aramco has dropped below its ipo price. There are a lot of pressures on the russians and the saudis right now. David is at the market that will bring them to the table or can the United States assert effective power . President trump has been a friend to the saudi regime. Amb. Jordan he has been a friend in a transactional sense. I do not think he is necessarily an ally or abu somebody. Or a bosom buddy. And iave common interests think they recognize now there may be divergence in the common interests. The american shale producers provide a lot of jobs to United States, and that could be at risk and something that could get President Trumps attention. David thank you so much. That is robert jordan, former ambassador to saudi arabia. In on thet to check markets with taylor riggs. Taylor let me remind you what happened this morning. We opened up and we hit that 7 limit in the markets were closed for 15 minutes. Now it does seem like we have gone off of the lows by a significant amount. The s p 500 only off less than 5 . The nasdaq doing better than that, only off less than 4 . The next limit down to close the Circuit Breakers would be a 13 . We are nowhere near those. A little bit of buying. Nowhere else we are seeing buying is 30 year yields. Still down 32 basis points. We are at 96 basis points. At one point that was 88 basis points. Youre starting to see a reversal but still very much a risk off day. Take a look here. It is not just bond yields in the u. S. Certainly this is a global story. You are now looking at the global aggregate fields, alltime record lows, well below 1 . Clearly a global story. Look at the board. A lot of the Oil Price Action we are seeing has struggled with tesla. A lot of people are wondering if an ev vehicle make sense of this level. You are seeing automakers decline on concerns of demand. I want to go over to the gold market. 1700. Touched now there are youre starting to see selling with bond Market Investors looking for cash any place they can. While gold is a safe haven, starting to pull back on that and raise the cash for the next buying opportunity. David thank you so much to taylor riggs. Coming up later, i will speak to larry summers, former u. S. Treasury secretary for his thoughts on the coronavirus and the impact on the u. S. Economy. Live from new york, this is bloomberg. David this is balance of power. I am david westin. A recap on the coronavirus headlines. New york state will make its own hand sanitizer. Andrew cuomo says the state will produce 100,000 gallons per week. Also the executive director of the Port Authority of new york and new jersey has been diagnosed with the coronavirus after visiting airports and other facilities. He is in home quarantine according to governor cuomo. Germany has just reported its first death from the coronavirus according to a report. Now to the latest on the markets. Joining us is andy cinko of Bloomberg Markets live. He joins us from princeton. There was a lot of carnage in the market today. What are people forecasting around the corner . Do have analysts courageous enough to step up and say this is what is coming . Andy that is a tall order. Markets are moving awfully fast. To give you an idea of some of the things bloggers have been talking about, the front end rates are so low they are saying the fed cuts rates to zero and holds it there for another decade. In terms of inflation, we are talking about inflation below 1 for five years or 10 years. It is hard in those circumstances to make any kind of believable forecast. What perhaps makes it all the more difficult is as taylor just told you, the stock market is rebounding and the s p is down about 4 or 5 . It is hard to get excited about bargains of 4 to 5 . It seems like some investors were mating for a much larger downturn to hop on. This could be another backandforth movement we see in equities and this might be far from over. It is difficult at this point to say what might come next. Does very difficult, but not stop me from asking the question. Looking at past capitulations, and retrospect, what wouldve told us the market was ready to capitulate . Would beig huge volume one of them on the downside, and then the intraday, especially in equities, looking for a fall off early on, but perhaps even deeper. Let turnaround in the afternoon. We have seen those vshaped recoveries before, especially in the march 2009 period, but we have had other ones with the growth scares in 2006 and 2018. Have not quite seen that here because we have had a vshaped rebound, but it is not helped. The next day we turned around. Other things to look for is the index. The last thing i would point out is to look for everything so that has been winners. Utilities, consumer staples. I would throw tech stops in but i do not think people will sell the apples in the googles. David does the government have anything to do with this . We saw the fed cut 50 basis points last week. Markets bid that out, set we want more. Side, there are reports we might hear from the white house saying we will have help. Is that something the markets or waiting for or does it just have to burn itself out . Andrew the markets would enjoy a coordinated action. A week ago we were waiting for the g7 to do something. We got hints there would be coordinated action. The meeting ended and nothing happened. Then the fat came out and cut rates. David which had nothing to do with coordination. After talking about coordination, the fed goes off on its own. Andrew they seem to be the only adults in the room and are the ones with the least offer. That is something for the parliaments of the congress around the world to do. It is not something for the fed nar central bank. Still waiting for that schocken awe out oftock and the g7. No indication any country is stepping up to do the heavy lifting. David we do not see it so far. That is andy cinko of Bloomberg Markets live. Power is balance of on bloomberg radio. We will have more on the market selloff in the latest plan to deal with coronavirus. In the meantime, on bloomberg tv , the european close is up next. European stocks are headed for their worst date since the day after the brexit vote. Live from new york, this is bloomberg. Guy monday mayhem. U. S. Stocks were halted. Stocks are less than 30 minutes away. Bond yields are plummeting. Oil prices are at the epicenter of the move. This is saudi arabia. Russia started a price war. The biggest move down for crude since 1999. We will be joined by the bureau in paris to give us a sense of where we are going. The virus keep spreading. Germany has its first death. Across the United States, a spike in the number of infections. Live from london, im guy johnson vonnie quinn in new york. We are counting you down to the right here on Bloomberg Markets. Vonnie we are off our lows but we are still down about 5 on the s p 500. While we stamp the losses, it does not look like there much optimism in the market. 147 points