Transcripts For FBC Cavuto Coast To Coast 20240713

After 10 00 this morning. The p has been calling for rate cuts and more of them, the reaction was essentially they didnt do enough. This is the president s tweet, the Federal Reserve shut asking, further ease and come into other countrys competitors. Were not on level playing field. Not fair to the u. S. Finally time for the Federal Reserve to lead, more easing and cutting. After that, jay powell gave his press conference, 11 00 here on the east coast and the chair of the Federal Reserve was asked whether or not there was any political pressure for this move. As he has, time and time again, he said no. Here was powell from earlier today. Well always make our decisions in the interests of the American People to Carry Forward and try to achieve mandates congress has given us and were never going to consider any Political Considerations whatsoever. We will not do that and it is very important that the public understand that. Reporter right now here in washington President Trump is speaking and has been so for about the last halfour or so. He has since commented on the fed rate cut and again, he is imploring the Federal Reserve to continue to act. Listen. The Federal Reserve cut rates today finally, finally, finally. Finally. Do it more. Do it a little bit more. [applause] you want to be competitive with these other countries. Reporter neil, i am told that President Trump had not spoken with jay powell in the last 48 hours. I was, kind of a time frame myself and another reporter put forward here at the white house. Hadnt spoken to powell in the last 48 hours. It is also my belief. I am led to believe that the white house didnt necessarily, not didnt necessarily, did not know about this rate cut move at all. What i cant necessarily nail down at this point is whether or not the president had a heads up and whether or not the treasury secretary, steve mnuchin, had a heads up. As you know was on the call early today with powell at the g7 finance ministers meeting. Our team on capitol hill spoke with the treasury secretary. Fantastic team. I asked them to ask the secretary those very questions, whether or not there was any sort of heads up and whether or not powell told him, mnuchin told sally up on the hill, i speak to chairman powell on a regular basis and i wont comment on our conversations one way or another. In any event, neil, the president here at the white house has been asking for rate cuts. Asking for more. Neil . Neil first time weve seen it between meetings since the financial crisis. So someone knew about it. Thank you my friend, very, very much. Lets go to Kristina Partsinevelos at New York Stock Exchange with the fallout from all of this and i dont think it was what the president thought it would be . No, neil. If look at a minute to minute basis, fed chair jay powell cut rates. Markets soared up about 8 minutes. They started to drop off. The total rally when he cut rates lasted a little over 13 minutes. A lot of traders were saying it was completely unexpected. Theyre still trying to understand the reasoning do it right now in the middle of the day when the algorithms can react as they did, yet we have the bond market telling us a different story, it already priced in these rate cuts. When we look now at the 10year treasury yield, people are moving money into safer bets like treasury. Prices go up, yield goes down. The yield coming closer to the low of 1. 03 . Earlier 20 minutes ago. It was at 1. 2. There is a lot of risk off movement. We have Many Companies, neil, Many Companies warning about the potential impact of coronavirus on their revenue. The latest company is visa. Visa issuing a statement that there is Significant Impact on asiarelated travel. It could reduce the revenue. They also believe there is a sharp slowdown of our crossborder business. Visa joining likes of mastercard and also issued a similar warning. Same then with paypal. And im going to bring it full circle, talk about some retailers, retail gets hit when you have people not going out. Kohls and target both released earnings. Kohls says the Sales Outlook still does not reflect the coronavirus. Target canceled their investor day here in manhattan because of the virus. Back back to you. Neil kristina thank you very much. Some politicians are meeting with the Vice President s task force on the coronavirus. Lets dip in on this if we can. [inaudible]. Sure. Having worked the avian flu crisis from the department of defense perspective back under the w bush administration, some lessons very clear with the whole of government approach as well as very Good Communications with the American People and the american public. The transparency and data is key in the situation. We are still learning a lot about this virus and as that information is learned it needs to be shared with the american public. The Vice President walked through the ways in which he intends to do that. The cdc. Gov is one very good source of information and as well, dr. Birx and the Vice President will do daily briefings that will also provide latebreaking information about this virus but this wholeofgovernment approach where we work hand in hand from the local, state, and federal level is critically important and that is what the Vice President s task force has been put together to try to do. Reporter do you share the administrations concerns or thoughts about the Airline Industry providing data regarding travel information . Is that something you [inaudible] so we didnt discuss that in detail in regards to the meeting with the Vice President but im confident this whole government approach, this whole industry, crossing pharmaceutical, airlines, other industries having the Vice President conducting the task force well unite all the interests and unite all the stakeholders to make sure information is flowing and flowing consistently and information is flowing from the top down and from the bottom up. Reporter would you like the Airline Industry to provide more information about travel data . I defer to the officials as part of the task force what is appropriate sharing of information and data, i can tell you i was very relieved and confident, even more confident now that the measures being deployed across all spectrums will lead to positive out comes. Reporter do you expect to get that through the white house today, this afternoon and where are we . This week i believe. Reporter i thought president would sign it by weeks end. You say you get it to the president by weeks end . Through the house. Just so were clear. Were not putting any deadlines. Were not putting any dates or things of that nature. The fact were here today to send a message as democrats, republicans we stand ready to get the spending bill authorized and approved, signed into law. That is going to happen very quickly in my opinion. Reporter problem solvers dont you think [inaudible] . Well wrap it up. No one accused of us being all wet. Last question. Reporter do you have concerns about las vegas . Yes, absolutely. Reporter what has been the response for tourist cities and depend on income yeah. I will say from nevadas point of view i must, our state officials have taken the lead. I mean we have extensive experience obviously in terms of planning for emergencies. So, they certainly have, i think there is some questions that were putting forth when it comes to the funding bill, making sure emergency declarations are prompting the funding getting to the states most affected. So those are serious concerns were making sure as were crafting the supplemental bill, and were talking to the administration, that theyre understanding tourism, communities are particularly at risk. Also Clear Communication as the coning woman from florida said, making sure were having Clear Communication what constitutes the criteria to implement any forms of restrictions on travel. So those are certainly issues that are being raised and communicated. Reporter what have you asked the administration to do . Do you feel the administration is responding . We asked them to have clear guidelines what it is thats going to prompt a directive that comes out of the administration on asking companies to restrict travel and what are those guide lines, making sure theyre very clear . And also more importantly, making sure were getting the resources for mitigation to the front lines, especially of those most vulnerable communities. So those issues have certainly been communicated with the administration. Thank you, guys. Appreciate it. Neil all right, youve been hearing from the problem solvers caucus, seven republicans, seven democrats. They finished a meeting with Vice President pence. They put out a statement before talking to reporters, they aleast ad greed not publicly disagree, the American People expect us to rise above partisan politics. There is a thought. They requested emergency funding to combat the threat to our country and our families. Theyre all on the same page about getting ahead of the virus as it escalates around the nights. 100 cases reported here, a total of six deaths. To combat this you heard the Federal Reserve has done something it hasnt done for better part of a decade, to cut Interest Rates between meetings something that has not happened since 2008. It brings us to overnight lending rate 1 and 1. 25 . Was meant to boost and calm markets. Had 70 sit effect. Worst levels we downtown 650 points. But sliding that to 195 points. These are fast moving market conditions. This is Alan Knuckman from the cme. Alan, are you surprised at the response of the halfpoint cut given or did it reignite fears that the fed must know something we dont . Not necessarily. You ask who knew. The market knew. There was 100 chance of halfpoint cut according to the market tool coming before that march meeting. We didnt know it would be today but we knew by the march meeting that was going to happen. The markets already priced it in. As we look further out there are more cuts in the pipeline looking at that analysis. There is a half, 50 chance of a quarterpoint cut by april. There is a 25 chance of another quarterpoint cut by july. If you want to get crazy you go all the way to december, there is 5 chance well bring rates all the way down to zero. Neil then what if it doesnt have the desiredded effect . That is the question that traders are asking. Is what impact does that have . I think it is mainly psychological. People that question, i myself, i dont believe there is any independence left in the fed. That is not my business. My business is making money. So i dont care how the markets what is causing markets to move, i want to take advantage of market movement. Does that leave anymore bullets for the fed if there is continued downturn or this escalates . That is the question you have to ask yourself. But more importantly im a price guy. Look the way the market responded yesterday. We stablized on friday. Had mixed markets. We were up yesterday. We can build on it. Halfway point. S p is down about 8 off the highs. It is 8 off the friday lows. Were getting close to the midpoint that could be very important to build on. Neil you know though, if you think about it, alan, cutting rates, if you cut it down to zero doesnt put more cash in the Banking System. If my memories of the financial crisis, it was freeze on available cash. People had to make margin calls, all of sudden to sell their to go stock, no cash to compensate for that and it spiraled out of control. The fed could flood the Banking System with a lot of money, that would be the next step, because that would be the stuff it did to address the financial crisis and act like that would maybe potentially panic the markets, wouldnt it . Look at the hundreds of millions of dollars they have been adding to the repo market every day to stablize. That is another level of stimulus. Neil what if that is not working . In other words, if that stimulus provide more cash, providing repo market isnt doing the trick . That is why i dont work for the fed. I wouldnt put myself in this position where youre limited in this options. What i will say is, what this has done it is continuing to lower rates. That makes stocks that much more attractive. Rates are 1 , going lower. Look at yield in 10year note, it is down to 1 the stock market yield, the s p 500 yield is greater than that. Pe ratios come down on stocks. Stocks are cheap in relative terms. Will get better return than in treasurys. It is back to the choice. There is not. Of a choice if rates continue to go down. That makes stocks look much better. Money flow. It has to go elsewhere. Stock market will be the place. Neil always good talking to you. As alan indicated here, that is the thought. People look at paltry yields on 10year note, slipping down 1 level. Lowest it ever has been. I can do better on higher yielding stock. Virtually all the ones providing dividends are offering higher yield than 1 getting on 10year note in the market t has been waiting for gadot to happen. A lot of it, actually in yesterdays run up. Were not seeing the degree a lot of folks hoped with the halfpoint cut. Charlie gasparino is here to digest all of that. Couple next of our reporting, putting it in context. On thursday, first report the market was basically talking about an emergency rate cut. It would come very soon. So anybody neil wouldnt wait until midmarch . It is funny. Only on New York Stock Exchange were traders might be surprised at this thing because your last guest said it right. Most sophisticated traders new powell was doing something. Neil did they expect it today . Today or yesterday. It was coming. Neil what about the response it got . Now that is interesting, heres the other then people knew. After the market declined 1000 points, 1090 Something Like that on friday i did reporting, i on saturday i put it out there, there were tons of buying. There would be a snapback. We knew there would be a snapback, and maybe the snapback was related to the fact that the market was finally in the fed rate cut. Now the fed rate cut comes, most people like, hohum not that big of a deal and heres the problem that i think, you know, have with the coronavirus and gameplanning it as an investment, we dont know whether impact on gdp will be a lot, middling, hard to figure out how it affects gdp globally and how the gdp impact will affect corporate earnings. I took a little gruff, for saying this on fox news with hemmer on friday, now is not a bad time not to be gambling. Now is not a bad time to get into i dont give financial advice. Im using common sense. If the future is uncertain, if you dont know where corporate earnings are going to be, i tell you i read every wall street report, no one knows how this thing will impact corporate earnings, you run the market up from wherever it was trump first got into office, 16,000, now is a, not a bad time go 30 into cash. Logically, take money off the table, put in muni bond. I dont think armageddon will happen. This country, we got through world war ii, we got through the financial crisis. This country will figure out how to get through the coronavirus. Is it anything like the bubonic plague . Most estimates are not even close to it. If you start looking at those scenarios the impact on gdp cannot be worstcase scenario, figured out. That said, there will be some impact. If you dont know, you know, cash is kind of a nice place or muni bond. Neil so if youre looking at a china, number ever brokers have, jpmorgan, also said expect growth in First Quarter all said and done, 6 , if you believe those numbers. If they have that tumble in gdp . Were already seeing it here. Neil absolutely. We my not fold to the same degree, if we fold a contraction of that, it might put us look this way, companies you put your money in and investing are global companies. They will be impacted by this virus across the globe including china. Neil sure. There will be some negative impact. I dont know if will be a little or a lot. It may be a big nothing. Neil some people use the hurricane model. You know it robs Economic Impact in the current quarter. Then snaps back. Neil then snaps back, this would be the same . Yeah, that could really happen. By the way neil we dont know when that will be. That is the problem. The other thing we dont know, President Trump engaged in a trade war with china. There are tariffs still in place even though they have phase one whatever of the trade deal, that is going to drag, i dont know how much, i dont know if it is measurable, gdp without the tariffs would be higher than where it is today. That will have some drag. Neil this whole coronavirus issue is going to affect chinas ability to make good on promises. It will impact us. Im just saying, listen, you know, follow us for the daily moves. We, we move pretty much reported out that the fed was going to rate cut. We reported out there would be a snapback, okay . Those are short term sort ever occurrence that impact the market short term. Youre an average investor. Think longer. Okay . Where is going to be gdp in the next quarter and thus corporate earnings . How will that impact your portfolio . The wise and prudent thing is not to sell everything, oh, freak out. The wise and prudent thing, if you benefited from this trump run up, now with this thing happening it aint a bad time to take some money off the table. Neil look at your perspective, when you say the dow 16,000 when the president came into office. Right. Neil you were to say all right, by the time we run at reelection, 26,000, sign me up. But again we were just touching 30,000 or close to it. Yeah. Neil perspective and timing is everything. Here is the other thing i wonder, based on, forget about it, take coronavirus out of it, if you or i saying dow on the verge of 30,000, did corporate earnings and economy merit it going much above 30,000 . I kind of dont think so. I think neil you hear from people who analyze this, that the models show a much more affordable market but they dont show a cheap market, even at these levels. It is a very expensive market. Tesla, look at some highflyers in the markets like tesla, all these companies that are you know, their stock growth is you know, so out of whack with their earnings potential, earning growth, potential could be astronomical. Potential Earnings Growth and potentially near term, you have to wonder why they are what they are. You know, listen, im just saying, if youre the average guy not a time to freak out. This could be a big nothing. It could be a modest thing but it aint bad to take some cash. Right . Neil we shall see. And sleep at night. Neil thank you very, very much. Worry when Bernie Sanders becomes president. Then you start selling. Neil then you never know. By the way were seeing target reporting, aggresive shopping in response to the coronavirus. A lot more people buying things like powdered milk, face masks and canned goods. That is playing out across the Retail Industry here. People maybe getting ahead psychological on their skis. Charlie saying they get anxious and start panicking. The Federal Reserve was partially making a big cut it did to address that. So far it has failed. Well have more after this. So to breathe better i started oncedaily anoro. Go your own way copd tries to say go this way i say ill go my own way with anoro. Go your own way oncedaily anoro contains two medicines called bronchodilators that Work Together to significantly improve lung function all day and all night. Do not use anoro if you have asthma. Anoro wont replace rescue inhalers for sudden symptoms and should not be used more than once a day. Tell your doctor if you a heart condition, high blood pressure, glaucoma, prostate, bladder or urinary problems. These may worsen with anoro. Call your doctor if you have worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain while taking anoro. The most common side effects are sore throat, diarrhea and pain in the arms and legs. Ask your doctor about oncedaily anoro to start treating your copd. Go your own way save at anoro. Com its surprising how the bigger a city gets. The smaller it starts to feel. Which makes it even more surprising, how big it feels in here. With sliding rear seats. And more available second row legroom than say. A chevy suburban. This is the completely reimagined 2020 ford escape. Neil super tuesday. A lot of delegates at stake, 1357 of them. A third of the amount you need to get the democratic nomination to become president. A lot of people Pay Attention what is happening in california and certainly texas but the third biggest prize of the night will be North Carolina and their endorsements could matter. Ellison barber outside after polling station in raleigh, North Carolina, with the latest there. Ellison . Reporter hey, neil. North carolina has 110 delegates up for grabs as you said. It is the Third Largest super tuesday haul. Voters are at polling stations like this one casting their ballots, about 8 , a little over half a million voters cast their ballots early. North carolina had early voting here until saturday. Poll after poll shows the race threeway race. A candidate has to have 15 to be awarded any delegates. Only three candidates are at or above that threshold in the state of North Carolina, biden, sanders, bloomberg. Biden and sanders are essentially tied for first place. This is the chair ever the north carl line democratic party. [no audio] reporter all right, looks like we dont have that. He feels like, obviously on paper there are three candidates sort of leading in this state but that he feels like voter enthusiasm is high. This is a state where unaffiliated voters can participate in the democratic party. The chair of the North Carolina party said that they had seen a lot of unaffiliated voters voting in the democratic primary early. By our count, in terms of who has visited this state, sanders spent a total of six days campaigning here, bloomberg, four days, biden, three day hes, Elizabeth Warren, one. Both biden and bloomberg were in North Carolina this weekend. Bloomberg spent a whole lot of money trying to make waves and make ground in this state. He is endorsed by the mayor of raleigh and where we are now and North Carolina. Joe biden wants to do well here. With the support we saw him get from the Africanamerican Community in South Carolina perhaps he is in good position to do well here as well. His campaign is hoping, and he told voters that he believes North Carolina is the next step for his campaign to have the comeback people talked about from South Carolina. Neil . Neil ellison barber. Move to massachusetts, that is very important state. 91 delegates state. She is the favorite daughter as massachusetts senator. Endorsed by no less, michael dukakis, former governor and 1988 president ial nominee. By the way is endorsing Elizabeth Warren. Get his read on that state. You know, do you think she stays in the race, governor, win or lose in massachusetts . Well, it is a decision only she can make, neil and nobody can make it for you. Shes, im a fan of a friend, deeply involved in her campaigns and like her a lot but running for the presidency is, as we all know the toughest thing you have ever have to do in politics. After super tuesday, she and just going to have to think seriously about what she wants to do and how she wants to do it. Only she can do that. Neil i hear you. A lot of moderates, you heard this, they want her to stay in the race because she would divide presumably the more progressive vote with Bernie Sanders and deny him the nomination. Especially if everyone of the groups support joe biden. What do you think of that math . I dont think she will consider that. That is not elizabeth. She will make judgment how she feels about her prospects Going Forward but i dont think she will be calculating that kind of question and, she is going to do, she is going to do what she thinks right under the circumstance. Neil you obviously went for senator warren, governor, lets say joe biden. Why, what do you think of joe biden right now and those who are now coalescing around him at least as an alternative to Bernie Sanders . Well, im seeing a very different joe biden, neil in the last four or five days. And he is the joe biden i come to know and respect and like. I dont know what it is about South Carolina or what happened there. He is mower relaxed. He is more funnier and more confident. Obviously what happened yesterday and those endorsements are very important to him. I think we have a new joe biden but this is going to be a race and it is going to be a contest and that is what it is supposed to be. Neil many in your party are afraid if it goes too extreme you will not win. Much the same sentiment built around nominating you, a lot of your competition, it was a very busy and crowded field of candidates. You survived that because thinking among those in the party you were a levelheaded guy, you would bring the party back to a more moderate course and that would be the ticket. Now im just wondering if the same thing is playing out here in the quest for anyone but Bernie Sanders . Well, i dont know that it is anyone but Bernie Sanders. I think all of us have a lot of for him, like him. Admire the kind of grit he has on the campaign he put together. But as you know, the overriding question for all democrats, including the guy youre talking to, is can we get this guy out of the white house . And thats the question weve all got to think about as we make our choices here. Neil is that your way of saying, governor, if Bernie Sanders is nominee, that is less likely . No, im not sure frankly. He has done a pretty remarkable job here. I just think that is the question looming in the minds of vast majority of democrats as they go to the polls, vote during the primary contests and who they want as nominee. You can understand why. It is not just who do you like the most or, do you, agree with everything he is for or not. This one has a lot to do with whether or not we can get trump out of the white house, frankly. And that is the overriding challenge for most of us. Neil governor, i dont remember whether you got to the convention, you certainly had the most delegates at the time. I dont know, or recall if you had an out right majority. Bernie sanders folks are saying he will certainly have plurality, if not the most delegates and on that basis alone he should be the nominee. Joe biden, shot back, no, no, 1991 or you dont have it. What do you say . Well, in this case i agree with biden. I had, i pretty well clinched that race in new york in the middle of april, neil, and had a majority, substantial majority going in. That was not an issue with me but look, youre inn a convention process. It is not just a plurality. I dont say this negatively, once youre in the contest seems to me you have to accept the rules. If we do go to the convention without a clear majority, then, that is what a convention is supposed to do. This is not a plurality race. This is a race to nominate the person who can most effectively take donald trump out of the white house, and that is the overriding question were all facing here. Neil maybe in the case of your election, maybe being an outlyer here, you had the majority going in. I didnt recall that. Thanks for refreshing me. In a lot of cases even with barack obama, it was not out right majority. With bill clinton, not an outright majority, such overwhelming lead at the time, were going back to 1988, it was a foregone conclusion. The reason i keep raising that, governor, there is fear, anxiety, some democrats Bernie Sanders fails to get the nomination on especially the first ballot and superdelegates take over, he fails to get the nomination period, his people will stomp off or not vote or sit out the election what do you think of that . Well thats a huge responsibility for bernie. I have a lot of respect for him. I like him and he has said repeatedly if he doesnt win the convention he will be out there working for the nominee. I trust him. I take him seriously when he says this. No matter who it is. And if he doesnt win the convention, i think he will be out there working hard for the nominee. Neil all right. Well see what happens. Governor, always good catching up. Thank you for taking the time. Good to be with you. Thanks neil. Neil governor michael dukakis, 1988 president ial nominee. We have special prime time coverage of super tuesday tonight. Well go as long as it takes. California will be the latest results. No guaranties well have those results and 400 plus delegates at stake by the end of the night. Well follow it closely, 1357 delegates at stake. This could go a long way deciding at least who has the momentum going to the next round of very big primary as week from now. Where we have better than 500 delegates at stake. It starts building fast. Federal reserve going ahead, cutting Interest Rates a full halfpoint over coronavirus fears. So far has not done the trick for the markets. Dow down 429 points. Could have something to do with the coronavirus itself, concern it is mushrooming. Told to stay at home on twitter. Hollywood executives, reconsidering red carpet premiers. Tmobile restricting high fives and handshakes. We have mark malone and kadena Group President , gary b. Smith, whether all of this is getting in the way of whatever the fed hoped to calm down. What do you think, gary b. . I think it is, neil. I was not, i was surprised that the fed cut so dramatically and so quickly. Im not quite sure what theyre inoculating against because if there is a slowdown due to the virus it, wasnt just the twitter working at home, they have just canceled conventions. All the restaurant retail, the hotel revenue, would be gone. A rate cut is not going to solve that. It is not going to get people to say oh, okay, now i can go out and sheikh hands. This is troublesome shake hands. This is trouble some and im wondering if the fed knows more than theyre letting on . Neil that was the first concern i had, mark, when i saw the reaction because normally when the Federal Reserve cuts Interest Rates, the normal communed reaction is relief. They cut a half a point, they did it between meetings, they did it much earlier than we thought they would do, but surely must be something they see that we dont. What do you think of that . They may be looking at the sharp slowdown and reacting the same way they did in 2008. In 2008 those tools worked because we had a financial crisis so there was a financial remedy, increased liquidity, lower Interest Rates and accommodative fed. This has almost very little to do with a liquidity crisis right now. It is a crisis of confidence and fear. The trickle effect is going to be pervasive throughout the economy. We heard a minute ago, some of those other areas. It will hit the robust labor market when we see slower traffic in restaurants and malls and airlines and hotels. There will be layoffs. It will suppress Economic Activity but these Interest Rates will not help the stem the reason for that economic slowdown. Thats whats different this time. Neil all right, gentlemen, i want to thank you both very much. I apologize the truncated nature of this. Were following all the breaking news developments and. And airlines are suspending flights in some highrisk areas. The state department is increasing travel warnings across the globe, even restricting outright flights. We have a doctor xi on how these people are coping. Welcome to you. Do you think, doctor, you think Airlines Getting ahead of this, stopping travel all together, urging people to be cautious, all justifiable, but it is scaring folks and theyre not willing to fly at all. Well i think its a panic when a crisis as severe as this hits. Obviously people are very concerned, hyper concerned shall i say. Maybe there is a little bit of panic but thats natural and thats expected. Neil is this reaction though where you have airlines, particularly today, which, doctor, shouldnt be a shock, grinding to a halt . There was one statistic i believe that traffic at parts in china is down 80 since the beginning of the year. That is a big number . It is a huge number. To think about a big country like china which relies upon air transportation, moving people to get back and forth only second to railway. It is a big huge number but it will come back and this will come to pass as the past crises weve had, 9 11, sars, financial meltdown and whatnot. So were reasonably cautiously optimistic. Neil hope youre right, sir. Thank you very, very much. Youre welcome. Happy to be on. Neil meantime, Grady Trimble in nashville where a deadly tornado ripped through the area, on same day the state of tennessee has a big primary as well. Grady . Reporter hey, neil, dozens of businesses in this area destroyed. Well have more on the damage and the president s visit coming up. Can we go get some ice cream . Alright, we gotta stop here first. From smarter atms, to after hours video tellers comcast business is connecting thousands of banks to technology that turns everyday transactions into extraordinary experiences. Hi there. How are you . Do you have any lollipops in there . laughing no, sorry. Were helping all kinds of businesses go beyond customer expectations. How can we help you . If you have postmenopausal osteoporosis and a high risk for fracture, now might not be the best time to ask yourself, are my bones strong . life is full of make or break moments. Thats why its so important to help reduce your risk of fracture with prolia®. Only prolia® is proven to help strengthen and protect bones from fracture with 1 shot every 6 months. Do not take prolia® if you have low blood calcium, are pregnant, are allergic to it, or take xgeva. Serious allergic reactions like low blood pressure, trouble breathing, throat tightness, face, lip or tongue swelling, rash, itching or hives have happened. Tell your doctor about dental problems, as severe jaw bone problems may happen. Or new or unusual pain in your hip, groin or thigh, as unusual thigh bone fractures have occurred. Speak to your doctor before stopping, skipping or delaying prolia®, as spine and other bone fractures have occurred. Prolia® can cause serious side effects, like low blood calcium, serious infections, which could need hospitalization, skin problems, and severe bone, joint, or muscle pain. Are you ready . Ask your doctor how prolia® can help strengthen your bones. Neil at least two tornadoes tearing through central tennessee killing up to 19 people. Grady trimble is in nashville with more on that. Keep in mind, it is primary day in tennessee as well. Hey, grady. Reporter hey, neil. The tornado came through the middle of the night. People woke up to see damage like this. Believe it or not a lot of this area has been cleared out. The debris was all over the roadways here until the last few hours when crews were finally able to assess the damage, make their way over here. That was a dollar store on the corner there. A popular burger restaurant to the right here. And other Popular Ice Cream shops and juice bars completely destroyed when this tornado moved through in the early hours last night. You can just see the debris scattered all over the place. It has taken out power lines across the city. There are still thousands of people without power. The president has offered his assistance to nashville as well as people across tennessee. He says he plans to visit later this week. I want to send my warm wishes to the great people of tennessee, in the wake of the horrible, very vicious tornado that killed at least 19 people and injured many more. Were working with the leaders in tennessee, including their great governor bill lee to make sure everything is done properly. Fema is already on the ground and i will be going there on friday. Our hearts are full of sorrow for the lives that were lost. Reporter you mentioned tennessee, a super tuesday state. There were some polling places as far as we can tell that were damaged. So people had to find new places to vote because of that. No word yet how that might affect voter turnout but you see the devastation here immense. People are just looking, and in disbelief how bad it is. Not something very common here, neil. Neil no, looks like a third world country. Thank you very much. President is expected to attend a Coronavirus Briefing today. Six deaths reported in washington state. The question becomes are we on top of this, are we doing enough . Johns Hopkins Health policy director, dr. Marty makary. How are we doing so far combating this. Were doing a pretty good job starting to respond, but people have to remember confirmed cases is not number of cases. The confirmed cases is we went through the bigrig ma role to get them tested. There are 134 to 16 cases in washington state, the real number is 1500 according to the whisper among public authorities. Were testing very few people. We dont want to create hysteria but we want people to be prepared. There is estimate from harvard, 40 to 70 of the u. S. Population could be affected by this virus. Time for people to get prepared. While we work on a vaccine, that will take a year. We work on a medication. That might take shorter like a few months, if all goes well. We have to remember that we already have an effective cure for coronavirus and preventing it and that is washing your hands, avoid getting it, taking the appropriate alcoholbased low shuns. Dlotions dont touch your mouth and eyes. Avoid direct contact. There is loot we can do, it is important to prepare for the worse even though i personally think were probably headed towards a moderate pandemic. We have to prepare for a serious pandemic. Neil the cdc, to your point, doctor, it qualifies as a pandemic, just a matter of time if it already the case right now. What is the distinction here . Americans hear, all right it is a pandemic. What would be different about that very just what were already being told now . I think it is useful to look historically. 100 years ago there was the spanish flu, and it had a profile very similar. That flu killed 30 million people. The case fatality rate, chances of dying once you had it was about 2 this one is about 2 . We think it is 2. 4 . Could be a little higher. It had the same level of contagiousness. So people need to look historically. These pandemics tend to be three months for a major wave and, you could argue were at greater risk today because of airplanes and multiple places where people congregate. Weve got the benefit of telemedicine. We have got the benefit of working from home and the web and many ways many ways people can work remotely. These are ways we can prepare. For myself personally i have prepared for the worst. For three months we could see real nightmare here in the United States, many businesses slowing down, and we have got to prepare for these kind of scenarios. Neil yeah. Just telegraph that to people. Doctor, thank you very much. Great to be with you. Neil that could explain to the doctors point, even halfpoint cut in Interest Rates today did little to ease the concerns about the coronavirus and whether it turns into a pandemic or not. Edward lawrence, following the political fall wrought of all this at a site in burlington, vermont, one of 14 states having primaries on this super tuesday. Sir . Reporter hey, neil. Lets start with the Federal Reserve here. The message that this send to investors and consumers is the important part. The fed is now showing they will do what is necessary to insulate the economy from this outside shock. The spread of the coronavirus has brought new challenges and risks. The virus has afflicted many communities around the world and our thoughts and prayers go out to those who have been harmed. The outbreak has also disrupted Economic Activity in many countries and has prompted significant movements in financial markets. Reporter fomc members are looking forward to if the coronavirus get as foothold in the u. S. , keeping Interest Rates lower will have the effect of boosting spending this could be excuse getting inflation back to the 2 target. That is something the fed could not do in 2019. Well probably hear a lot about this from candidates being president on democratic side. Im at a polling spot in burlington, vermont. People across the nation say Bernie Sanders has a widespread appeal because he relate. He is can can can tanker oust old man. He seems like, you call that charisma, call it charisma. Reporter tom proctor will not vote this time around. He is not yet a u. S. Citizen. Bernies message inspired him to go out to campaign for him. Other sanders supports saying super tuesday will solidify Bernie Sanderss lead, ride a wave to the nomination. Those supporters did warn the democratic party, the number of votes and number of delegates should be the one who decides the nominee. Alluding to the fact there may be a problem if they have a repeat of 2016 with the superdelegates. Back to you, neil. Neil edward lawrence, thank you very much. Mike bloomberg agrees with Donald Trumps policy. Not the way he is handling them. Take a look. There is no question in my mind that china steals intellectual property, has unfair trade practices although i dont know why we dont insist on the same thing, you do this, well do it as well. Beginning of your answer, almost sounded like you agreed with President Trump pressuring them and in terms of getting a new trade deal . A lot of my criticisms of donald trump are not his policies. Its the way he is doing it. Neil not his policies, the way he is doing it. Republican fundraiser dan palmer on that. Dan what did you think . Sounds like Mike Bloomberg is not running for president anymore. Maybe running for chief of staff. He could manageprocess better. He misunderstands the nature of the job. It is not a management job i it is a leadership john. Best he can offer personality contest i dont like his odds. Neil what do you think he does after today . Is it a concern to you, he stays in the race . I always get the feeling and given the jabs president always has ad the ready against him, that bloomberg worries him. What do you think. I think best outcome of election, bloomberg stays above 15 , earns some delegate. Biden will claim victory tonight no matter what. Bernie will come out with a lead. Three major major candidates splitting votes to milwaukee with would be my lever to santa if i was donald trump. Neil let me ask you about the virus situation. It is an outside event over which the president had no control. He has to deal with it right now. You have seen the crazy markets. You have seen us dip in and out of this talk. Well have a lowdown, maybe recession, if the economy contracts a little while. Might be shortlived, even a halfpoint cut in Interest Rates not enough to dissuade at least for today, investors of those concerns. Does it worry you . I think the corona cut was already baked in 50 basis points. Everyone expected that. The volatility in the market is not strictly coronavirus. Watch the s p. It sort ever plateaued around the time that bernie won new hampshire. It was wait and see. When he had going away victory in nevada it just fell off the cliff. The amplitude of the drop was twice world market drops. The Banking Sector got hit that. Is not coronavirus. Thats fear of bernie. When biden came back with outsized unexpectedly large victory in South Carolina, the next trading day the market regained a lot of its loss. The market thought well, maybe bierne any of can be stopped. If he comes with a big win today, i look for a lot of volatility in markets later this week. If he becomes the nominee i think were in for major repricing in certainly in Financial Sector and other sectors which he made a point he is going after. Politics is having a Large Bearing on market volatility. Neil you may be right. The reason i mentioned it, dan, sanders has always been the frontrunner, near front runter status almost from the beginning of this race. I think people collectively poopooed his chances. Now with the coronavirus. Now with the talk of slowdown at the very least, Federal Reserve swooping in with emergency rate relief to try to cushion the blow, there are concerns that if this environment lingers too long, the president s reelection prospects are in danger. What do you think . I think the president wants both feet on the gas and is pushing for more rate cuts. The democratic establishment is saying hey, we need to clear the field. What you saw since South Carolina was the revolt of the democratic donor class. Ive been in the business of building these finance teams and operating them and i can tell you we would be in contact with our counterparts in the other campaigns trying to persuade those finance teams to cut off the spigot and come own board. The biden people created an onramp. That is why you see the sudden surge in biden fundraising last five or six days. He better deliver result this is week or otherwise there wont be a lot more money. Neil dan palmer, thank you very much. Dow at down 430 points and roared low Interest Rates. More after this. Did you know that americans that bought gold in 2005 quadrupled their money by 2012, and even now, many experts predict the next gold rush is just beginning . So dont wait another day. Physical coins are easy to buy and sell, and one of the best ways to protect your life savings from the next financial meltdown. [announcer] today, the u. S. Money reserve is releasing official Gold American eagle coins at cost, for the incredible price of only 159 each. These Gold American eagles are official gold coins of the United States and are being sold for only 159 each. Pick up the phone and call americas gold authority, u. S. Money reserve. With nearly two decades in business, over a billion dollars in transactions, and more than a half a million clients worldwide, u. S. Money reserve is one of the most dependable gold distributors in america. [announcer] today, the u. S. Money reserve is releasing official Gold American eagle coins at cost for the incredible price of only 159 each. These government issued gold coins are official u. S. Legal tender, made from solid gold, mined here in america, and fully backed by the United States government for their gold weight, purity, and content. Do not delay, call now to purchase your Gold American eagles for the amazing price of only 159 each. Gold is now on sale at prices unseen in years, and this year could be one of the greatest gold buying opportunities of all time. Call now while vault inventory remains, and as one of the largest u. S. Gold coin distributors in the country, u. S. Money reserve has proudly served hundreds of thousands of clients worldwide. Dont wait another minute. Call now to purchase 1 10th ounce Gold American eagles for the amazing prices of only 159 each. Neil all right. Well if you were expecting the stocks to respond favorably to an unexpected halfpoint cut in Interest Rates, well that was telegraphed a big cut it, wasnt telegraphed to happen today you would be a little bit surprised to see that actually it is just the opposite. With the dow down 444 points. As i stress on this show we sometimes make a big deal of a snapshot in the moment and try to extrapolate it is only the moment, one snapshot and its done but for the timebeing it is not getting the response probably the president hoped when he was jawboning for this from the Federal Reserve. He was urging action on the part of the Federal Reserve to keep cutting and do whatever else it can to provide liquidity and support to the Economic System as he said other world Central Banks are. Kristina partsinevelos following all of this at the New York Stock Exchange. Kristina. Neil, our screen said whipsaw, i think that is correct. 990 point swing. A lot of volatility on the market. Traders are vocal asking why did the fed do this at 10 00 a. M. Eastern time . Jay powell of Federal Reserve was asked exactly that question about timing. This is what he had to say. What changed . We have been carefully monitoring the situation since it first became known and waiting to see how it would evolve. I think weve come to the view now it is time for to us act in support ever the economy. But you dont see things showing up in actual data. You see them showing up in sentiment forecast indicators and things like that. We expect that will continue t will probably grow. Kristina neil we see the comments. It is bandaid on a leaky pipe. Another saying it is Monetary Policy but it will not stop people from getting sick. Other are wading in on the media, were fearmongering causing people to stand in line at costco to stockpile on toilet paper and canned beans. That theyre sending a message of panic, why the volatility continues even though we dont have a global guide line when it comes to the coronavirus. Companies are taking it amongst themselves. Youre seeing more and more issues and statement warnings. You have the latest today, the fact that target they canceled their investor day in manhattan today. Their earnings came out. That caused movement to the downside for the company, down 3 . Visa also talking about the impact. They issued a statement in the past 24 hours that the Significant Impacts on asiarelated travel and it caused a sharp slow down of our crossborder business. You have visa following likes of. It requires people to climb through the looking glass. I suspect there is going to be a great deal of resistance to that. Will we get there in the extreme . I dont know. But, i think were still aways away. In my judgment. Neil are you surprised, joseph, that people between lower Interest Rates and getting down in 1 on 10year note which translates ideally into two something mortgages, you have got collapse in gasoline prices which translates already in a lot of areas, low 2dollar gas. Thatthat is a good backstop fore consumer, whether he or she is invested or not, yet it is not providing the underpinning that you would think would lift people, i believe, are really uncertain, as are the experts. We just do not know an awful lot about this virus. We do not know how far it has extended itself to this point. How many people have been exposed. The start of the community transmission. The evidence that that happened. Probably make some people quite concerned. Generally, if consumers dont spend money on one thing, they will spend it on the other. Some of the things we are talking about are pretty big, like travel. There is a hit on the economy. As far as the stock market is concerned, what is happening with those supply chains. That is another big question the muck and how long it can drag on. Joseph, thank you very much. We do appreciate it, sir. In the meantime, we have this conundrum where the Federal Reserve constitutes half a point telegraphed or not. Surprised that it was going on today. Almost the exact same moment we had the cdc saying it was just a matter of time before it was a pandemic, that is a coronavirus. Maybe we do not have this under control. This push and pull on stocks really goes back to the virus itself. Former jpmorgan chief economist. Daniel, smartypants lawyer. Cofounder. This notion that, you know, the president is pushing for more. I bet you he is not, he is not expecting, and he is not happy with what has happened. I would expect not. Trump would love to go there. He would love to do whatever is necessary to get this economy, you know, provide that backstop. It is not happening just yet. I think the fear is still out there. The volatility, is just remarkable. You know, i also look at it, danielle, the democratic candidate have avoided ripping criticism here. Obviously, it can look really risky to take a position like that. But, if this is spreading, all bets are off. No, it is. It has a long incubation period. It is not like an ebola illness where people have symptoms very, very clearly. You know, a couple of ways i think. What if this goes through and there are impacts on rallies, polling stations, other things. If this response is disastrous, we are wanting to blame mike pence. He is in charge. Right . Neil black helicopter strategy would go Something Like this. [laughter] can you believe that . I believe it is entirely possible. A president that has not subscribed to norms and traditions. To the possibility that he may change. Neil what is the behavior here . Nodded off. Looking at this Economic Impact. There cannot help to be a big one. A number of firms, including your old one saying growth in china will go from 6 , if you buy that number, down to 1 . Maybe less. China already looking at the weakest manufacturing numbers it has ever had. That has to have a spillover effect. Whether this is solved or not. That will continue. Right . There is no doubt. I am always so shocked when people say we dont know much about this virus. We know more than we think. Not positive for economic growth. Not positive for these Global Supply chains. Not positive for the level of certainty. That is why the vicks index is all over the place. Neil that will hit a high. We know that Central Banks will act. They were shocked that the Federal Reserve did this today. I am not shocked. I am just shocked that it took so long. This has been an evolving process and i think everyone would agree it did pull the shock to economic growth. Neil cutting rates makes any difference . I think it certainly does stabilize the potential negative flow out in the economy. I think you heard the News Conference today from chair powell, we need all hands on deck. We need these healthcare professionals. We certainly need fiscal policy. We need a lot of things. Monetary policy a small part of the equation, that does not mean you stand completely idle. When you have a fire in your kitchen, you call the fire department. You first start to use your little fire extinguisher even though that may not completely stop the fire. Neil i get it. This reminds me a lot of the financial meltdown where everyone just desperately relied on the feds. Do something, because we cant. I am wondering if you will, Federal Reserve, cut Interest Rates, by a lot of treasury notes and bonds because we are incapable of doing that. Part of that, it is the climate of fear that is out there among the public. People are worried. There is concern. We are still in this fog of war with this virus. Trying to understand how far it has spread and what the ultimate ramifications will be. That is not controllable by the fed or quite frankly anyone else. They can do their best to reassure the public that its not a crisis, but on the other hand, we have to prepare for the worse and hope for the best. Neil a lot of people saying after super tuesday we will have a much clearer picture of the democratic race. Many in your party thinking about the coronavirus, people would put greater stocking anyone but Bernie Sanders. Do you agree with that . Bright hopeful candidates and klobuchar and buttigieg come away and suspend campaigns prior to super tuesday to put their weight behind the leading moderate, not Bernie Sanders, joe biden. We will see this split. There is an internal war going on. It may go all the way to conviction. That is what Elizabeth Warren is counting on and certainly bloomberg. Neil a lot of people saying it would divide bernies boat. The comment that she has made, even as late as this morning, she has been attacking joe biden. She is fighting for the same boat as Bernie Sanders. It is really interesting. Massachusetts will be interesting. Sanders is in the lead in polls. She cannot win her own state. That is a problem for her. Neil has the coronavirus and the way it is affecting the global economy, maybe the american economy, giving democrats a new strategy to say, yeah, we could pull this off. We could win this one. You know what i would be more credible than a global pandemic, everyone got behind one candidate. Probably joe biden. Neil what if it was Bernie Sanders . I dont see that happening. Neil we could all rally around him, but he would lose. They are so divided. You can see why klobuchar and buttigieg standing behind joe biden. Moderate wing and the party. Taking it at the convention. One of the problems the democrats have is each has unique vulnerabilities. Bernie has vulnerability with africanamerican voters. Bidens weaknesses with young voters. He does terrible with young voters. That is actually more of a divide than even the race. You look at South Carolina, joe biden wiped bernie out with older black voters, younger black voters 30 or yes, bernie tied him or was ahead. I did not realize that. Joe biden the nominee, the youth vote will be a big problem for democrats. To get them energized and excited to turn out. Neil super tuesday voting is underway. You keep hearing this. Journalist abundance will love it. It means you have a broken convection or someone fails to win on the first ballot. Why the math, as much to be seen the race tighten up with fewer candidates still makes out more likely than you think. After this. Ive always been fascinated by whats next. And still going for my best, even though i live with a higher risk of stroke due to afib not caused by a heart valve problem. So if theres a better treatment than warfarin. I want that too. Eliquis. Eliquis is proven to reduce stroke risk better than warfarin. Plus has significantly less major bleeding than warfarin. Eliquis is fdaapproved and has both. Whats next . Reeling in a nice one. Dont stop taking eliquis unless your doctor tells you to, as stopping increases your risk of having a stroke. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. While taking eliquis, you may bruise more easily and it may take longer than usual for any bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Eliquis, the number one cardiologistprescribed blood thinner. Ask your doctor if eliquis is whats next for you. How you watch it does too. Tv just keeps getting better. This is xfinity x1. Featuring the Emmy Awardwinning voice remote. Streaming Services Without changing passwords and input. Live sports with realtime stats and scores. Access to the most 4k content. And your movies and shows to go. The best tv experience is the best tv value. Xfinity x1. Simple. Easy. Awesome. Xfinity. The future of awesome. And now for their service to the community, we present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Neil all right. They call it super tuesday for a reason. Fourteen states, 1370 delegates pulling a third of all delegates up for grabs. Almost 4000 of them that will be decided in milwaukee when democrats gather for their convention. The consensus seems to be that it is either about slowing down Bernie Sanders here or handing him the nomination after he stacks up big wins here. We will see. Meanwhile, joe biden picking up a lot of key endorsements. They are rallying around him like nobodys business. Connell mcshane has been with voters in North Carolina right now. Crucial state. Among the bigger halls tonight. Third Largest Group of delegate reps today after california and texas. Connell in charlotte, North Carolina. Hey, connell. Hey there, neal. That is exactly what voters here in North Carolina are thinking about. The Strong Performance from the former Vice President in South Carolina on friday. Cannot help them in states like this . Slow down Bernie Sanders. Mike bloomberg being on the ballot for the first time, instead of a wildcard. I will say the weather at least in the charlotte area could be a wildcard as well. Its been raining here throughout the day. We will watch turnout at this particular Community Center where we are. Though flow has been rather steady since we have been here. We caught up with a few of the voters on their way out braving the elements. You can take a listen to that. I voted for joe biden. He stands for what i believe in. Healthcare. Education. All the things i believe in. And he is a man of character. I believe he will bring this country back together. I voted for Bernie Sanders. He is an advocate for our community. I support that and support anyone who is an advocate for my community, the black community. I know that its very important for us to come out and vote. Now, i would keep in mind what is important, here in North Carolina, nearly 800,000 people voted before today. They voted early. Far more than did so four years ago. Talking about it a couple minutes ago. A high number of early voters. Those are the big three we will watch very closely into our coverage tonight to see how it breaks down on the delegate matt. 415 delegates in california. 110 in North Carolina where we are. 55 at stake on super tuesday. A third of what the overall delegates will be awarded tonight around the country. A couple things. They are awarded proportionally. Lets see who gets above 15 . Eligible to get delegates. That will go a long way and telling us whether we have any clarity going into tomorrow morning. Still a lot of moving parts. A fastmoving race. The voters vote today are important. Many people voted before they knew about the biden success in South Carolina. Early voters may tell a big part of the story as well. Neil thank you. By the way, we have reports of 40 early voting in california. A lot of that before the South Carolina primary where joe biden scored that gwen and in texas closer to 45 . A breakdown of how soon that was on South Carolina. Lets assume most of it was. Those voters robbed of the chance. Hoping for a bit of a comeback. There is a race coming on for the republican nomination. You may not know it. Talking about republican president ial candidate bill well challenging the president and all the 14 primary states up for grabs today. Good to have you. Great to be with you. Thank you. Neil i was looking at the breakdown of the states where you are getting a lot of attention. North carolina a big rally. Vermont the republican governor is endorsing you. Without being dated, i would think that is about it. Disembowel me of the notion that those are your best shots. Well, i think vermont losing backing of governor phil scott, utah with the backing of Evan Mcmullen who about 22 there last time running as independent, not even a major Party Candidate and massachusetts where he served two as governor, those are probably the three ive got my eye on. There are some wildcards out there. Colorado was another crossover state where independence can take a republican ballot. Ive got my eye there. I am satisfied if people are aware that im offering an alternative to President Trump in the republican primary and that i am an economic conservative rated the most fiscally conservative governor in the United States during my two terms and i care about the environment and Climate Change and i dont want any damn foreign interference in our election. Those are three big differences between me and mr. Trump. If people know that and think for themselves and make their choice, i am happy. Neil you know, governor, the fact of the matter is, an uphill fight to challenge an incumbent president. The one who came the closest was Ronald Reagan in 1976. Darn near 1 a. The fact of the matter is, one delegate thus far. From iowa. That is it. I really dont think it will be a major factor when all is said and done. I do think that, you know, i can have an impact on the Election Results in the final even without winning myself. Lets assume mr. Trump as a nominee of the republican party. They say smart money says if he loses four or five or three or 4 of the socalled traditional republican vote, he cannot be reelected. Steve bannon says that he was mr. Trumps number one guy. I think on average i can exceed that amount. Every vote that goes for me is about that is not going for mr. Trump. Even in the republican primary or in the general. Neil i am sorry, governor, it is still early. Anything can happen, i guess. Not running as a thirdParty Candidate. You might have carried more influence running independently of republicans or democrats. You know, it is hard to say. Gary johnson last time got four and a half million votes, which is triple the previous test showing of the libertarian independent party. This time i want to make sure there will be no questions about where my votes were coming from. I am an economic conservative and republicans traditionally work and mr. Trump is not. He really has set his face against the rule of law. I spent seven years working for Ronald Reagan trying to keep politics out of the justice department. Mr. Trump is trying to pull it aside. Its the justice department. A very deep issue. I wanted to run straight against donald trump and that is what i have done. Neil you know, governor, your critics they would say you are very good governor. In massachusetts you kind of have to do. The bigger issue is your type of republicanism, if you can excuse that phrase, it is out of fashion and it will be even more out of fashion if the president is reelected. A guy like you, no offense because the older i get the older i recognize, you are a dinosaur. What do you say . Well, i hope that decency and integrity and kindness do not go out of fashion and stay out of fashion which is one reason why i think the stakes are awfully high in this. Thank you. Neil governor, thank you very much. We will see how thing sort out today. The governor is on all 14 state ballots. All primary states up for grabs today. We will keep an eye for you tonight. Our prime time coverage kicks off at 8 00 p. M. Eastern time. We will go to midnight and beyond, if we have to. Taking a look at how foreign markets are responding as the results are coming in as well as their own future market. You cannot get that anywhere else. A lot of you will say, neil, i want to watch fnc and brett there and martha, you certainly can dvr them. They are okay with that. More after this. Theres a company thats talked to even more real people than me jd power. 448,134 to be exact. They answered 410 questions in 8 categories about vehicle quality. And when they were done, chevy earned more j. D. Power quality awards across cars, trucks and suvs than any other brand over the last four years. So on behalf of chevrolet, i want to say thank you, real people. Youre welcome. Were gonna need a bigger room. Their medicare options. Ere people go to learn about before theyre on medicare. Come on in. Youre turning 65 soon . Yep. And youre retiring at 67 . Thats the plan well, youve come to the right place. Its also a great time to learn about an aarp Medicare Supplement insurance plan, insured by Unitedhealthcare Insurance Company. Heres why. Medicare part b doesnt pay for everything. Only about 80 of your medical costs. This part is up to you. Yeah, everyones a little surprised to learn that one. A Medicare Supplement plan helps pay for some of what medicare doesnt. That could help cut down on those outofyourpocket medical costs. Call Unitedhealthcare Insurance Company today. To request this free, and very helpful, decision guide. And learn about the only Medicare Supplement plans endorsed by aarp. Selected for meeting their high standards of quality and service. This type of plan lets you say yes to any doctor or hospital that accepts medicare patients. There are no networks or referrals to worry about. Do you accept medicare patients . I sure do see . Youre able to stick with him. Like to travel . This kind of plan goes with you anywhere you travel in the country. So go ahead, spend winter somewhere warm. If youre turning 65 soon or over 65 and planning to retire, find out more about the plans that live up to their name. Thumbs up to that remember, the time to prepare is before you go on medicare dont wait. Get started today. Call unitedhealthcare and ask for your free decision guide. Learn more about aarp Medicare Supplement plan options and rates to fit your needs oh, and happy birthday. Or retirement. In advance. Neil i want you to see something. Selling the Dow Jones Industrial stocks are down. Down 37 points. This is what amazes me. Look at that yield on a 10 year note. A little bit more than 1. 02 . An alltime historic low. You know the drill. Popular trading instrument which mortgages are based. In a lot of home equity loans and the like. You know, that is something that is just something to watch here. Hitting financial stocks in a very big way. Not having the desire to provide a floor for the stocks. People are looking at that insane 1 on a 10 year note i might as well die then to some of these highyielding stocks i dont have to be highyielding. Twothree and a half among some of the premier dow components like mcdonalds and a host of these others that are not really getting any noticeable bang for the buck. It is a startling development for that. A lot of it built on these coronavirus cases. They seem to be accelerating, depending on where you look. Particularly in california right now, of course, where we have this ongoing concern that they will escalate before they ever reverse. California, of course, one of the richest prizes of the season for delegates. Better than 400 at stake in that states primary going on today. Robert gray in los angeles with more on all of this. Robert beard until all of the ballots have been counted early voting has been underway for about a month he appeared allowing folks to register on e. Early voting has been underway as well. You are allowed to vote not only in your home precinct anymore. Folks able to vote near where they work and other things as well making it a little bit more flexible. We are expecting millions of folks to turn out. Weve had a pretty robust turnout here in los angeles as well good the west side of l. A. Other parts of the area as well. L. A. And other neighboring cities are offering free transit on buses, metro trains and even bike shares to try to get people out to vote. The city and county of l. A. Spending 300 billion with the new Voting System with touch screens and headphones. Obviously, things that you touch. Concerns in the back of peoples minds about it, but when you talk to people working on the front lines at the elections, on tears and workers there, they say they are taking precautions. Hand sanitizers out our vote centers. We can vote down on the wipe down the voting booths. You have your personal ballot that you can use with your own marking device and drop it in the box. Not a winner take all in california. About a third of all super tuesday delegates. At stake for democrats. Twentynine superdelegates. Bernie sanders has been campaigning here this week. He has a 12point advantage. That has been airing substantially in the past several days. Down about four Percentage Points in that time. Joe biden campaigning here in los angeles. Expected to appear with mayor garcetti of los angeles. He has been here about a dozen times. Elizabeth warren campaigning in los angeles last night. Mike bloomberg not here. Of course he has been buying big and Television Ad time here. It will be interesting to see how it all works out. A lot of folks here in line. One woman shrugged it off when i asked her a moment ago heading into vote. Back to you. Neil have a good afternoon. Robert gray. Thank you very much. We should tell you we have seen a number of increases in reported cases. Watching them right now. Eighteen cases versus 13 yesterday and california. Fortythree now. Yesterday 40. Oregon three. Arizona two. Up from one. Rhode island to versus one. Relatively small numbers. This is not china. This is not the same thing going on in that neck of the woods. Talking iran or what is happening in italy of late. Again, it is the concern that it does escalate here. Our panel now hear back with us to get a gauge where to from here. Anthony, first thing that comes to mind, you know, you always hear that old song uncertainty and how it is uncertain how this accelerates. Unless we get clarity, then what . If we get clarity, it is off to the races. Economy and the equity market. Uncertainty is king. 80 of the people that get this terrible ailment with this virus just get a mild case. Only a very small single digit number actually get into a critical situation where they may need respirators and things like that. The situation is not critical yet in the United States. Because we do not know enough about this virus, according to health professionals, that is what is making people nervous. To some extent, we are overreacting. Neil tom, we have no way of knowing, of course. No one wants to risk looking in politics. When they talk about it. The fact that people it could have an impact on chopping. Number of companies urging Domestic Travel be curtailed. Facebook, google, amazon. It can become a selffulfilling slowdown. Absolutely. Look, for trump, that is a risk. Hard to see how much voters will blame him. Its beyond his control. The biggest risk for trump, the response, when he goes out and said something that is, you know, misstates a number of cases or when the virus, the vaccine may come to market and the democrats exploit that and theyre able to say, trump is not handling this the right way. I can handle it better. That is something to take into account in november. Between now and then this thing gets worse. They make miss steps for which trump and mike pence it held accountable. You know, the economy is a risk for trump. A strong suit to play to voters in november. Maybe voters will not hold him responsible for something that is beyond his control. Neil voters, you know, werent concerned with jimmy carter when they had the energy crisis. Development that were outside of his control. It was a very, very different economic and market environment. Right. Neil i am wondering how democrats properly play this, without looking like opportunists. [laughter] i think that is the milliondollar question. The billionaire dollar question, i think they are best to sit and wait. Do your points b mike you are asking politicians to stay quiet. The president included. I think that would be smart of them to wait and see what happens. Sure they can call for a truce on things like the vaccination, timeline and or the number of cases. They can demand it from the commander and chief. I think there are other lines of attack that they can take against this president. Joe biden talking about that. And truth neil he has some issues himself, though, right . We could go back to plagiarism and other things. An enormous number neil getting arrested. Nelson mandela. Neil look, we are all human. Let me ask before we go to break, this 10 year note hovering around a person, we get under that. A huge Psychological Development leaving all this other stuff aside, that, if you are in debt or looking to get in debt or get a mortgage or refinance a when you have, your ship has come in. That is a good backdrop. That is an excellent point. Mortgage rates now will reach a point where every conceivable mortgage that you made or took out more than a year ago can now be refinance. That will stimulate the overall economy. So far nothing is happening. Look around. Right now we are seeing homebuilders get a shot in the arm. Last week i was in honolulu speaking and i said this will eventually help the sector because we will see more people getting excited. Too much of a good thing, youve gotta be a little careful. You have 10 year goals, significantly below one because it is forecasting or signaling may day then it is not good for the homebuilders and not as good for the home sector. Neil you are one of the most admired celebrated economists on wall street and you just quoted mae west. [laughter] touche, sir. Neil i dont know if it was the mae west comment. All right. After this. Its the next one. You always drive this slow . How did you make someone i love . That must be why youre always so late. I do not speed. And thats saving me cash with drivewise. My son, he did say that you were the safe option. And thats the nicest thing you ever said to me. So get allstate. Stop bossing. Where good drivers save 40 for avoiding mayhem, like me. This is my sons favorite color, you should try it. [mayhem] you always drive like an old lady . [tina] youre an old lady. A new kind of investor is changing things up. [ indistinct talking ] with an app thats changing the way we do money. Download robinhood now. Neil all right. Still down about 700 points on the dow. In an out of record territory. Lawmakers hoping to have some coronavirus supplemental spending measures. At least a big build to that effect ready today. Maybe by the floor tomorrow. Latest thursday. We are following this from the nations capital. Chad, what are we looking at here . I look to see if that supplemental spending bill is ready. It is not. Things have gone very quiet on that front. It probably means they are getting very close from releasing these. The House Majority leader says it will be put on the floor tomorrow or thursday at the latest. That does raise a question will they stick around in the senate late this week or maybe punt to next week to deal with this . The price tag will be seven and a half to 8 billion. One of the hangups at the end has been the cost and reimbursement to the vaccine. Heres the chairman of the democratic caucus. Our goal is to make sure we do not leave washington this week without an allocation of resources to deal with the coronavirus. This is no time to play politics, but democrats accuse President Trump and acting white house chief of staff of trying to downplay the risk. Meantime, republicans like Kevin Mccarthy want to know what is taking so long with the bill. Mccarthy suggested that democrats were trying to target House Republicans who could vote no. Why did we not vote on it last week . Why now is a democratic arm, the d triple c running ads against republicans . Something i could not vote on because of control. Claiming politics and holding the money up so the political arm can attack republicans on this issue, and they one time put people before politics. Vice president mike pence is meeting with both Senate Republicans and democrats briefing them on the response on coronavirus. Tomorrow House Speaker nancy pelosi will convene of the other three major leaders here on capitol hill. Mitch mcconnell demo georgie later in the senate, the minority later Chuck Schumer and mccarthy to talk about how they will deal with coronavirus and other operations. When they had the spanish flu here, they close down the house gallery for about a month. Nobody so far, to be clear, is talking about anything like that. Any drastic measures. Calling off congress. Keeping visitors out of the building. That is something they all want to be on the same page. They want to be, if they have to do something rash, they want to make sure they are all in agreement and they know the world is watching because if they do something on capitol hill that will influence the way everyone else response to coronavirus. Back to you. Neil chad, thank you very much. We were in and out of this. We briefly touched below 1 . 99 on the 10 year note. It has never gotten that low. In and out of that territory. Some of the most aggressive mortgage lenders usually offer Mortgage Rates about 125 basis points over the 10 year period those are some of the more aggressive. That would translate into mortgages into two and a quarter range. A lot of you get tired of many saying we were paying roughly that per day. We thought we were geniuses. 1980s. Now going to give away my age. The fact of the matter is, that is how low rates are. A lot of people, no matter where you are, and anthony raised this , you are looking right now that is the fixed rate on a 30 year fixed. For more aggressive lenders, rates long before this drop off. You will look at a situation where we will be a lot year lower than that geared seven years now at. 87 . Fiveyear. 74 . The three year at. 7 . A 10 year, when it dips below 8 , that is worth noting. We are noting it. Stocks are as well. They are down. Meanwhile, those tornadoes leaving a trail of destruction in tennessee. One of the states having big primaries today. Nineteen people dead and that state. Obviously, all of that on top of the primary voting details. You name it. They are getting clobbered by appeared we are in nashville with the very latest. Grady. The damage spanned several counties. Nashville is one of the hardest hit areas. This is east nashville. Two of the 19th that died were at the time of this tornado overnight. This building you are looking at is a ymca. You can see the windows blown out. The roof completely lifted off of it. I want to bring you this way. The skate shop here. A group of people helping out. They are carrying the debris and putting it into piles. I was talking to a few of the people helping, asking them what this building was. A lot of them did not even know if they were walking through the area and decided to pitch in and help. That is kind of what we are seeing on the ground here. Earlier today, about a mile or two from here, we talked to a gentleman who saw a semi truck it lifted. He was in his car when the tornado moved through. It sounded like somebody was just throwing bricks at the windows. I thought the windows would go. A lot of them on our floor did break. We got lucky. I was sitting in my car waiting for the weather to calm down so i could pull off. Before i knew it my alarm went off on my phone. I pressed a button thinking it was a randian common warning. I started hearing cars chattering next to me. I saw this uhaul semi right here. It just landed. Once it landed i just took cover of course it is primary day here in tennessee. There were reports of damage to polling places. The Election Commission told voters that they would have to find a new location if there polling place was damaged. School has been canceled for the remainder of the day here. You can see people just trying to pick up the pieces. No word on how this will affect voting. We do know that nearly 300,000 people already cast early votes in the primary. Those people got their votes and. Im not sure if some people are making their way to the polls with all the roads closed here, though, neil, and power still out. Neil thank you very much. We will give you the latest developments on that. Of course this super tuesday. A very big issue as well. What is happening with Interest Rates. They are already low. They are not record low territory. So many Trading Instruments and so many lending vehicles, including everything from mortgages to home equity loans. The second mortgages. Even car loans. They all got cheaper today. By the way, your vote has not come in at all. groans hmph. food grunting menacingly when the food you love doesnt love you back, stay smooth and fight heartburn fast with tums smoothies. Tum tumtum tum tums with tums smoothies. Youve been hearing a lot about 5g. But theres 5g. And then theres verizon 5g. Were building the most powerful 5g experience for america. Its more than 10 times faster than some other 5g networks. And its rolling out in cities across the country. So people can experience speeds that ultra wideband can deliver. 1. 7 gigs here in houston. 1. 8 gigs here in frigid omaha. Almost 2 gigs here in los angeles. Thats outrageous. Its like an eightlane highway compared to a twoland dirt road. I need all the breaks, that i can get. At liberty butchumal cut. Liberty biberty cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. To be our guest. With an invitation. The invitation to lexus sales event now through march 31st. Lease the 2020 rx350 for 409 a month for 36 months and well make your first months payment. Experience amazing at your lexus dealer. Neil we have a major market the left going on. Interest rates. A very disruptive time in the markets. Often times president s are judge. Not the things that go well, but precisely the things that do not. Not the first president to encounter markets and headwinds like these. Ronald reagan of course president during the 1987 stock market crash. The dow lost close to a quarter of its value in one day. Mark weinberg remembers it well. The bestselling author, close confident of Ronald Reagan was with him during that crisis. Back with our panel as well. What i remember, mark, about president reagan at the time, i am not saying he dismissed it, but he certainly did not go crazy about it. He kind of shrugged his shoulders and expressed confidence that markets would go up, capitalism was fine, fundamentals were fine and moved on. That is right. He remained a confident person in the room. He thought that was his job as president. He had abiding faith in our system. He did feel bad for people that were disrupted by the loss of money and the Financial Planning that was associated with that. Fundamentally, he believe the market would come back up and everything would be all right. He was right. What you make of that . That approach . I think it is a good approach. If you see the person in charge of the whole country getting nervous, you really get nervous. Neil i always get nervous when people tell me to calm down. [laughter] you always want to moderate invoice. Neil you are a congressman, how do you get through this. I think that george w. Bush and the 2008 financial crisis, when he came out and gave that speech, he looked like he was rattled. Like he had, kind of a deer in the headlights look. It was a scary moment. We did not find out how scary it was until after the fact. It was interesting, though, everyone jumped into action. That is not something we can count on these days with how dysfunctional washington is. Washington cannot even pass a funding for coronavirus. This should have been done last week. Here we are still squabbling about it. Neil mark, with Ronald Reagan and the concern it could lead to recession, it never did, and that was the drumbeat of the press at the time, that it was, sometimes you would learn from history that the worst scenarios are not what pan out. Yes, of course. The worst scenarios almost never pan out. That is the job of the president to strike the balance between prudent and panic. Ronald reagan, the only time i saw him ran old was on the Space Shuttle challenger exploding. Bush speaking a little rattled. You neil it was such a tragedy of untold dimension. You have to connect with people rather than on right or left. Not that help is on the way but well get through the the worse on both sides, right . Like winston churchill, keep calm. Mark, to many points this is fairly lowgrade illness. It es asymptomatic why it is traveling so far so quickly but the vast majority of people who get the virus wont be seriously ill. So i think the job of all leadership right now, both democrats and republicans who earlier pointed out whether we should make hay on this on the democratic side is to lead. Neil marc, we were talking about during the break, Ronald Reagan did not even though the market soared under his leadership as they did with bill to, what both men had in common, they didnt talk about it much. Ronald reagan did visit the floor of the New York Stock Exchange. That was about it. He never talked about a doubling, tripling of the dow under his leadership because it would curse him. He felt it would be risky. Thats right, if you crow about the gains you have to take the blame for the fall. He knew it was an important indicator but not the only indicator. The thing with reagan the reason he succeeded the country had overall feeling we were in good hands. That is something you cant quantitify but you felt it when reagan spoke. Neil you look at times, not even the president s fault, not blaming democrats, that comradery is not what youre seeing. It is not always the case but this environment doesnt lend itself to that. No. I mean weve been growing apart as a country in a partisan sense for a long, long time. There has been great resorting. It accelerated under obama and with trump it seemed like jet fuel. He has been facing opposition since the day he took office. So there isnt that. While trump, you know, he obviously takes a different approach to touting the stock market but is also able to tout the other aspects of the economy. The wage gains and Labor Participation and those sort of thing people can really feel in the daytoday lives. But democrats, theyre running for president too, trying to make the case this economy is not working for everyone and that is appealing for some folks. Neil all this in the middle of president ial year which was different from 87. That was then, very different times now. And does Charles Charles payne know it. Hey, charles. Charles i certainly do. Im Charles Payne this is making money. Stocks on yet another roller coaster ride today, jumping on news initially that the fed was taking emergency measures and cutting rates big time before turning lower. As price discovery, and many investors never dealt with this before. We got you covered with some of our favorite investment experts. Also President Trump is set to head to maryland for a briefing from the nih, on, the spread of the virus. Of course well have the very latest headlines for you theyre. Well also get reaction from task force member, hud secretary ben carson. I will tell you why im in d. C