Transcripts For FBC Cavuto Coast To Coast 20240713

He is going to the cdc. Well talk about the tornado response in a moment. The big Economic News out of the white house though is the shift in approach when it comes to the virus. Tell us about that. Indeed. It came from the top economic advisor. Every month he does these roundrobin interviews with all the financial networks. Kudlow wanted it to be absolutely Crystal Clear with anyone who would listen to him that right now the Trump Administration is considering some economic measures in response to the coronavirus. This is a bit of a 180 especially here. Kudlow also made it clear this wouldnt be some sort of big money dump to the tune of hundreds of billions of dollars. We are not looking at big expensive macro cash rebates, helicopter money from the sky that never works. We want to have this targeted in a timely fashion for those areas that have been hit the worst. You hear him talking about targeted and timely. Ive heard him use that phrase at least a dozen times. He said this is still in the planning stage and he wouldnt really get specific on which sectors would be beneficial. He did mention potential cash injection. And said it could look Something Like this. People who may be stranded at home and will lose pay, we want to help them. Small businesses in certain areas, we may wish to help them with cash flow. Some of the sectors may need temporary assistance. Theres a number of things. Kudlow mentioned how some folks might be missing several paychecks and he asked what the administration would do to help people out and he said we will help them out. It does appear this is a potentially serious idea from the administration. You were just playing the video from the tornado ravaged area of nashville tennessee. That was of course hit by those tornadoes earlier this week. Trump is in nashville and will be touring those areas today. After that its scheduled to go to the cdc headquarters. Of course a major role in trying to combat the coronavirus and earlier today he signed the 8. 3 billion spending package for coronavirus. If there is this economic stimulus relief, he didnt want to call it a bailout but said they might need to go above and beyond that. The they are feeding now a little bit but whats been interesting to watch as the stocks and the treasury rates have continued to plummet but they are at 0. 73 on a ten year period we are watching the dow closely. Its down today. They are hoping oh pack would cut a deal to cut production and the problem is, in order to do that they needed russia. They needed russia to support the effort. We went into last night wondering what he did. So much for that bill in terms of what russia would do. It really is. This is a historic day. The oil minister basically says this is a very regretful day for the oil market. He says were to look back at this blowup of this meeting and look back to regret it. Basically if youre an oil producer you probably are regretting it already. Already we are hearing reports that the other opec members are trying to salvage some kind of stay safe but this really came down to a powerplay between russia and saudi arabia. Saudi arabia has been pushing for this Production Cut. They been carrying the load of the Production Cut and the russians are basically trying to squeeze saudi arabia thing we dont need a cut, we are doing fine on our end. Of course all the other producers at the meeting wanted to get to an agreement. Now, the big question is, the Historic Alliance between opec and russia which really got together back in 2016, is it over . What were hearing right now is everybody is trying to save that alliance. In fact, they are now just reporting they will try to put together another meeting march 18 to talk this over again but for right now, it doesnt look very hopeful that we will get a production. The other question we have to focus on, will this turn out to be a production war. They tried to engineer Production Cut, they couldnt get it done, what happened, they flooded it with oil and tried to put the shell guys out of business. It didnt work but a lot of traders are on guard to see if we get into a new Oil Production war in the Global Market because for the first time in years its everyone for themselves, no quota. Im just wondering what your thought is on what theyre doing here. They knew the reaction in the market would be like it is in some predicted it might be worse. So they know that and they stil still, i get it that theyre trying to negotiate with saudi arabia but how did this all end up. I think the powerplay, i think they want to maintain market share, i think they believe if they went along with this production company, more market shares for the u. S. Market, and right now, believe it or not while saudi arabia has been struggling with their ipo, that stock is getting killed right now. The russians dont have a stock right now until basically doing very well selling oil to russia. And even with the slowdown in demand, their exports havent been affected that much. So for russia, everything is fine, they want to put pressures on the other producers and let them produce and do the best they can on their own. We will see how it plays out today and into the weekend and next week. Thank you. We faded on stocks a little bit which we will get back to but President Trump is speaking out, thousands of passengers are waiting to debark that princess cruise ship. We have a ship with a lot of americans on it, it has 5000 people on it. Its a massive ship. We have to make a decision. We are working with the governor of california. Federal officials are expecting test results to come in from 45 passengers today before they decide whats next. Claudia has been following this. Claudia. Connell, thats right. More than 3400 people on board the grand princess still in limbo, anxiously waiting for those test results to come back. Those results will determine what happens to them next and of course, as we mentioned President Trump wing in saying he has been in touch with state officials and is closely monitoring what is happening with this cruise ship which remains about 70 miles off the coast of Northern California south of san francisco. Coming no closer for now by order of the governor after a 71yearold man who took a previous voyage on the ship became the first person in california to die of coronavirus. At least one other passenger has tested positive. Officials are waiting to see if anyone on this cruise has caught the virus. Two National Guard helicopters delivered test kits yesterday. Those who had flu like symptoms, about 45 people were tested first and results are expected later today. According to some passengers on board, public areas on the ship have been closed and everyone has been advised to stay in their cabin. Menus have been dropped off to order room service. As for when it will return and where it will dock, it all depends on the test results. When we have results from the test the cdc and the state will determine the most appropriate location for the ship to dock. The location is to provide safety for surrounding community as well as passengers and crew. The grand princess was scheduled to return here to. 27 tomorrow morning. Very unclear whether that will happen and we understand this ship next cruise set to to depart for hawaii tomorrow afternoon has been canceled. Thank you. In the middle of all this Economic Data, we found out this morning the economy had a 273 jobs in february. Great number. Unemployment at 3. 5 . The report does not show what the future impact on job growth might be due to the coronavirus. Using this to calm people down, especially in the market. Job numbers just came out a little while ago. They were shocking to the people who were analyzing them. I think a lot of people are staying here and doing business here, they will be traveling here and going to resorts here and so far people , but we will have american stay home instead of going to other countries. Rebecca walter and john, john i will start with you. You always have some take on economics or politics and im hoping maybe today is one of those days. We could probably use it. Whats your view on things. My view on things is that hopefully they do less than nothing. Lets remember the Economic Growth is a consequence of investment. So if youre going to boost investment, you dont do that by taking precious money out of the economy, what you do is reduce the cost of investing. You seek a stronger, more stable dollar. Its dangerous to me when i hear them talking about spending increases from the government, government cannot stimulate Economic Growth. Only people can do that and to reduce the barriers to production, leave the government out of it. Rebecca, what is your view. John is obviously referring to the larry kudlow comment that was made this morning but they said the white house is indeed looking at timely and targeted , a timely and targeted micro approach. They might help some people out who are stuck at home or give money to small business, may be a temporary assistance for some sectors. Targeted, he kept coming back to that. But john says bad idea. Whats your view. Dropping a hundred and 50 billion from an airplane, no helicopter money. Its sad because normally we would have a hundred thousand, almost a hundred thousand jobs than expected and we be celebrating but obviously its not the case because been dealing with this coronavirus and thinking it will impact supply chain and earning in all these things. Im not a big one for government intervention, but for example, this week with the federal reserves cutting 50 basis points and having the ten year yield at. 8 for the First Time Ever is not heartening. Thats the scary thing. I think we all just need to take a deep breath and give it time, and i think were having a bad day on friday because were expecting cases and all the escalation to happen again this weekend and so fried way is forwardlooking that would just can i get bad news this weekend and we just discount the markets again but we also need to take a deep breath and realize whats really positive is that in china and south korea they both are in decline. The rate of the virus spreading is in decline. We are starting to see somewhat of a return to business as normal, as much as possible to some extent and thats really, we get to that point in america thats where we will have the ability to assess the damage and try to get to resume to normal life. Is it fair to model whats going on in asia, especially china as timetable wise what we are going to go through here and maybe it wont even be as bad and rebeccas right that the numbers have, if you believe them, started to turn over ther there. What do you say. Yeah, i dont even know that we need the model because thats another country, thats where the virus came about. I think the important thing is to relax but remember, in the 2h century we proved that Central Planning doesnt work. So whats not presumed is that just because there is a scare out there that suddenly it works when were scared. Lets not rely on the government to pick winners and losers at a time when government can do best by just stepping back. Same thing, do people borrow money. [inaudible] what on earth would a 50 basis cut have to do with increasing credit. Thats a consequence of production. Get out of the way of producers, reduce the burdens on those who have the most so that people can produce more, and stop pretending that government is necessary during crisis. It just fans crisis. It does not deter them. Even if you think it was necessary in oh eight, as kudlow pointed out, this is much different than what we went through in 2008 so whether you support it or didnt, some sort of bailout then probably wouldnt apply now. Ill give you the last word before we take a break. [inaudible] literally the last word. The camera cut out for us. You had real quick and then we had to get that break. I think if you look back in 2008, if there are no interventions, there is no crisis. There was a crisis of government getting in the way back then and trying to pick winners at a time when it should step back. Dont make the mistake again. Fair enough. Good to see you. Youre still there on the camera. Was it something i said . Thank you john. John has been with us along with Rebecca Walter at one point. All right. The dow is a couple hundred points out below. We were down 894, now 645. Continuing to stay on top of that as we have been throughout the week. Along with President Trump at this hour on the ground in tennessee. We will track the president s movement after the tornado and look how one company, airbnb is really trying to help out with tornado relief. Cobalt blue 0047 nontoxic, hypoallergenic and most importantly easily removed with soap and water a crucial innovation for telling the difference between fans and lunatics invest in Innovative Companies with invesco qqq [ fastpaced drumming ] 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. President trump is now in tennessee and he is surveying the damage from the tornado there. We just received word that marine one had landed. We dont know exactly where the president is going, but we can tell you about 45 minutes ago he flew right over this location where we are in nashville. I want to show you this is one of the hardest hit areas in nashville. The people in this home survived and they have all these volunteers helping out. They dont even know the family who lives here. They just signed up to help and they are going through some debris and going through the items they might want to keep. Personal items, some family mementos they might want to keep and just helping out in any way they can. This is exactly what the president would have seen as he flew over this area not too long ago. Its also what he would see on the ground for one of the hardest hit areas by the tornadoes that moved through here. The National Weather service confirmed these were for tornadoes. In that area completely devastated by the storm keep you updated as well. We are hoping he might Say Something. Hes already offered his condolences to the people of tennessee and if he says anything else while he is on the ground, we will let you know. Great work throughout the week. A company trying to do some great work is airbnb who will offer temporary housing for anyone has been displaced and we have with us from airbnb director of social impact. Tell us how this program works. Its just as easy as listing your home on airbnb for travelers. Back after super storm sandy, one of our host suggested that we should allow people to offer their houses for free and it has helped over 50000 people. If you look at the footage, its heartbreaking and you feel helpless but its moments like these when you realize that its important to remember we all have something worth sharing and you can really make a tangible impact on people who just experience the unimaginable. So you are platform that for people to get housing, is that how youre acting now or what type of response have you had from your host, either in this situation or other situations in terms of the number of homes that are made available and how long they stay available in times like this. In tennessee, just in the past couple of days our host have stepped up and housed over 200 people. Earlier this year, just a few months ago our host in australia host 900 people after the fires there. Its really simple, its just like signing up to host on airbnb and you also receive all the same protections that airbnb hosts received. You can simply go to airbnb. Com tn tornado 20 and go through the process. We are there with you every step of the way. We have 24 sevenths support to give you peace of mind and walk you through any questions. Ultimately, moments like these where you can invest in humanity and neighbors stepping up to help neighbors and we are here to help power of behindthescenes. Exactly the point i was thinking of what we go through Something Like this, people genuinely good and this is a great example of it. Thank you kim. We moved to miami now and miami is preparing for an influx of travelers, spring break is coming up and obviously the virus story is out there so how the city is getting ready. We will take that on when we come back. The dow is down 65. Well be right back. Challenges and opportunities. At Ameriprise Financial we cant predict what tomorrow will bring. But our comprehensive approach to Financial Planning can help make sure youre prepared for whats expected and even whats not. And that kind of Financial Confidence can help you sleep better at night. With the right Financial Advisor life can be brilliant. Theres a company thats talked than me jd power. People 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. I believe at tecovas,hould focus othats handcrafted, highquality western boots at a fair price. Because netsuite shows me all my financials in one place, we stay focused on what we do best. announcer with netsuite by oracle, you get a full picture of your business. Finance, inventory, hr, customers, and more. Its everything you need to grow, all in one place. Netsuite is the worlds number one Cloud Business system. Schedule your free product tour right now at netsuite. Com boots our grandmothers did not have an equal right to vote. We do. Find their stories. Make them count. At ancestry. The number of coronavirus cases increases, and analogously it has and will continue to come in new york said theyve seen in increase of 11 up to 33 statewide. The other thing worsening increase is the amount of misinformation, especially online. Fox news correspondent has been joining that. Joanne. Connell, turns out bad and misguided information is spreading across social media at a rate thats much faster than the coronavirus itself. Cyber experts in Public Health officials were really starting to ring alarm bells about the saying the socalled info dominic is dangerous and needs to be contained. Bad information is coming from malicious actors here and abroad hoping to make a quick buck but its also coming from wellmeaning folks like your neighbors, family members and coworkers who are trying to be helpful. Experts say the goal should be to avoid spreading bad info that makes it harder for healthcare workers to do their job. Once the virus hits your community. This is what happens during the early days in wuhan china and it made people there less safe. The best advice from the top expert is dont panic and dont listen to unvented forces. Avoid doing the following. Courting medical supplies, hoarding food and household items, canceling travel without consulting the state Department Travel advisory site, or keeping your Children Home from school unprompted. Instead, they say we should get evidencebased guidance from official organizations here. You might want to jot down these websites. The center for Disease Control and prevention, the department of health and human services, the World Health Organization, the state department, and of course, the National Institute of health. You can also trust info from hospitals and your family physician. The cyber experts say you should be extra careful online, dont click on unknown sites and dont click on pdf files about the virus other than sites we just listed. Connell make sense. Obviously some of that is obvious but also important because theres so much access to data and information. You want to make sure you are accessing the right stuff. Thank you. Lets go to miami, the music fast called ultra has been postponed due to the virus. Weve seen a lot of this postponements and conferences and phil is in miami getting ready for spring break. What are you hearing . There is definitely a lot of concern, not only from miami leaders but as well as the students who have descended onto the beach and onto the sand for spring break. Two major events in the city of miami are now canceled. As you can see the beaches are. [inaudible] the peak of spring break season really kicks off today and that includes 100,000 people from out of town and in south beach the party is still on. The coronavirus fear is causing financial impact, although hotels are booked long in advance but that is not the case this year. Rooms are available. They are also hiring more cleaning staff. I had scores of cancellation starting a week ago that still continue. They were attributed entirely to what likely is a pandemic. Every student we talked with yesterday is well aware of coronavirus but decided come down to south beach anyway hitting the sand and club, enjoying the heat and sunshine, taking the attitude of life is too short. I did think about it, my girlfriend and i both wore masks on the plane. We were always taking it into consideration seeing what was happening in the area that were in. I took every precaution possible. I doubt masks and wipes and hand sanitizer. Were from kentucky so once we hit the beach we forgot about the virus. So far im not as concerned but it crosses my mind. The mayor of miami beach told me he doesnt want to overreact and panic and until help experts advise him differently spring break is on in south beach. Phil keating, always my favorite spring break reporter no matter what were going through. Lets go to tennessee. We have this breaking alert from President Trump on the ground. These are live pictures in Cookeville Tennessee as the president tours the damage. This damage was inflicted earlier in the week from the tornado. Officials took a flyover of the area, and now we are being fed these pictures from Cookeville Tennessee. Look at the devastation. You are looking at it as the president is looking at it. 11 33 a. M. Central time. Back to the markets and back to the news with Mortgage Rates hitting record lows. This is another side of things. 329 on a 30 year fixed rate loan. That something people are looking at and whats next . Rate expert mark is with us. Theres obviously fear in the economy, people are afraid to do certain things and buying houses one of them but i suppose refinancing shouldnt be. What are you picking up. I absolutely believe the refinancing opportunity is probably the major silverlining among the economic headwinds that we are experiencing right now. Everybody pays attention to the swoon of the major stock market averages, but as we know, the decline on the ten year treasury yield has perhaps been even more dramatic. So the ten year is ridiculous. Its just below 1 . 0. 74. So if youre thinking about saying to yourself, im going to refinance my mortgage and this thing has been going down like crazy, i never thought i would get this slow and it keeps going down, would you pull the trigger today or wait for more of a decline. Im not sure how much more the banks can let it go down and how much its changing rates but whats going on for consumers. Thats a great question. Im not a fan of market pining of any kind and i would say, with respect to Mortgage Rates, when you see a bargain out ther there, maybe you dont need to act on it today. You might want to wait until next week and see whether they go slightly lower but i wouldnt wait much longer after that. We just dont know whether that sort of, where were at currently affected peak here send rates lower, they may go lower from here but as you indicated in your question, that doesnt mean that all mortgage lenders are going to drop their rates accordingly because number one, theyve already got a ton of business and they are sacrificing profit when they are sending those rates lower. Theres a lot of things that feed into this. There in Cookeville Tennessee President Trump is touring the damage. That shot had went away but it is back. Its often very difficult getting a signal to broadcast these pictures live. As long as they are able to we will continue to show you what the president is showing. Lets continue this conversation for one moment. We can hear the president speaking. We will come back but thats listen in. Here is President Trump live in tennessee. This was about as big a tornado as you could have. It was 50 miles long which is extraordinarily long and very wide one. You see whats happened from the helicopter. We just want to thank you very much for the great job youre doing. We are very grateful you are here in tennessee and grateful for your support. We had Immediate Response from fema. You gave an emergency disaster declaration which will be very helpful to the families in this community and all across tennessee who have suffered a great loss. Its been a painful tragic week for our state but tennesseans are hopeful. God has used volunteers to bring hope to people all across our state and your presence here reminds us that people all across the country care about whats happening. We are grateful. Thank you. We very much appreciate you being here. You called the other night and express your sorrow and now youve shown us, the first time a sitting president has been in our town in our community. Thank you for the compassion you have shown to our residence and we appreciate that. Its a great community, devastation, loss of lives like our county has never seen in history but the outpouring of love and support. Its been an outstanding response. It shows the cooperation weve had from our federal government and state government. Ive been in Emergency Services for 30 years and weve never seen the cooperation or response weve seen. [inaudible] what is the final count of death in the state itself. We have 25 tennesseans lost their lives in this. Many injured, thousands without home and power but tennesseans have shown up. We are the volunteer state and weve shown up by the thousands. We surround our neighbors and provide hope and assistance and its been inspiring and we will overcome. The state knows how to do that. Thats who we are, thats what we do. Government can do so much but only the people can really provide hope and theyre doing just that. We will see some of the people who survive. Anybody in these homes, this is a swath that went right through on the other side of the street. Obviously anybody in these home homes, they were killed. They were given very little warning. The tornado was on them and they disappeared. Fema is doing a great job. Thank you very much. You have any questions. I do have a message for the families of those who lost their lives, we love them, their special people, its an incredible place, tremendous state with incredible heart. You see people rebuilding already. Theyre already rebuilding. I could see the blue roofs going up all over the place. Just great people, great state and they have great leadership in this state and thats why its working out. Some have been very badly hurt along with 25 who lost their lives. Some of the houses came down and they got here right after that happened. You might explain what it looks like. Its a war zone. Middle of the night and its very difficult. We cant say enough about the First Responders who were here. Everyone else was running out and they ran in. We have people that were so disoriented they were wandering out down the road and through the fields in the woods trying to get to safety and figure out where they can go and our great group of First Responders were here immediately. They didnt know what happened. Just all of a sudden there watching television or something and there walking outside. There was one young boy who is taken out of the house. Another family where the husband was hovered over the wife and child and the roof came out and they were all out in the yard. They survived. I think its important to note that here while there were 25 deaths in the state, 18 of them were right here in our city and county. Eight of them on this particular street. We can continue to ask for prayers for our community as these families have to bury their loved ones in the next week. [inaudible] were doing it and were doing it now, were stopping at the church, there are a lot of people in the church. Its a cold day and theyre all huddled up. We will go to the church also and see some the people over here. [inaudible] we are looking at different options. We did get tremendous job numbers this morning. If you add the 80000 to the 270 they were talking 350,000 range but right now thats not something we want to be talking about. Thank you. Very quickly, almost momentary o momentarily. We had calls from a lot of people, that was an immediate emergency but we spoke and we approved it within minutes of the call. [inaudible] to be determined of what they need. We will be doing assessments and that helps determine what the numbers will be. The way it works is as we determine the amount, thats how the numbers will be assessed, and thats what the assistance will be. Much of that money goes to help the people just like that. There wiped out. They have nothing, and many people died. [inaudible] i love them, i love them very much, thats why im here, some people wouldnt be here, there was no way i wasnt gonna stop here first and i was going to do it yesterday but they asked me for one more day because they were looking for bodies, believe it or not, up until just now but theyve pretty much covered everything. Just god be with them. We will be with them all the way. I can tell you the governor feels the same as i do and the mayor, i want to congratulate you and congratulate everybody, they have not slept in 48 hours. We are going to go see the people and say hello and do whatever you can do. A lot of them have lost people within the family. One family was entirely wiped out. There was one case where an 8yearold boy was ripped out, thrown to a certain area and dropped off a few blocks away and hes walking. He said i just flew in the air and hes walking down the street a few blocks away from his house. [inaudible] so he said i was carried by the air away from my house. His parents were killed, and his sister, so we are going to go see some of these folks. President trump in tennessee where he has been surveying the tornado damage joined by the republican governor bill lee who was standing screen right to the president s left and a few mayors as well. You heard his remarks as he continues. There have been other areas hit so hard. As we watch this, one of the things i think, when you watch an event like this youre struck by how much the president , no matter what you think of the president in office at the time, what they have to handle on a given day and how many things there juggling from the virus response to the job report, the market, the taliban deal and now surveilling the tornado damage. You make a great point. Everything he is handling, it looks like hes handling it well and very promptly. Ive got to tell you and your viewers something, im in palm beach as you can see by the background, and today, starting today resident trump, instead of coming down here immediately for the spring rnc meeting which starts today and ends on sunday evening, youve got people and republican operatives coming from all over the United States. Instead of coming down here and meeting and greeting and shaking hands, he is out in the field. He is in nashville. He signed the coronavirus, the cdc deal. This is, if youve got a campaign coming up and you are wanting to assure that you are talking to all your operatives about whats going on in the ground and rnc, you would be here, but instead he is out in the field where it really matters and theyve got a dinner tonight so im supposing he is probably going to come tonight to the dinner. They are all registering and all coming in today. Connell you mention the cdc, there was backandforth about whether he would go there in atlanta after his trip to tennessee and we heard he is. He was a man he wasnt and then he is. We dont know all of the behind the scenes on Something Like that but often what happens is the president referred to in his remarks, when you are president you bring so much with you in terms of staff, security, everything that comes along with traveling with the president and he doesnt want to get in the way. Maybe thats the case for the center of Disease Control or maybe theres Something Else but the idea of being out and present with the virus outbreak, how importance that . You know, i think a lot of people are going to take what they want from that. If you are republican and support trump youre not going to make a big deal out of it, if he goes to the cdc or not. If your democrat your gonna say hes not going because hes fearful himself but yet he wants you to get out of business as usual. It depends, unfortunately, even with disease it is politically divisive. You can even look at the market. Nobody knows and everybodys trying to figure it out. President trump really has got his work cut out for him with not only the market, which he reminded us today, which i thought was very interesting with the market, he said weve never seen highs, almost 30,000 and were forgetting that. Do you remember when the market hit 16,018,000 and we were all freaking out, now weve kind of gotten to the norm where its hovering around 20s. Thats why when these things happen in matters when they happen. If youre on a run up like we were, the pullback may be painful when youre going through it but you are coming off extreme highs. Always good to talk to. Thanks for adjusting. Speaking of news thats been breaking, in the Business Community a lot of people saw this headline and were wondering about a very important person, the j. P. Morgan chase ceo. He is recovering and had to undergo emergency heart surgery. Lauren has the latest. Jamie dimon checked himself into the hospital yesterday after having chest pain. He then underwent an operation to repair an acute aortic dissection. Basically thats a tear in the artery that delivers blood to the rest of the body. Its serious and most common in men aged 60 to 70. He is 63 and underwent radiation and chemo for throat cancer back in 2014. He said then he had no plans to resign, but now, following yesterdays surgery, attention turned to his ability to recover, especially in the first 30 days. Thats crucial. After that. [inaudible] in my opinion, given who he is and how vital he is there is a pretty good chance he could return to work. If he recovers, and if he makes it over the next several months, over 50 chance he gets back to work. They gave his Succession Plan a test run. Longstanding. [inaudible] they will run the bank while he recuperates. The biggest priority is reassuring shareholders and workers that success can continue without diamonds, whether thats in the shortterm or the longterm. With the rest of the market, the stock is down 6 . It has lost 17 of its value in the last month. While the operation that dimon underwent yesterday is rare, remember this, john ritter died 17 years ago when it turned out he had the same flaw in his heart and it went undetected. So when comparing john ritters situation to jamie dimon, diamond is probably considering himself very lucky that he took himself to the hospital after experiencing chest pain. Connell im sure he is. Charlie is in studio with us. What can you tell us about jamie dimon. I think hes going to come back. Listen. This is what the cost company is telling us. Its telling me that this is a one 100 recoverable element if you catch it. He caught it because he had cancer, lets be clear, a couple years ago he had throat cancer. Connell right. He so in tune with his body when he knows things dont feel right. Connell if i remember that story right he was on 60 minutes and said he was shaving. Hes very in tune with his body. What he felt last night was not normal in his mind. He checked himself into the hospital and found out it was the same thing john ritter had. When you catch it your okay and you can recover one 100 . Now the next 48 hours will be risky. Will he come back . I would be very surprised if he does not come back in the next week or so. Some people would say i want to retire anyway, but thats not going on. I would be very surprised. I would not though be shocked, and heres why. I think when you have these situations, you reevaluate your life. The one thing i will tell you, i note jamie for a long time, when neither of us had gray hair, just so you know. Hell go crazy being at home and being a healthy guy at home. He wants to be in the game. I just cant see him, jamie dimon had a low point in his career in the late 1990s when he was kind of out there and no one was hiring and he went to bank one before he emerged with chase and jp morgan and became j. P. Morgan chase and became the great banker that he has. During that lull in his career, it was a rough time, he didnt know what to do, he worked out of an office, he took up boxing, he took up the guitar playing and he hated it. He wanted to work. That was a long time ago. People change. Its different than if it happens in your 40s versus your 60s. I know this guy, we have about a minute. I know you have a little Mike Bloomberg news so tell us what that is. His campaign is transitioning into Something Else some sort of a super pack. We dont know. He has a bunch of staffers all over the country. Monday is essentially the last day for them to work on the Mike Bloomberg campaign. Its going to transition into an entity that will be assisting joe biden, he wants biden, obviously. The real question for these people, its like 2700 people that were talking about, some of them will go back to bloomberg philanthropy, some will filter into the biden campaign, some people will stay here. What theyre telling us is they have no idea. I think we will figure it out by monday. We will do a full monty exactly what hes going to be doing. Connell that used to be, he could make more of an impact may be. One more thing, what i understand from the secretary of defense or secretary of state, thats tradeoff. Connell will be back. We have to take a quick break. They use stamps. Com all the services of the post office only cheaper get a 4week trial plus postage and a digital scale go to stamps. Com tv and never go to the post office again. Get a 4week trial car vending machines and buying a dia car 100 online. Vented now weve created a brand new way for you to sell your car. Whether its a year old or a few years old, we want to buy your car. So go to carvana and enter your license plate, answer a few questions, and our technowizardry calculates your cars value and gives you a real offer in seconds. When youre ready, well come to you, pay you on the spot, and pick up your car. Thats it. So ditch the old way of selling your car, and say hello to the new way at carvana. Connell this is cavuto coast to coast. Neil is off. Im Connell Mcshane filling in. Coronavirus fears still out if the market, sending stocks down. The third day the week we have seen that. The low is down 894. Theres been a lot of fluctuation again today. Speaking of fluctuation, oil has been really worth watching. Lowest level in three and a half years we hit, close to dropping below 40 but 42. 33, as russia refused to make a deal over there with the opec nations. We will continue to follow that along with the virus. Health precautions triggering a scaling back and some outright cancellations of a lot of Major Business and entertainment events. The list looks like continues to grow, as companies are trying to figure out how they are going to manage things. Deirdre bolton has been tracking all of this for us. Whats the latest . Deirdre its a very long list, especially for tech companies, where arguably it is a little bit easier to work from home. I will give you the quick list we have now. Twitter telling us employees globally to work from home. Google telling its european based staff to do the same. Amazon going as far as to ban business trips. Facebook, closing its London Office for the weekend. If duyou didnt get it done durg the week, its not the weekend to catch up. One of its employees was visiting from singapore, did test positive for the coronavirus. That person did visit the London Office in february. Facebook saying this weekend we are just going to clean the entire office from top to bottom. By the way, facebook no longer sending any teams to the south by southwest conference. That was set to kick off, is set to kick off, rather, march 13th. By the way, that conference is still on but facebook is not the only company that is not sending any employees. Apple, twitter, microsoft, intel, ibm, netflix, these are just a few of the companies saying you know what, it is not worth the risk to have our attendees there. As you know, this is a huge networking event for people who work in tech, for musicians. Normally Something Like 400,000 people gather over those few days. By the way, still [ inaudible ] to attend, pink floyds roger waters, michael moore, we will see if they issue statements of any kind but for the moment, they are set to go to austin, texas. Something else that is still set to go on, Berkshire Hathaways annual meeting. No plans as of the moment to cancel or postpone that annual meeting. Im going to shift gears, go a little more international, because Multinational Companies are keeping their people either grounded or they are saying no flights, no extraneous travel. That would be nestle food giant and loreal. Numerous International Events have either been canceled or will be canceled. Geneva motor show, one of them, supposed to start yesterday. Basically switzerland banned any group events, with more than 1,000 people in place and last year, this auto show had 600,000 visitors in a tenday span. Switzerland said nope, not happening. Same can be said for the mobile world conference which was set to be held in barcelona, spain. Completely off on that. Imf, International Monetary fund world bank, they are going to host their regular Spring Meeting but normally, its humans, everybody gets together in d. C. Both of those organizations will be hosting them in virtual format. A lot of adjusting here and a lot of emphasis on not having a bunch of people together in the same room. Connell lot of virtual. Thats why we look at zoom and these other companies that make that possible. Thank you, deirdre. Speaking of metrics, forget the stock market just for a minute. Neil has been focusing on the tenyear treasury note and the yield on it. 0. 75 is obviously ridiculously low. Believe it or not, we were a lot lower than that earlier, we dropped below. 7. With that, we have seen the stock market can following along and Kristina Partsinevelos joins us from the new york stock exchange. We were down 894 earlier, now 455. Seems like we are tracking the tenyear, right . Kristina definitely, we are tracking that. We are off session lows which is a positive. I will start with another positive. The fact we had a february jobs report that smashed it out of the park, beat expectations, which showed the economy prior to the coronavirus outbreak was doing pretty well. The thing is, its a lagging indicator. What we are seeing on markets now is this continuous selloff. Every day, down 900 points, up 1,000, down 1,000. This volatility continues. You can see it across the board. The dow down 473 points, nasdaq 238. The concerning thing is volatility. If we take a look at the vix which is a barometer of the expectations of where volatility will be in the near future, often seen as the fear index, that continues to climb and the shift now is that companies are issuing warnings that the coronavirus will impact future revenue, that employees need to stay home for fear of spreading it just like deirdre mentioned, not going to conferences. Then the worst part is trying to cut costs. You are hearing more and more Companies Like jetblue, for example, saying they are trying to increase their Free Cash Flow and reduce hiring at the moment, have hiring freezes. We take a look at the various sectors, energy, one of the worst performing sectors out there, part of the reason has to do with oil hitting a three and a half year low, the fact russia doesnt want to join opec in terms of cutting Oil Production so thats adding a selloff there. You can see devon energy down over 13 . We switch over, though, to xop, energy etf, hitting an alltime low. Then you got financials getting smashed. That has to do with the fact the Interest Rates getting cut. They are often the first to go down with that. Lets bring it full circle. You started out with the tenyear yield. We hit an alltime low of 66 basis points. Thats concerning, when markets do track and pay very close attention to this treasury yield. I think i should quote the bmo Capital Markets note this morning, where he wrote, i quote, 1 , thanks for the memories, i should say. 1 thanks for the memories. To end on a positive note, you know, its less than 1 but we are still better than swits switzerland, france and germany. Connell be careful how you define better. Kristina partsinevelos, thank you. Investors bracing for what Public Officials tell us is the in eve inevitable spread of coronavirus. We know it will go up and get passed on. People say we expect that to happen. In the markets, they are trying to figure out how to gauge that, what metric to use. We have our panel assembled to help us out. From moodys analytics, john lonski. From the wall street journal Jillian Melchior and from the republican party, strategist joseph pena. Good to see you. Back to john on some moodys numbers in a moment. This idea, we got the jobs report this morning, most peoples reaction, thats backwards, thats last month. Is it indicative, though, that this economy has some sort of cushion, as larry kudlow would like you to believe, to absorb whatever we are going through or going to go through better than other countries . I do think thats true. We have deregulation, tax reform, more certainty with trade, all of these things sort of cushioning the fall of coronavirus here. I do think it could be substantially worse. That said, its not just uncertainty around coronavirus and how thats going to affect supply chains globally. Its also Political Uncertainty right now. We just dont know what the next year, next two years are going to look like. Its not just uncertainty about the immediate future, its longer term uncertainty. Connell in markets some days, not just today, we have seen some days where the market, one of the days we were calling it the biden bounce. Other days we were saying well, if this hurts the president politically, maybe this is back when Bernie Sanders was the frontrunner which seems like forever ago, it was a week ago, we were saying this might help sanders. The Political Uncertainty i guess, to jillians point, its a bigger issue because of the virus. We just dont know what will happen. Again, people buy and sell based off of market certainty. I think people want to see that. We were talking about Warren Buffett earlier famously saying buy what you know. When you have a lot of people, whether people like my mother who are sitting home watching the dow go up and down like a yoyo, they dont know connell you think it affects President Trumps reelection chances . Obviously we know the economy has always been what President Trump has based his reelection. As we were crushing 27,000 points, things of that nature, all those things are interconnected. Connell the test will be whether people blame someone for something that person couldnt control and how that person handles it which we can get back to. I want to say, i know at moodys, there were numbers taken down on growth in china which is not surprising from the expectation of whatever it was, 5. 2 to 4. 8. Obviously it will have an impact on growth. It will slow the u. S. Economy but whats very interesting about this plunge in treasury bond yields is the following. You go back historically, treasury bond yields ordinarily do not nosedive until after recession is struck. Logical what connell whats going on . They are anticipating a recession, no question about it. The elevated vix, selloff in equities,. 7 tenyear treasury yield. The recession is not here yet. Maybe we have had this preemptive plunge by treasuuy t yields, we will avoid a recession. If we have a recession it will be mild. My forecast is if we do have a recession because of covid19, coronavirus, it is going to more closely resemble the 9 11 recession, 2001, as opposed to the great recession. A good point earlier was that household sector Balance Sheets today are much, much stronger than they were in 2008 and moreover, the banking system, because of improved capitalization, is much better equipped to handle an increase in troubled loans. Connell and the cause is so different, completely different situation. I guess that affects how you bounce back. You could bauounce back with lot of strength off these very low borrowing costs. Lowest mortgage yields ever, solid household sector finances. We may be surprised at the degree to which housing takes off. Connell just the timing is difficult, if not impossible, to predict. Lot of people will take that prediction in terms of how quickly or how strongly we bounce back. Thank you. The panel stays with us as we continue with President Trump, in addition to the virus response, he has been on the ground, we showed him last hour in tennessee. We will have a live report, where the recovery from the tornado stands as we continue. Calfshredding shoes with special rubber platforms designed to increase vertical jump sure, they look ridiculous but nothing looks more ridiculous than going up for a dunk and coming up two inches short. Invest in Innovative Companies with invesco qqq 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. You wouldnt accept from any one else. Why accept it from your allergy pills . Flonase relieves your worst symptoms including nasal congestion, which most pills dont. Flonase helps block 6 key inflammatory substances. Most pills only block one. Flonase. 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. Connell lets get back to President Trump in tennessee. He has been surveying the tornado damage there today. The death toll we have learned has climbed to at least 24. Grady trimble is in nashville with the latest from there. Reporter the president flew over this area and saw the destruction from the air, but he landed on the ground in Putnam County, where he met with survivors and victims family members and chatted with them to offer his condolences. The damage is without a doubt terrible here, but we were in Putnam County yesterday at the exact spot where he was, and it was even worse there. You see houses Still Standing here. There, all you saw were foundations. The entire houses were blown away. Of course, the president declaring a disaster here in tennessee and offering the federal governments full help in any way they need it. Listen to what he said when he was in Putnam County today. Hopefully again, this was about as big a tornado as you can have. It was 50 miles long which is extraordinarily long. Reporter this was the first time, according to the mayor of Putnam County, that a sitting president visited that city in cookville as well as Putnam County as a whole. Unfortunately, under these circumstances, but the governor of tennessee as well as all the local officials thanked the president for his support. Its been a painful, tragic week for our state but tennesseeans are hopeful. God has used volunteers to bring hope to people all across our state and your presence here reminds us that people all across the country care about whats happening here so were grateful. Reporter you heard governor bill lee there making reference to the volunteer state. Thats of course tennessees nickname. We have seen the volunteers out here in full force. People have come from all over the country to help and they have donated from all over the country as well. Connell Grady Trimble in nashville for us, thank you. Before the president left to head to tennessee, he signed a coronavirus spending bill that congress had passed, and its 8 billion plus, 8. 3, far more than the president had originally mentioned at 2. 5 billion but it worked its way through the congress and its above 8 billion. Now former Virginia Republican congressman dave bryant will talk about that. We also have, as introduced by larry kudlow this morning on this network, the idea of government assistance or bailout depending on your point of view which mr. Kudlow says will be targeted and timely. Your thoughts on the economic response to this virus. Yeah, well, thank you. I just want to reply to the last segment a little also. These bills Going Forward are a health response. The cause of the economic dislocations in the u. S. Are not due to the coronavirus. Its due to the fact that we have broken our supply chains, 85 of pharmaceutical drugs are made in china and elsewhere, and due to globalization. So the cause of this is the globalization and supply chain mess. Who is the only president in the last 30 to 40 years that fought against globalization, hit china hard on this and wants to bring manufacturing jobs back, he has created 500,000 new jobs in manufacturing and 800,000 new jobs in construction, so we need to target this properly. The Health Effect of this and this bill Going Forward is going to help on the health side in the u. S. But the economic dislocations are not caused by the coronavirus. They are caused by our genius mba harvard class who put all the business over in china connell congressman, our panel is still here, by the way, so they can weigh in. Thats the discussion we were having. I want to make sure im following. You are saying the actual dislocation that we are seeing now is caused by that rather than the virus or that we were not set up to handle what the virus is going to hand us because of the way we dealt with china . Correct. And we would be set up properly if we had our supply chains here in america. Thats the whole point. When you put 85 of your manufacturing of key ingredients for pharmaceuticals and automobile sales and sony phones and everything over in china to do short run profit max at the expense of your National Security and your National Long run economic outcome, this is exactly what you get. Connell i get it. We talked about it with the trade war as well. Im sure john or jillian as well, john lonski would want to Say Something about it. When we look add cot corpora credit quality, we want to know where they are producing the product it is that they are supplying. The Credit Rating is going to be say lower than otherwise. Your credit quality is lower than otherwise if they concentrate production in one region, at one plant or several plants. You like to see a diversity, you like to see diversity as far as sourcing of production is concerned, sources of supply. Connell lesson learned. Yeah. I will just go one step further. Some Financial Experts are calling this a black swan which is an unanticipated, unforecastable event. It is not that either. Its entirely forecastable that a communist system which bypasses the price system will fall entirely due to this. So when you look at w. H. O. , the chinese wuhan district, they wont allow us to see any of the data to make rational decisions. Thats why communist regimes fail in the long run. You can fake out the price system for a decade, maybe two, like china, but russia collapsed, japan was going to overtake us, they collapsed. They are going to collapse. Its coming. And this is the precipitation of it. Connell want to make a quick comment on what might happen differently in the future, you know, if these lessons we are learning are, you know, legit lessons. What do you think . I do think this is something we cant predict and it definitely is indicative of how connected the Global Supply chain is but i do want to point out when we talk about the World Health Organization, to his point about the Chinese Government, i think one of the more shameful innings things is World Health Organization has excluded taiwan from going to many of these really important conferences, how its playing politics. This is the same bully behavior we saw with the Chinese Government and the nba. I think we are talking about spending bills, we are talking about sending more u. S. Aid abroad, we are the single biggest contributor to the World Health Organization. We shouldnt be allowing them to bully taiwan at the worlds expense. Connell overlooked but important point. When we Start Talking about the president going toetotoe with the u. N. , talking about the other nations have to pull their weight, i think we should look at the same thing with the World Health Organization, saying if china is not going to tell us the truth when it comes to this tragedy, at least we at some point must flex our muscle. Connell we will get back to whether the targeted bailouts or whatever you want to call them are justified but this was a good big picture discussion. Thank you, sir, for bringing all of that up. As we do continue on Home Construction, its been booming in counties, believe it or not, that voted for President Trump in 2016. Theres data on that. Red counties, you look at the map. They have been doing better, Home Construction wise. So what do you make of that . Is there a reason for it and can it continue . Thats a topic we will have as we continue. Dont miss us, after the bell as we break down the markets, see where we close. We are down 389. 385. Well be right back. 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 . Connell over and over we hear wash your hands, people are saying it every day as many times as people will listen. Its kind of the most used phrase out there right now but whats really happening with all the germs on your hands, face, hard surfaces . Fox news correspondent today has a look for us. William . Reporter thats a start but 23 times an hour, you touch your face. So this story is a little different, little gross, but we are trying to keep everybody healthy. All of us are walking vials with bacteria that spread germs on everything we touch and friends and coworkers absorb that scum like a sponge from doorknobs, keyboards, gas pumps, toilets. You scratch your eyes, rub your face, and a single microbe can enter your bodies and all of a sudden you have what they do. Touch a doorknob or railing, then you bring your hand in contact with your face, in contact with the mucus membrane, the virus can get into you and you get infected. Reporter doctors say keeping your hands off your face is the most effective way to avoid catching the coronavirus. But as you can see here, easier said than done. Officials are telling the public dont touch your face, then what are they doing . Touching their face. The irony, not lost on President Trump. I havent touched my face in weeks. In weeks. I miss it. Reporter you caught me there. The solution, be aware. Cell phones are crawling with germs. Sick people sneezing, coughing, touching. The virus with live for days on any hard surface. Be vigilant but not crazy. In fact, alcohol actually kills the virus which is a good solution, versus washing your hands can simply make it wash off and alcohol actually kills it. The truth is the risk of contracting the coronavirus to the average american remains low. According to all the Health Experts that i have here with me today. Reporter that means no scare mongering. Wash a lot, keep your dirty fingers out of your mouth, nose and eyes. Connell keep that camera on. Go straight to the purell dispenser. I know we have them. Throw that paper out, too. What a mess. We do our best. Thank you. Gross, as he said. We dont want to make light of it because it is informative. Its stuff we should be doing anyway. We shouldnt put our hands in our mouth. Come on. U. S. Companies may be banking on insurance to cover lost revenue as a result of people not spending as much and companies not spending as much because of the virus. The claims could end up in the hands of the court. We bring in the attorney natalie alicia gold to talk about this. One of the many items we thought about and how it will play out. It will be an absolute crazy mess. Heres the deal. Insurance companies are in the business of taking premiums, not necessarily paying claims. Here is whats going to happen. Many, Many Companies are going to have their claims denied for Business Interruption insurance. Whats going to happen is they are going to look back and say what are you going to do, company. Heres what i will tell all our Business Owner watchers. You have to fight this. Because if you do not fight the Insurance Company will get away with what you allow them to get away with and your businesses in the meantime will suffer. Heres what i always tell my clients when they are planning for their business, that Something Like this could happen, you have to have an active Protection Plan in place. You have to have some of your own insurance. People think that an insurance policy, they are covered. Your business cannot rely on someone elses business to come in in the time when you need it most connell i wonder if all are relying on the government. Larry kudlow came out and said that there might be some targeted help to certain Small Businesses that were hit. In other words, and that might replace i would think just as you are speaking what maybe Insurance Companies would be quote unquote, normal situation, relied upon to do. Im sure you would say thats probably not a great idea to hope the government comes and bails you out. Go ahead. You know what, if thats going to be the only way to make sure Business Owners dont lose the shirt on their back, i think the government will do it. Just so you know, there are actually backstops in certain states, in all the states, for the insurance contracts to be paid, especially in certain Life Insurance contracts, for example. So we have these things in place. Whether they are going to be acted upon right now is another question. I would highly advise people to take matters into their own hands and protect themselves. Go to an attorney who can really make sure in any event Something Like this happens again you wont lose the shirt on your back, the business you have built. Connell one of many stories we are following with this virus. New expansion meantime of immigration laws is another thing to keep an eye on. Trump administrations plan to collect dna samples from migrants who are crossing the border or are held in detention. With that as a backdrop, to california, rnc Committee Woman joins us. Im sure there will be legal challenges to this. What do we expect . Well, this is just the implementation of a law that was passed over a decade ago. That is the backdrop of it. If you were to ask me this question ten years ago as a civil libertarian i would have said i have significant concerns about it. But ten years later, in california, we have a sanctuary state, we have millions of people in just that one state alone, we dont know who they are, and we have a regime of expanding illegal immigration and frankly, deaths of americans from this. I do think at this point given that if you want to be a legal immigrant to this country, which i am, you have to give up some of this data. It is totally fair to ask people who are crossing the border, asking to come to our country, to do the same. Connell im sure some people will say really, dna samples . That seems intrusive. Your point is that they are coming in, that you have to, you know, if you have to give up some of your rights, is that the point . No. Dna is the new fingerprints. People who are seeking immigration have had to do that for a long time. Today its dna, its simply more accurate and while i regret that we have to lose our liberty this way, it is a function of the policies we have in our country and the need to keep citizens safe. Connell quick question, immigration has come up a lot in this virus conversation. I know people were bringing it up in the state of california, that the governor, gavin newsom, seems more open maybe to the president s approach in some ways. Whats your thoughts on that . Well, it is interesting how the coronavirus has really caused people to change their tune on some of these issues. Yesterday we had this cruise ship held offshore and like i said at the same time, thats in marked distinction to the fact we have an open border on our southern border. Theres a real tension there politically. I think i dont think the governor is in terms of shutting that border, so i think we will see if this disease spreads, particularly in some of those dense urban areas, i think we will have to revisit some of those issues as well. Connell let me get to facebook, removing the president s census ad and the argument is it violates their policy, having a census ad. Fill in the blanks on this one, if you can. Sure. Well, facebook has banned the census ad and the ad is very similar to a mailer that Political Parties have been doing for decades, which sends basically a Political Survey in your direct mail, in your mailbox, in the form of a census to figure out what your views are on certain issues. I guess facebook is reacting as if the census word only relates to the United States census every ten years which is false, and i think this is a disturbing new development because of these social media companies, facebook has typically been the one that is most allowing of different types of speech even if the left protests it. Now as a result of nancy pelosi and aclu democrats and activists, they have shut down the speech, im afraid this is a harbinger of more censorship to come and it always falls on the conservative side. Connell thank you for coming on today. Watching these markets just scanning the dow 30 on a board we have here at the studio, well, there were four, now theres three that are roohighe. The dow was down 894, its 464 to the downside now. Seems to be kind of tracking the tick by Tick Movement in the tenyear treasury note, which is well below. 7 earlier today but has come back off those lows. We will get into that. We also have politics to cover as the battle is on over Elizabeth Warrens supporters, where do they go as she steps out of the race and who stands to benefit most maybe from a liz warren boost. We will talk about it when we come back. At fidelity, online u. S. Stocks and etfs are commissionfree. And when you open a new brokerage account, your cash is automatically invested at a great rate. Thats why fidelity leads the industry in value while our competition continues to talk. Talk, talk while our competition continues to talk. Apps except work. Rywhere. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com 100 online car buying. Carvanas had a lot of firsts. Car vending machines. And now, putting you in control of your financing. At carvana, get personalized terms, browse for cars that fit your budget, then customize your down payment and monthly payment. And these arent madeup numbers. Its what youll really pay, right down to the penny. Whether youre shopping or just looking. It only takes a few seconds, and it wont affect your credit score. Finally a totally different way to finance your ride. Only from carvana. The new way to buy a car. Connell lets get to this new data that finds really a lack of regulation thats been leading the a houto a housing boom in republican leaning counties in the Fourth Quarter of 2019. The panel rejoins us on this. John, im curious to see what you observe about this. I know you have been following it, jillian. Is it that simple . Lower regulations . I think its fascinating. There was a study that came out in december that ranks cities by their restrictiveness for building, everything from land use rules to zoning to how many Government Entities you had to get to sign off on before you were actually allowed to get yourself to break ground. We looked at that and look at this other study that just came out that was looking at the places where the majority of building is happening in places where rent is higher than average. You can almost take these two studies and overlap them on each other. Its really remarkable. I think what we are seeing here is people still build, great market to be building in, but they build for high end stuff and it ends up not really benefiting the low income, middle income families that really need affordable housing. Then you have progressive politicians like in seattle jumping in saying we will fix the problem and actually making it worse. They ended up just passing an evictions ban, for instance, during the winter months. The idea is you dont want people sleeping out on the street. When you are a landlord looking at this, what its going to end up doing is you dont want to rent to high risk people. So if you have a criminal record, if you have a history of addiction, if you have been kicked out of an apartment before, it will be much harder for you to be able to find an affordable apartment. I think this is a case in point when government makes the situation worse. Connell we look at these areas that the president to jillians point, we do have lower regulations in place, presumably lower taxes on the local level in some of them as well if they are controlled by republican legislatures, its interesting, john, because if you go to and we have been doing a series, for example, on the swing state economies, we have been to six or seven of these states sometimes especially in the industrial midwest republican areas, some of them, you will find the economy in other ways is not growing as fast, especially where manufacturing has taken a hit, but then in this area with housing, maybe thats making up for it and would help the president politically. That could help. D but you have to have the jobs here. It may be that red counties tend to have lower taxes than blue counties on average. That helps. There is also some argument being made that red counties when it comes to say primary and secondary education may do a better job for the average student as opposed to a blue county connell run by democrats. Well, yeah, not necessarily the brightest but they may do a better job at helping average the median student. [ speaking simultaneously ] the way the educational system is set up, it stresses the basics of education much more so. Connell is that what it is . A School Choice story more than anything else . [ speaking simultaneously ] again, its grade school education. Connell i wanted to move on to a quick political its a good thing, we go through a couple hours, not talk about president ial politics as much, with everything thats going on in the market. The liz warren story was a big one with her officially dropping out yesterday. Now everybody is wondering, you have joe biden, Bernie Sanders and obviously they want the endorsement but more importantly, they want the supporters of warren. Theres been this debate about kind of where they go, conventional wisdom to the left so they stick with bernie. I on a personal level, i havent been to not a lot, but a decent amount of Elizabeth Warren events out on the campaign trail. Im not 100 sure of that. When i would go up to a warren voter, not all the time, definitely majority of the times, why are you with warren, because its time to see a woman become president. They didnt necessarily bring up an issue. Im curious to see what happens. Look, there was a poll by quinnipiac that suggested 35 of her supporters were also Bernie Sanders might have been their second choice. We witnessed the fact there is no idealogical purity test when it comes to does somebody go from pete to warren, from warren to biden. We really dont really know connell you cant make assumptions. I think her problem, her downfall as a candidate, also her downfall as to why its difficult to kind of project where her voters go is because a certain lack of authenticity. She started off as Elizabeth Warren ive got a plan for that, kind of changed into this kind of choose me, love me person, and by the time she tried to go back to the white papers, it was a little too late. Now i think right now shes facing this almost Ronald Reaganesque moment, a time for choosing. That reflects both her path and also the path of the democratic party. Connell we will see how it plays out in terms of endorsements and supports. Back to the markets for a moment, we had a story that was forever without a 1 swing, now we are five days in a row of 2 swings for the dow and s p. There is the back and forth we have seen throughout the week, going back to last week. The five days in a row, by the way, 2 swings, the most since december of 2008. Well be right back. And they lived happily ever after. The end. The end might not be as happy as you think. After all, 4 out of 5 people who have a stroke, their first symptom is a stroke but the good news is you can rewrite your ending and get screened for stroke and cardiovascular disease. Life line screening is the easy and affordable way to make you aware of undetected Health Problems before they hurt you. We use Ultrasound Technology to literally look inside your arteries for plaque that builds up as you age and increases your risk for stroke and heart disease. So if youre over 40, call to schedule an appointment for five painless screenings that go beyond annual checkups. And if you call us today, youll only pay 149an over 50 savings. Read it again, papa . Sure. Ive got plenty of time. Life line screening. The power of prevention. Call now to learn more. I think theres a big fear factor in the markets. Youve heard me say this. I dont know, some people say i shouldnt say this, Warren Buffett has said this. Im a longterm investor. I look at the long run health of the economy. I look at a president whose policies on taxes and regulations and trade and oil have boosted the trajectory of the economy. It will withstand a temporary virus. Connell an interview larry kudlow had with Stuart Varney earlier. We bring in Charles Payne ten minutes ahead of making money also talking about the fact government assistance may be on the way in a targeted fashion. Your view on the response here from the administration . Charles well, you know, i think the response has been really adequate so far, to be honest with you, connell. Its interesting because kudlow did three interviews back to back to back, the last was with Stuart Varney, and that was the one that moved the markets. I think the media, you know, has got to take a step back for a moment with the sort of gotcha stuff. You said to buy stocks, now they are down 9 . Hes not trying to pick the bottom. I think what hes trying to do is historically, if you buy the markets on a dip like this, particularly after the jobs report we saw today and all the other Economic Data is theres a pretty good chance you will do pretty well. Now, having said that, the administrations got its hands full because they are probably going to end up writing some checks. It wont be, you know, sort of the democratic dream of jason furman to write everyone 1,000 but they are going to come to the aid of Certain Industries and we will see how that works. Because a lot of this stuff is preliminary, lot of its scuttlebutt, not official just yet, but it does feel like the airlines which are higher today will be the initial beneficiary and i think probably i wouldnt be surprised at some point to see them come to the aid of Small Businesses as well. Connell i know kudlow mentioned that a little bit. We could talk to you for the fe next eight or nine minutes but that will cut into your show. We will just listen at the top of the hour. We will, in the meantime, i dont know if anybody knows this exists today, its one of those days they put it out there, apparently we are all supposed to unplug from our devices today. We will take a look at some of the technology that could be, well, used to spy on you right now even if you are plugged in. Its all coming up. We will keep an eye on the markets, down 500 plus on the dow. Well be right back. This is the age of expression. But shouldnt somebody be listening . So. Lets talk. Were built for hearing whats important to you, one to one. Edward jones. Its time for investing to feel individual. Im part of a community of problem solvers. We make ideas grow. From an everyday solution. To one that can take on a bigger challenge. From packaging tape. To tape that can bond materials to buildings. And planes. One idea can unlock a breadth of solutions. At 3m, we are solving problems that improve lives. Connell i dont know how many people know but today is national day of unplugging, the cyber guy knows, unplugging the most invasive unwanted device that is actually, kirk, could be spying on us, take it away. I still dream of the days, connell of unplugging social media entirely, the days without it. I would love on many occasions i would like to throw it at a woodchipper. Twentyfourdollar recording device that could planted anywhere in your home and you have no idea that its even there. What are you supposed to do if you get privacy compromised like this . You call a modern day spy catch er. Hes come to my house to show us tricks of the trade. For the First Time Ever showing hightech securities worth tens of thousands of dollars he uses to find spies. I think i see something. What is that . There you go, a cellular bugging device and nowadays you can buy those online. Someone could be listening through this . Yes, they can. Who would do this . Most of the times find in places like corporate espionage and things like that. You can find them in homes nowadays, people listening to each other. Husbands, wives. This device is called a spy finder, looks for tinny pinhole camera lenses using a light. What are we looking at . High definition video. The thing ladies have to be careful of, lets say they go to a guys house or airbnb and hotel room and they see Something Like this laying on bedside table. Its something that you want to definitely check out. Another thing that you want to check out are plugs and chargers. Thats not just a charger but video camera and audio and catching everything thats going on in here right now. On unplugged day i want to unplug most plugged devices, photo charger, ceiling lightbulbs have hidden cameras. You can use flashlight to inspect your own home looking for lens reflections and i will show you how to do that, go to cyberguy. Com and we will hook you up with tools there. Connell our panel is back with us all scared to death, by the way. I thought it was simply convince joseph to put the phone down. I want to get in quickly, john, the debate thats going on in the markets i think after the cuddly interview or interviews is what we should do about this virus, nothing, just see how it all plays out or the administration seems to be leaning now government assistance, some sort of targeted bailout, what do you say . I dont think we should be shy about using government assistance. This is a natural calamity of thing. Connell hurricane. Hurricane, tornado. An act of nature, not a nice one. The Airline Industry is hurt badly, leisure hospitality, why not come up with some form of assistance to minimize. Connell youre helping tennessee and help everybody else . I will warn viewers to be on the lookout for politicians taking advantage of this. I think we have seen alerting up with the coronavirus bill, really trying hard to get this a spending blowout and i think this is unfortunately something politicians do all of the time. Connell sounds like an 08 conversation. 5 seconds. The treasury bond markets could care less of increased Government Spending than treasury. Coronavirus is act of god, i dont know what is, we have to act accordingly. Connell im sure charles will as he takes you through the hour, down 576. Charles this is Charles Payne, making money, stocks continue to be under pressure as buying yield hit record lows creating week of volatility that we have not seen in decades. The market ignoring monster jobs report, it does make a difference on main street, speaking of which, what should individual investors be doing now, adjusting 401, sell everything and move to antarctica . Plus President Trump hes wrapping up visit to tennessee as the state tries to heal itself after devastating tornadoes. We will have a live report. All tt