Transcripts For FBC Bulls Bears 20240713

Is david asman. Joining me on the panel gary, zachary liz. Attended christine on the Stock Exchange. Was it the Oil Price Crash that set this all . Reporter several factors, one has to revolve not necessarily the virus itself but the panic around the virus as well as oil, it is so difficult to price and the Economic Impact and what the virus is going to do to companies acrosstheboard which is why you sell the selloff today and we have a Circuit Breaker halt all markets when we saw it fall down 7 . That helped liquidity but using acrosstheboard everything over 7 lower for the day. Oil hitting a low we have not seen since 1991 and that really did hurt shale producers across the country across the globe and it shifted investors to move their money into safer bet like ten year treasury bond and thirtyyear treasury bonds. We saw the ten year drop to 31 basis points, that is 0. 319. Not even percentages anymore. And the same thing for the 30 year yield, it fell below 1 . These are numbers we have not seen ever for the thirtyyear. We should see more refinancing going on we have all this economist and analyst wayne and in Morgan Stanley put out a note talking about a potential recession and the next two or three months enlisted the panic from consumers, lower oil, businesses from investing and jeff said they were going to do a hiring freeze and layoffs within the energy sector. And then goldman sachs, the economist said they believe the Federal Reserve will be cutting Interest Rates at the next meeting in march 18. Retailers suffering from shortages right now, target today says they will be limiting the sales of disinfectant at the store because their little available, its completely sold out at walgreen, costco, even walmart, empty shelves across the country. But to bring a full circle and bring about two guys in the panel, a lot of this does involve how companies are being proactive, you have people saying im going to work from home or my company told me i cannot come in today. You have schools closing in the United States, more universities and trips getting canceled. That is adding to it. So typical to the Economic Impact right now. David i remember 1987, its extraordinary how quickly we can come back with even a worse point loss percentage than we have today and work in extraordinarily resilient economy right now. Were in a good shape to weather the storm. Nancy pelosi is blaming the stock market plunge on the president s handling of the outbreak. Take a listen. It is very sad but i believe what we know about the dow is uncertainty, they want confidence that there is a plan and i think what is happening is a reflection of the lack of confidence. David gary, is that white traders sold off today . Not in the least. There is a combination its murphys law going on, the market in 14 months was up 38 on the dow, 58 on the nasdaq, we were gonna correct anyhow but the virus hit, thats a catalyst. May i state this, business after business after business, industry after industry after industry are pulling in the rains, when that happens we go from a Virtuous Cycle to a vicious cycle and is weighing on Economic Growth. You throw in what happen with oil and what saudi arabia did and is an attack on our oil industry and worry about the leverage that the Oil Companies have and you end up with what youre seeing. If you blame this on the president and give them the blame on the 15000 points for the upside, guess what its an election year. Unfortunately this will be expected, i wish all parties would get into a room and get a kumbaya because this is affecting all the citizenry around the country. David you better roll out the liquor cart for that. We need time and hard feelings and broken hearts. I like how you said it, virtuous but guess what happens after vicious, virtuous again and thats what i believe as you alluded to about the economy and about businesses in the mobile work, it can happen. It can be done incense business today, technology and the iphones, laptops, things can work and on the Stock Exchange of the company that facilitates businesstobusiness work. This can happen. David liz, we still have victories in this country, and we still have Office Buildings in which people need to be there for various reasons, what happens if they become quarantine, wont that lead to a temporary shock to the economy . I think that is unnecessary. I think the Health Issues here have been exaggerated but i want to go back to 1987. [laughter] and also 2008, there was really serious underlying in the economy, we all knew that and people puttered along and kept driving the market higher in spite of that, there is no kernel of instability in this economy and i think really what we need, nancy pelosi is obviously trying to score political points but we need the private sector to come forward and say here are the risks and the realistic risks, not what someone will tell you on msnbc and hear what were doing, our economy is going to be just fine. I find this overreaction is ridiculous. David you came in here steaming today. Ive never seen her like that before. One more thing to say, in russia, lets talk about russia, they said. David we have a whole segment coming up. Hold your fire on that one. A lot of people are saying dont panic, dont panic, you have a great piece in Time Magazine where you said panic but dont act on the panic. Plan out the scenario. Think in your mind the worst panicky situation and then do what. There is a tendency in the Financial Media and for people to say its not a big deal. It is a big deal and you shall offer that human reaction whether it is justified or whether completely unjustified. Were in the grip of something globally. Best case scenario, everything in china, its been four weeks and to some degree whats going on, its like a sucker punch. It wouldve been reasonable for weeks ago at 2 Economic Growth in the United States, modest profit, we can argue if it was going to be over or under but it was within a range that made sense and realistic. It has to be reset and it may be wrong that has to be reset the globe has taken a big timeout right now. And we are not used to the. We do not know what the outcome of those viruses just yet. We want to believe the best but we just dont know. We will not know a few months from now. I have to make the statement that the fact if a cruise ship does not go out, all the people that were going to get to the cruise ship on ubers are not going to take the troopers and not get on the cruise ship, not take the tours, not take the airline to get to the cruise ship and thats what i mean by a vicious cycle, the more and more we hear of that, the more and more companies adhere of that, the worst it can get. Let me add in the other part of the equation. The country is 23 trillion of debt, massive leverage, you say we dont have anything that is really working, there is a lot of leverage and i must tell you the words of love and hate are very close together and you are seeing the outcome of how close together they are. Im always hoping but i do worry about all of this and Central Banks are culpable. David go ahead. We talk about the federal deficit all the time on this program, the federal deficit can be fixed, i dont feel that all we have to do is have discipline in congress in the white house, its farfetched i know. The liquor cart i was talking about. I dont think that is exponential threat to this economy. The one reason that debt has been so prevalent and to use the word fun to have because its darn cheap. And thats a scary thing, to your point, when debt is cheap and you can get it, you go and get it. But to your point about all the things about the troopers and flights in cruises, to 1 degree that weve seen a massive selloff on the s p, its already price. David sometimes when it falls often comes back fast. By the way you dont need a microphone. [laughter] david we have an excited crowd, we hope you are enjoying. Democrats are attacking the president for the response of the growing number of coronavirus cases in the u. S. Theyre putting forward their own proposals, we will ask member of House Financial Services and the bar, what he thinks of the democrat plans. He is next. We can test them in the house, question is will the senate take up the legislation that relates to the wellbeing of america to work with. 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. David politicians are jumping over each other with different plant to deal with that virus as a president has a closeddoor meeting about the issue, nancy pelosi and Senate Minority leader Chuck Schumer laid out a list of demands that they say should be in any economic package it includes paid sick leave, bolstering an appointment insurance and widespread and free testing for the coronavirus. Joining is now a member of the House Committee congressman andy barr. Great to see you. We are in an election year, i dont have to tell you, people are already promising everything in the moon to voters. Now with this, i am just thinking, there is no way anybody will say no, does anybody have the gumption to say when some democrats are offering packages that request hundreds of billions of dollars, will anybody in the Republican Party say no . I think so and we need to take action and take the right action. But we do not need to politicize the situation. Obviously we had a bad day. 7. 8 decline in the dow, the largest decline since the financial crisis and look, the collapse of oil prices have a lot to do with it in addition to fears about the coronavirus. But we should not politicize this issue. This is not something that President Trump created, this is something that was created in the communist china and obviously spread to other countries and i would just complement and applaud this a administration for taking very decisive, aggressive action. This is the whole of government approach, the Vice President and his team and doctor county have been on top of the sensor beginning in the president took bold action right away to impose a travel ban from china and around in the beginning and issue a level four travel advisory and very impressive work with the fda to lift the restrictions on the availability of testing and now we see not only the state in academic labs testing but also the commercial labs coming on board and that is a credit to this a administration. This is a whole government approach. You laid out the work we have to do with respect to Health Insurance companies, vaccines, we talked about working with some of the recovered folks which there are many by the way and you might get antibodies from them and working up a serum. What is the timeframe on getting all of the stuff lined up with aligning everything in Insurance Companies to make sure with testing and eventually the vaccinations that spokes will have this covered on their insurance policies. Its a whole government approach and we had everything including secretary azar and they are working on that right now and what i would say is the timetable is very, very impressive in terms of the expedited pace we are seeing, its a collaboration between the private sector and cms and cdc and hhs and all of these Healthcare Agencies at the federal level in the trump administration. But what they are saying is the private sector is already has therapies in active Clinical Trials both in china and the United States. Were only about a month 6 weeks away they say from a vaccine in active clinical trial. What a contrast to the speakers proposal of more government. And criticism of the lifesaving life improving Innovative Companies in the private sector that will be our saving grace. Excuse me for interrupting, to your point about what nancy pelosi is talking about, is she requesting additional funds in addition to the money that is already been agreed to and signed off by the president for things like expanding an appointment insurance . It sounds like it, only in washington were politicians like the speaker asked to spend more money when we literally just appropriated over a billion dollars last week. I voted for the package but we certainly dont need to spend more money before we exhaust the money just appropriated. You begin your comments saying we should not politicize it and from the perspective of the other side of the aisle, you spent a considerable apportion on the air criticizing it. Defending demonstration which is fine but neither here nor there what people want to know, what you will do and what we are collectively going to do. And i find it flabbergasted that you begin that way and then go on to a partisan perspective, you can criticize nancy pelosi all that you want, legitimately but we are looking to you because we are collective in the society for collective answers about what is currently a panic, it may be unjustified panic and may not be legitimate but its happening. We need to know what youre going to do, not just amen course. It was a bipartisan bill that we passed and we did take a bipartisan approach to the emergency supplemental legislation, i am merely pointing out that we dont need a partisan approach to this, we need credit where credit is due and certainly the congressman of bipartisan weight deserves credit for appropriating the funds to expedite the therapies in the vaccines and bringing them to market and the administration deserves credit for taking the ministry of action to allow the fda to expedite these therapies in the Vaccine Development that is happening and getting an expediting the kits. I am not politicizing the issue but what i would say, we dont need to have a situation where the speaker of the house is asking for more spending when we literally just appropriated over 8 billion in response to the. David we have to go but i have to ask quickly, some people think Congress Might shut down, we have doug collins, senator rubio or cruise cruise, he is self courtinself quarantine. What happens if more of your colleagues are exposed to it. It may be the case that Congress Takes a break and if several of our members cannot be here that we step away, we are hearing that that might be the case but the risk remains relatively low for the American People to contract the virus, that does not mean we should not take all the precautions we need to including in the Financial Sector and your see the regulators take pretty decisive action. David andy barr, i have gone over time but it was a pleasure. Thank you for being here. Six states are set to vote for a mini super tuesday in joe biden and Bernie Sanders picking up highprofile endorsements, we will look at who can move the needle next. People love Bernie Sanders can win. Will win. Must win. Bernie can win. You wouldnt accept an incomplete job from anyone else. So why accept it from your allergy pills . Flonase relieves your worst symptoms which most pills dont. Get allinone allergy relief for 24 hours, with flonase. [ siren ] doug which most pills dont. Give me your hand i can save you. Lots of money with Liberty Mutual we customize your Car Insurance so you only pay for what you need only pay for what you need. Liberty. Liberty. Liberty. Liberty. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Some people say thats ridiculous. I dress how i feel. Yesterday i felt bold with boundless energy. This morning i woke up calm and unbreakable. Tomorrow . Who knows. Age is just an illusion. How you show up for the world, thats whats real. Whats your idea . I put it out there with a godaddy website. Make the world you want. David joe biden and Bernie Sanders gearing up to go headtohead tomorrow and the six state primaries with her hundred 52 delegates up for grabs, the biggest prize being michigan that has 125 followed by washington, with 89. Jesse jackson is now backing Bernie Sanders and Kamala Harris and cory Booker Joining in endorsing biden. Sanders did pull out a michigan win against hillary in 2016 barely. Can he do it again tomorrow . The polls show him way behind, one pull at him with a 24point deficit. In 2016, he also was shown to be way behind. So the bedding is biden will win and its considered an incredibly important when four biden in this race because he is going to be sweeping the south, Bernie Sanders if he took michigan and the western states then he is still in contention. And i think the biden is using at as make or break. We talked about this last week, the sanders phenomenon it was and is a phenomenon and it was overrated as he got 35 at most of the primaries except for vermont which he underperformed in his home state relative to how we did in 2016. You cannot carry the momentum of a Party Without level of support. It is true that donald trump in 2016 did not have a majority, he had a plurality with a very crowded field. I dont think thats an example one can set, it would be extraordinary if he does well in michigan and clearly the party is moving on from Bernie Sanders. Zach is right, his numbers were overrated, sanders, i dont expect them to win michigan, the momentum is in bidens and i can tell you flat out, next wednesday here in florida and sanders is going to be mauled by biden in that is the death now, i believe biden will be the nominee and then we had to november and it will be interesting few months when we move forward. Thats assuming joe biden knows where he is. Because he has to address the crowd. I love you cleveland oh yeah im in detroit. And then fort lauderdale. I think this is an interesting pivot point because of what is going on in the markets. I wonder how much that will come up because this reaction that the democrats have had to some slowing Economic Data or some with policy already and lack of confidence manifested, it is really going to be key points Going Forward especially for Bernie Sanders as he is falling behind to rile up the crowds and get both moving and the turnout up. Lets not forget the party and the Democratic Party is against sanders and working against them, they know theyre down ballot would be destroyed if he ever got the head of the ticket. David let me try men, sanders has come out and said he would be in favor of biden if he becomes the nominee and you wrote an interesting piece how he can come fortify the women who been left out because liz edwards is not be there by putting an interesting choice. I think what will happen is that biden is a candidate and its unbelievably who he picks as his running mate. Because a lot of people as we were talking about are not convinced he will make it through four years in the white house. David you said it should be Amy Klobuchar because she helps the. States like michigan and because having a woman on the ticket is essential and people like liz warren and others think that women are victims of sexism in the Democratic Party and they cannot win elections. If Amy Klobuchar runs with joe biden and he went almost for sure shall be the first woman president. Its never a good thing for city president s to deal with these moments and donald trump will be judge whether by the democrats or the rest of the electorate on whether or not hes a good story through this crisis however, long it lasts, that is not a partisan comment, thats a, about the nature voters in a president ial leadership at a time of duress. The idea that i think washington and the white house can hang back during this is likely to be a mistake. David used to say hes hanging back . We will see how things go Going Forward, it will take more about tweeting opponents. David you look at the coronavirus, that is more than windowdressing. You have like people like Anthony Fauci doing very specific stuff. Is ihes an incredibly impree individual. You have to be perceived as leading through a crisis. It is early enough i think it is early, and the next month or two we will know what reputation donald trump. David we were the first country to institute the travel ban and we have a lot more trouble than we did have. David phase one for the nightmare of the passengers trapped on board of the Princess Cruises coming to an end as the cruise ship docked in oakland california. Whats next for the 21 passengers who tested positive for the virus and the thousand who have not been tested at all. Will give you the latest strictly from oakland coming live next. Dont just plan to retire. Plan to live. An annuity helps cover your essential monthly expenses, so youre free to live the life you want. Find out how an annuity can give you Lifetime Income at protectedincome. Org well keep building smarter suvs. To help keep you focused on the road ahead. And. The road beside. Did we mention the road ahead. With an available best in class. Epa estimated combined fuel economy and the technology to practically park itself. This is the reimagined 2020 ford escape. And the technology to practically park itself. 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. David we have a fox business alert, the grand princess cruise ship is now in limbo no more, just talking in oakland to begin the process of disembarking 21 passengers that tested positive for corona virus and thousands of more and crew members who have not yet been tested. We are in oakland with the latest. Reporter the grand princess cruise ship taking 30 minutes to dock at the port of oakland, thousands of passengers on board watching operation from their balconies relieved to know they will be off the ship soon but the ordeal is not over yet. Here is how its going to go, the sickest passengers including the 21 who tested positive for coronavirus will get off first and taken to local hospitals. Then the remaining passengers will be transported to military installations in california, texas and georgia for more covid19 testing in mandatory 14 day quarantines. This is happening added unused shipping terminal been used for parking and storage but now been transformed into a 10acre triage and processing site with emergency and medical personnel may seem to make sure everything goes smoothly to transport these people as quickly and safely as possible. Then the cruise ship will leave oakland with the captain and crew spending thereto we quarantine on board. This is a massive operation with a lot of moving parts, they say they hope they can pull it off in two or three days. Again, after three weeks at sea, everyone on board now facing a mandatory 14 day quarantines at least. David thank you very much, doctor Anthony Fauci, the director of the National Institute of allergy and Infectious Diseases and of the task force, atwood new warning for travelers. Listen. Right now, you should start to distance herself from the risk, crowds, getting on a plane, on a long plane trip, a bubble dont get on a cruise ship. David now you have italy locking down the entire country only central travel is allowed and no public gatherings and israel is putting people arriving on International Flights on a 14 day quarantines. How bad is this going to get for the travel industry. Really, really bad. This is maybe 9 11ish and the sense of everybody freezing in place and sheltering in place to some degree. Whether or not this is a complete overreaction, it does not matter with the economic hit to airlines and cruises and hotels. It will be unbelievably steep for the second third quarters, it may have a rapid recovery but past experience, youre talking more or like 12 24 months before this begins to come back to where it is now. In markets and investors and bond markets really have to reset to that reality. Were expecting x off the table and why not as good. I dont know we will do it this week but eventually oliver guidance for 2020 we are just pulling it because we cannot we have no visibility. David will we see a bailout for the industry that includes airlines, cruise ship lines, whatever . We did not have time, i was going ask congressman that, im sure they will talk about it. There is no doubt in my mind, travel is gargantuan and let me give you to easily understand, the transfer index is now 25 in a month. That does not include the cruise lines, it does not include hotel chains either. I would gather there has got to be a move afoot. I have got to tell you this economy economies around the globe are about moving things, not just people but stuff and if that stops the worst acting was the rails, the reels were destroyed today so i suspect something is going to given something will happen and i think we will see tarp for transport real soon. The reels went off the rails today. In your point about the transport, to your point, down 25 , 10 was actually today. What is really happening, this is accelerating as part as the market reaction. There is good news to that though, the market is going to discount what zach said, were getting x and we could get y or z in the market is getting to the which is the end of this whole thing and the faster it comes at, moves news fast in italy being recent, that will hit the market faster and recover faster. I would disagree that it will take 12 24 months to get back to where we are. Already the airlines in the cruise ships forget the cruise ship for a minute, but the airlines are giving out incredible deals to get people to book flights for the summer. I know young people doing that because theres no cancellation fees. 200 roundtrip to europe. And economic beings, more or less resolved in the next couple of months which it will be i think you will end up with these companies coming back to life. Theres two parts to the equation, 60000 people have recovered, if that number could continue to go up, that is good news and the quicker we hear something from a big trump untrained drug or Biotech Company that they are onto something, we will get fasttrack city. David we have a fox business alert, i want to show you like pictures of the White House Briefing where we were expecting the daily coronavirus outbreak, the Vice President seal has been removed from the podium and replaced with the president seal and that indicates the president will be addressing the media when this event begins. It is scheduled for 6 00 p. M. Thats about 20 minutes from now eastern time, we will bring that to life when it begins. A saudi russia price for sending oil crushing through the largest single day drop in nearly three decades. Is this what russia really wants to happen. Former Shell Oil President joining us next. Ent. Experience amazing at your lexus dealer. Adds to the legendary capability of the strongest, most advanced silverados ever. With best in class Camera Technology and larger, more functional beds than any competitor. The only truck that can compare to a silverado is another silverado. Truck month is the right time to get behind the wheel of the chevy silverado. Now, get 0 financing for 72 months plus 500 dollars cash allowance on all silverado 1500 crew cab pickups. Find new roads at your local chevy dealer. David oil suffering a historic collapse after saudi arabia shock the market with a price war against allied russia. The kremlins decision not to agree to production cuts led the saudis to massively increase and this came as a huge hit to u. S. Producers many of whom cannot make a profit at the low prices. Lets bring in former shell president john hofmeister, you think this is a direct attack by putin against our Successful Oil producers. Maker k. Yes putin is very angry at the success of the United States plus compounded by the sanctions that the u. S. Has placed upon him. He is also intolerant of the crown prince half his age telling him what he should be doing with opec. So putin is on his own here and he is not afraid to challenge the United States shale industry nor to embarrass the crown prince of saudi arabia, so were in for a pretty rough time in the coming months. We have seen an awful lot of the Oil Price Wars in the past, one thing that has not changed, russia is very dependent on oil revenues, 40 of their budget is from oil and gas exports, how can they survive with attention in russia and the need to social programs et cetera, can they fix this out . I think they stand for several months but were not much longer than that. You are right, they need the oil revenues for much of the National Income but not as much of saudi arabia. Saudi arabia is more dependent on the revenues to keep the state running and to provide the subsidies Saudi Arabia Oil produces. Thats interesting because the longest awaiting op you came out and you get the situation. With respect to the u. S. Oil companies, and our u. S. Situation and you look at some of those companies today, absolutely blasted, lets talk about the Dividend Income that folks rely on. From Balance Sheet and as you know from being where you been in your career, can Oil Companies help to cover without Dividend Income, can we talk about the capital flow that they can change to weather the storm as things crater . You have to divide the industry into two camps, one camp thanks in advance as to the dividends and manages capital plans in order to support the dividend policy and they will have the cash flow to maintain that even at low oil prices, theres the other camp thats highly leveraged, many private equity firms got into the shale business, you have the Oilfield Services folks who make the equipment and so forth, they will struggle with loss of volume and price reduction trying to serve with the industry is still trying to do. Capital spending will be reduced, those folks in the second camp are going to have a tough time if their Public Companies are making dividends. Just a quick question about mohammed bin selman who shares the blame along with putin given that hes in the middle of another coup that is going on 17 usually. I know youre putting a lot of the onus on this on putin but what about the allies in saudi arabia. The challenge that mohammed bin selman has, he fixing is more than he knows. When he gets upset, he is a tendency to throw his toys out. So he gets upset and intolerant and then he makes very bad judgment. Remember the whole setback for the oil industry began in 2014 was mohammed bin selman at the time trying to put the shell industry out of business in the United States. He failed miserably in chewed up a whole lot of Sovereign Fund in saudi arabia. They have not fully recovered their Sovereign Fund and now hes back at it again. He does not learn very quickly and i think thats a big problem for the kingdom. This is gerri cal gary kaltbm noticing other names have their bond cratering in stocks trading below 5, that tells me something about what the market, are you worried about these Companies Going into bankruptcy because what we see on price now . We have to, and the 2014 aftermath, we lost 150 companies to bankruptcy. This is going to set them back even further. The banks have gone very stingy with loaning money to people in the shale business, particularly those that have weak Balance Sheets. This will be a drying up of funds and with all the other commitments, i think were in for serious rationalization in the industry. David how important is a slowdown to the chinese economy because of the virus to the oil business. They were really depending on china to eating up the oil and they will not be doing it. Not unless china and india has been reported start to stock up their strategic reserves, that would help a bit and at the low oil price, is a good time to stock up your strategic reserves. David john hofmeister, but the airlines are doing that now. Bill gates helping to get on coronavirus with his own money. How does Bernie Sanders factor this act of charity into his description of evil capitalism. We will debate that coming up next. Me on. I saw you eating poop earlier. My focus is on the road, and thats saving me cash with drivewise. I think i found my dream car. She can stay with you to finish her senior year . So much for the empty nest. Things will be tight, but we can make this work. Thats great. Now. [ gasps ] grandpa, what about your dream car . This is my dream now. [ laughs ] principle. We can help you plan for that. Start today at principal. Com. Wthats why xfinity hasu made taking your internetself. And tv with you a breeze. Really . Yup. You can transfer your Service Online in about a minute. You can do that . Yeah. And with twohour Service Appointment windows, its all on your schedule. Awesome. So while moving may still come with its share of headaches. No kidding. Were doing all we can to make moving simple, easy, awesome. Go to xfinity. Com moving to get started. Thats it. Im calling kohler about their walkin bath. [ sigh ] not gonna happen. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. What we need is a revolution in this country which makes us understand that the goal of not life is going out not like donald trump and making billions of dollars by stamping on people and lying and cheating. That is their understanding. One of the billionaires that Bernie Sanders reeled against is working to combat the coronavirus in a state that has been hardhit, bill gates is personally funding a project to get home test kit to people in seattle, washington in fear they have the coronavirus. Will this act of charity by billionaire factor into voters minds as they cast their vote tomorrow in the primary. What do you think . Bill gates, filet mignon, Bernie Sanders spam when it comes to all of this. You have a man who spent his life with his wife instead of being on a yacht in the mediterranean sipping margaritas doing things for people of the world especially the downtrodden and i give him a standing ovation and of course the Bernie Sanders has never created a dime or wealth or job, he calls people like bill gates corrupt. You know where i stand on this. I think Bernie Sanders ship has sailed. To the metaphor giving the cruise industry and right now but nonetheless. But the reality is, he does command the support of a particular french and perspective in this country. But its a small portion, its not a majority of the Democrat Party and certainly not a majority of the country. While the Democratic Party is going to move to the left when it comes to higher taxes on the wealthy and more redistributive systems, it is unlikely to embrace the more stringent views of either sanders. David the point is private charity does things better, more effectively and definitely less bureaucratically. A lot of institutions were built by billionaires, laborers, hospitals, et cetera, the truth is we cannot do without them and Bernie Sanders is wrong that thats the enemy of the people. David the president is expected to speak in a moment to update the coronavirus outbreak. What does he need to say to calm americans and to our purpose to calm the markets. We debate that coming next. Because our way works great for us but not for your clients. Thats why were a fiduciary, obligated to put clients first. So, what do you provide . Cookie cutter portfolios . Nope. We tailor portfolios to our clients needs. But you do sell investments that earn you high commissions, right . We dont have those. So, whats in it for you . Our fees are structured so we do better when our clients do better. At Fisher Investments were clearly different. woman no matter what business you are in, Digital Transformation never stops. Verizon keeps business ready for whats next. man we weave security into their business. second man virtualize their operations. third man and could even build ai into their customer experiences. We also keep them ready for the next big opportunity. Like 5g. woman where machines could talk to each other and expertise could go anywhere. woman when it comes to Digital Transformation, verizon keeps business ready. But when i started seeing things, i didnt know what was happening. So i kept it in. He started believing things that werent true. I knew something was wrong. But i didnt say a word. During the course of their disease around 50 of people with parkinsons may experience hallucinations or delusions. But now, doctors are prescribing nuplazid. The only fda approved medicine. Proven to significantly reduce hallucinations and delusions related to parkinsons. Dont take nuplazid if you are allergic to its ingredients. Nuplazid can increase the risk of death in elderly people with dementiarelated psychosis and is not for treating symptoms unrelated to parkinsons disease. Nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. Tell your doctor about any changes in medicines youre taking. The most common side effects are swelling of the arms and legs and confusion. We spoke up and it made all the difference. Ask your parkinsons specialist about nuplazid. David we are moments away from the Coronavirus Task force briefing where we are expecting to hear from the president. They put the president ial seal on that podium. So what do americans and the markets need to hear from him, gary . I would like straight in the camera says i believe in you. I believe in our health professionals. I believe in the people. I believe in our businesses and we will get past this i would drop the mic and go back into oval ovals. I believe in you, we believe in me and here is the problem i dont think exactly where the administration is yet. They will be soon. That will be probably peak outbreak. The healing begins. It is coming. They need the best Data Available on survival rates and what is happening to people who get this virus. People have no idea if you get it and youre age 45 what happens to you. The answer is not much. The administration need to share, whatever good, solid information they have for the American People and calm the fear out there. It would be extremely helpful not to turn this into attack on ones opponents. I agree. Talk about what is going on, what the administration plans to do. Maybe acknowledge this is not perfect. This is move develop, unusual situation. We do our best to plan for these things. Were learning as we go along. A little bit humility would be in order. That may not be the mo, on lizs point, fact based a little humble. David gary, focus on the markets for a second, what do traders want to hear . We have Interest Rates down to zero. Do they want negative rates or what . Traders want an up day at any point in time. David is there anything the president could say that would lead to that, gary. If you believe in the progress of american corporations you have to own stocks for the long term. That is all you can do. Zach is right, get away from the blame. I love nancy pelosi, mcconnell and the president to be front and center together and shaking hands for a change but dont see that happening. What would reassure the markets, if things get demonstrably worse. Well be there with stimulus. Just say it. David that is is it for bulls bears. Enjoy the president. Elizabeth were in breaking news mode. Edward lawrence, saying the White House Holding a Coronavirus Task force. Expect a briefing from potus, president of the United States. As were watching inside of the room for him to come out. The rest of the task force also expected to be there, including possibly treasury secretary Steve Mnuchin and Vice President of the United States. They will talk about the economic stimulus. He is looking forward to Going Forward, help offset some impact from the coronavirus. There is a meeting going on right before this with that group. About how they should go forward with that. Capitol h