Transcripts For FBC Varney Company 20240713

Prone to gaffes. In congress, no agreement on how to respond to the virus. The latest proposals, a payroll tax holiday for the rest of the year. In other words, your Social Security contribution, suspended. Another one, extend the april 15th tax deadline. However, congress had better get on with it. A oneweek recess starts friday. The market, not happy with any of this. Stocks will be down at the opening bell. You kind of get seasick watching it all. Down 2,000 monday, up 1100 tuesday, this morning we will open about 800 points to the downside. Similar losses for the s p and nasdaq. The virus, there are now just over 1,000 cases in the United States. Draconian action in new rochelle, new york, where the National Guard has been called out to help with a cluster of cases in that town. Seattle has restrictions on large gatherings. The first lawsuits have appeared, a cruise line sued. And just look at this. Students at the university of dayton rioted last night after the authorities announced no more facetoface classes. They will go 100 online. The students didnt like it. Wednesday, march 11th, Varney Company is about to begin. Just over a week ago, many of the pundits declared that this candidacy was dead. Now were very much alive. Stuart low key for having a couple of sweeping victors for joe biden yesterday. Brad blakeman is with us, republican strategist. That seemed really low key to me. Didnt seem like he was a big winner, but he did say a few things with code words in there. Lets welcome Bernie Sanders supporters, which was a veiled slap at bernie, maybe its time to get out. The bad news is for joe biden, he aint going anywhere. Sanders didnt spend all this time and capital with his base to just walk away. Hes going to demand a pound of flesh. That will come at the convention. That will be at the platform and that will be a noose around joe bidens neck as the general nominee. Stuart joe biden is the man, i think. Oh, yeah, absolutely. Stuart i dont think theres much question about that. There will be some damage to him by bernie and his supporters. But his handlers, joes handlers, have to energize the guy. They have to stop him making gaffes. Thats not going to be easy. You cant stop joe biden from making gaffes. He is who he is. The key for joe biden will be the public is really going to take a close look at him in the next debate. Its mantoman with bernie. The longer bernie stays in, the more relevant he becomes because hes forcing joe biden to debate in a primary. Stuart one quick point. What was that trending expression . Liz bidens cognitive decline trended all day yesterday. Stuart my goodness me. Thats harsh stuff. Directed at a candidate in the election. Hold on a second. Lets get the results from the primaries yesterday. Big win in michigan, weve got that. What about the others . Ashley biden took idaho, mississippi, missouri, and washington state, too close to call, but theres no doubt, you said this at the top of the show, biden appealing to africanamericans for sure and working class voters, suburb suburbanites backing him and young voters didnt come out in numbers to get him victory. Stuart lets get back to liz peek on this. Bernie appears to be look, hes not out of the race but i think his challenge is flat out over. What do you think . His socialist challenge is almost over. I agree with you. But the socialist challenge to this country is just beginning. Just think about this. 82 of voters under the age of 29 voted for Bernie Sanders in michigan. Thats a stunning number. Over half of millenials think more of socialism than they do of capitalism, and its interesting because they dont even know about socialism and im not making this up. Surveys show they really dont know what it means but they do know they dont like the way things are going under capitalism. That is a very big problem. There are more millenials than boomers now. This is a big change as of last year. Think about that. The biggest voting bloc in this country now applauds socialism. Bernies done but he has created a movement, i would say it really is at least an awareness movement, and in the next election and the one that follows, we are going to be seeing more Bernie Sanders kind of candidates. Stuart great to have you on the show. I know. Thank you. Cheer up. We need a Big Education of these people. I think hopefully that will start to happen when they get a paycheck and see how much goes to the federal government. Stuart as a market watcher, thats your background, what do you make of what Goldman Sachs said this morning, specifically the s p 500 is going 15 lower than where it is now. Thats a bear market. I would say they know about as much as you and i know. They are looking at the possibility of recession. Thats what more and more economists are banking in now, second and Third Quarter looking pretty bad. Then some recovery. We dont know what the next two months, two quarters looks like. I think trying to call the bottom here is foolish. What makes sense is saying okay, now weve had a tremendous compression in values and pe multiples, markets down 15 , almost, its time to decide which stocks you want to own for the long term and start judiciously putting money in. If you have money on the sidelines, begin very carefully to put some money to work. I said that for the last week and i think its the right thing to be doing. Stuart we are dealing with politics, the market and i really want to deal with this payroll tax holiday. Grover no, there you are. Sorry about that. Grover, i know you are there right behind that camera. I know you are. Look, a lot of people dont really know what a payroll tax holiday is. Its just a suspension of Social Security or medicare payments, isnt it . Its a suspension of the taxes that you pay, your fica taxes. So you keep more of your paycheck and the federal government would wrack it up as debt. It would leave more money in peoples hands but what happened when we did the 800 billion obama stimulus, which was just putting more money into different peoples hands . It gave us the lousiest recovery since world war ii. So how much this would help, im not certain. There is a desire to do something. I think at least they should give people another two weeks or even a month to pay their taxes for last year for anyone whos schedules are being mixed up by the virus. Stuart hold on for a second. This is a fastmoving market and fastmoving situation here. I will bring you back in just a second. I want another update on the virus, ash. Seattle. Ashley seattle, moving very quickly. They have five levels they look at. They are at level 2 which means they are doing everything they can to stop the spread of the virus. They are considering level 3 which would mean involuntary isolation, forcing people to stay indoors and away from people. If you refuse, they would get court orders. Stuart on a mass basis . Ashley just in the seattle area. They would have to determine the area that would include. They havent gotten there yet but they are considering it. They are one step below. Stuart what are they doing in new rochelle, new york . Ashley they are creating a onemile containment zone. The National Guard going into the city north of manhattan, new york city, about 79,000. They will be closing schools which means 10,500 students will be sent home. Cuomo, the governor, has said the idea is to stop large scale gatherings. What will the National Guard do . They will be doing a very deep cleanse of all public facilities. Stuart Major League Baseball . Ashley Major League Baseball does not want to begin the season with empty stadiums and are doing everything they can to avoid it. They are thinking maybe teams that play in cities that had bigger outbreaks could play in cities that havent had many reported cases, or they could stay in their spring Training Facilities and play their games there. All of this could be superseded by the local governments who wont allow them to play anyway. Stuart that could be so. Ash, hold on. Lets go overseas now, to italy. Whats the situation there . Susan 10,000 confirmed cases, 631 deaths from the virus, up from 168 on monday. Thats almost a sixfold increase in just a few days time, right. So we have 45 of those that have died actually in the ages of 8089, not surprisingly, elderly individuals, and its virtually in lockdown, a country of 16 million. Stuart germanys angela merkel, whats she saying about the german situation . Ashley 70 she believes will be infected in germany. Stuart 70 . Ashley 70 . Stuart infected with it . Ashley likely be infected. Susan and no cure. They are looking for some sort of vaccine as the disease continues to spread. Stuart still overseas, beijing . Susan 24 new cases which is actually small compared to 2,000 new daily cases we have heard reported. Ten of those being imported. China, actually yesterday, reported 19 new cases. That shows the other side of the coronavirus. But because of the cases going up here in the u. S. Past 1,000, the irs now says we should extend the tax deadline past april 15th. Stuart they are thinking about it. Okay. Check futures. Lets wrap this up. Big picture, we are going into the market, open in about 20 minutes time. We are going to be down all across the board. Im looking at drops of 2. 8 , 2. 9 again across the board. Now, as you just heard, the Administration May push back the april 15th tax deadline. Grover norquist will deal with that one in just a second. Fox News Voter Analysis shows twice as many seniors turned out as younger voters. That was not good yesterday for bernie. Joe biden lashing out at an auto worker in detroit over the Second Amendment. Watch this, please. Roll tape. [ inaudible ]. Stuart theres a lot more where that came from. We will show you the whole thing. Senator schumer criticizing President Trump over his handling of the virus. You will hear what he had to say after this. 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. Can you help keep these whiiguys protected online . . Easy, connect to the xfi gateway. What about internet speeds that keep up with my gaming . Lets hook you up with the Fastest Internet from xfinity. What about wireless data options for the family . Of course, you can customize and save. Can you save me from this conversation . That we cant do, but come in and see what we can do. Were here to make life simple. Easy. Awesome. Ask. Shop. Discover. At your local xfinity store today. I doni kept putting it off. Screened a long time ago. What was i thinking . Ok, mr. Jones. Were all done. I told you it was easy. At life line screening, we use Ultrasound Technology to help check your risk for stroke and heart disease. After all, 4 out of 5 stroke victims receive no warning. Right now, a package of five painless screenings. Is just 149. So, call today. Life line screening. The power of prevention. We are very worried about the president s incompetence and lack of focus on fighting the spread of coronavirus. We believe that his lack of focus is hamstringing efforts to address this public crisis and inflicting pain on the stock market. One word could describe thus far the administrations response, incompetence. Stuart okay. That was senator schumer. Thats what he had to say about that was what she had to s he had to say yesterday. Now listen to what he had to say about the spread of the virus in new york state, his state. Watch this. [ inaudible ]. Again, i dont know the medical details. Im sure he relied on a lot of medical people. I would defer to them. Stuart he will call the president incompetent but knows nothing about the outbreak of the virus in his own town not his own town, but a town in new york state. Thats blatant politicization. Absolutely. In a time of crisis, this is a global crisis, not isolated to the United States. Nows the time for republicans and democrats to come together. This disease doesnt target a partisan victim. Everyone is at risk. As you correctly pointed out, he is a United States senator from new york state and he doesnt know the information about what the governor plans to do . Hes not concerned about it . No, Chuck Schumer is politicizing an event that should never been politicized. He should be coming together with the president and quite frankly, the president is leading on this. He put the Vice President in charge, there are briefings every day. Even democrats in california have applauded the president because the president said anything you need, you let our team know, you are going to get it. Guess what, they are getting it. Stuart democrats in california applauding governor newsom. Stuart goodness me. Ashley a revelation. Stuart let me move on. Bring back grover norquist, please. Whats this about the push to extend the april 15th tax deadline . How would that work and what does it mean . First of all, we need to do something. This is a nondestructive thing to do which is not congresss or the governments usual first lunge into anything. It would simply give people a breathing period. A lot of plans get disrupted, its not as easy to get to if somebody is helping you with your taxes, how do you get there. Lets give it a couple weeks or even a month. Lot of people have paid more than their taxes so delaying getting them back doesnt cost the government anything, getting that free loan from citizens. I think it would make people feel a little better about scheduling over the next month or so. I think its a very good idea and they should as soon as possible announce how much time theyll have. Treasury can do it. They dont need a law change. Stuart thats what i was asking. Treasury can snap the fingers and you extend the april 15th deadline. You dont have to have a vote in congress or anything like that. You can just do this, right . Anything that requires a vote in congress, you just saw schumer, he wants to play politics, he wants to win an election in november. He could care less about who gets what virus, where. Its all about attacking trump and the republicans. Its what hes been doing the last 20 years of his life. Why do you think he would change now. So find some things you can do by executive order where the grownups can get things done and not count on nancy pelosi to pass something useful. Its not happening. Stuart okay. Grover, thank you very much indeed. Short, sharp, to the point. I will step aside from the virus and the markets and politics for a second and look at a couple individual companies. They are in the news. Pepsi are about to close a deal to buy Rockstar Energy beverages. Amazingly enough, they will shell out almost 4 billion for that company. Pepsi is down about 3 , in line with everybody else. Modest gain today for the drug compa company, up a fraction for mallinckrodt. Netflix, the cocooning stock, this is what you watch when you are quarantine d. Susan . Susan representatives from google, microsoft, apple, twitter, expected at the white house today, joined by officials from Government Agencies and that includes health and Human Services department, nih, u. S. Labor department and its interesting that most of these Tech Companies are the ones that are advising their select employees to stay home and work from home instead. They are working to discuss coordination efforts and information sharing between their industry and the u. S. Government involving containing the coronavirus. Being tech executives arent the only ones at the white house today. Very busy meeting schedule including the 3 00 p. M. Meeting with bankers and the heads of wall street banks with President Trump and thats to talk about hopefully not facing a credit crunch once again, to i guess maintain orderly conduct with these type of wild swings in the stock market. Stuart the credit crunch is an underlying story on the market. We think of the virus and think of politics but underlying it all, the possibility of a credit crunch, especially in the oil patch. You cant service your debt. Thats a credit crunch. Thats what theyre discussing. Susan 300 million. Stuart any minute now, dr. Anthony fauci will testify in congress. This is about the administrations response to the virus. Any headlines, you hwill get thm fast. We are going to be down 660 points for the dow industrial average. The opening bell, next. Before nexium 24hr, anna could only imagine a comfortable nights sleep without frequent heartburn waking her up. Now, that dream. Is her reality. Nexium 24hr stops acid before it starts, for allday, allnight protection. Can you imagine 24 hours without heartburn . I need all the breaks, that i can get. For allday, allnight protection. At liberty butchumal cut. Liberty biberty cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Stuart maybe the brits are leading the way in terms of draconian action to deal with the effects of the virus, not the medical effects but the economic effects. This morning, they announced a huge rate cut by the bank of england. They are pumping a great deal of money into the economy there. How are they doing that . Ashley for one, for many businesses, they have eliminated or abolished property taxes saying they are trying to target these particular d you kn you retailers, restaurants, trying to give them a break by abolishing at least for now the property tax. This package in the uk is about 40 billion u. S. But also the government says it will fully refund the sick pay for anyone in the uk that takes 14 days out to selfisolate because of the potential for coronavirus which is a huge amount of money. They will throw everything the nhs needs, whatever money, whatever resources they need, and its estimated the uk government says up to 20 of the work force could be absent at any time over the coming weeks and months. Stuart thats draconian action they have taken. Ashley in coordination with the bank of england. Stuart dr barton is with us. Do we need the same kind of thing here . That would be rapid rate cuts from the Federal Reserve and enormous package from congress . Does the economy need it . I believe that the rate cut from the fed is not yet. They just made a big one, didnt have much impact on the market because the market said that probably isnt whats needed. I believe a big package to help the people that will disproportionately be affected. We will have Service Workers in restaurants and all kinds of other places that are, you know, lower Economic Standing who are living paycheck to paycheck. If we can get some money into their hands so they can keep spending, i dont think the google programmer that gets to work from home needs a package. I think the people who are going to be out of work and are not going to be getting a paycheck, if we can reach out to them, keep them stimulating the economy, that will help the market. Stuart well, if that requires congressional action, they better get on it fast. They are out on recess for a week come friday. Youve got, what, 48 hours, less than that to get something done here. We have not mentioned politics. I dont believe that that actually is a factor on the market this morning. Big wins by joe biden yesterday. Big losses by Bernie Sanders. That could be taken as a positive for the market. I dont see it having any impact at this moment. We are moments away from the opening bell. Right now, im looking at a minus 580 for the dow industrials. We are going through some of these groups of stocks, this is before the market opens, they are still down. Cruise lines are down, airlines are down, the overall market is down, it is 600 points for the dow industrials. No sign of a bottom. No. I dont see a bottom, until we see some technical medical breakthrough in the virus or if we just get some slowing of growth of the virus due to warmer weather or Something Like that. As long as 13 different European Countries are growing at double digits and the u. S. Is growing that way, i think you cant look for a bottom under those circumstances. Susan big large investment banks, Goldman Sachs this morning says the s p 500 will be down another 15 by the middle of this year. Morgan stanley has said the same. We will hit probably around 2600 for the s p 500 from here. Thats the bear Case Scenario and the bull market run, record bull market run is set to end according to Goldman Sachs. I think thats hurting sentiment this morning. Stuart these guys are big hitters, very powerful players in the market. They are saying bear market. Here it comes. A week ago they were not really saying that. After a week of the virus impact, they are saying it. Goldman sachs saying it. Bear market coming. All right. Weve got 30 seconds before this market opens. As of right now, we are going to be down about 500 points for the dow industrials. Susan better than the 900 points. Stuart thats true. Im glad you jumped in on that. Thats very true, actually. Minus 570 as we speak. This is a yoyo market. Trying to get it in my head here. Monday, 1200 points sorry, 2,000 points down. Tuesday, 1100 points up. Its wednesday morning. The bells are ringing. We are about to open the market and we will be down about 500 points right there at the opening bell. Three, two, one. Here we go. 9 30 wednesday morning. Lets see how this day shakes out. Right from the getgo we are down 650, 690. 729. A sea of red. For our radio listeners, a sea of red, lefthand side of the screen. All 30 of the dow stocks are in the red. They are all down and the dow is off 710 points. That is 2. 8 . The s p, pretty sure thats down about the same amount. Yes, it is, 2. 6 . The nasdaq composite, im sure thats down, too. Down 2. 4 . Im going to run through some groups of stocks which are in the news. Lets see where they stand now. Big tech, apple down seven at 278. Amazon, 1855, down 36. Facebook, 175. Big tech again, google is down sharply. Microsoft is down to 157. Show me the financials because they have been taking it really on the chin. Jpmorgan, morgan stanley, Goldman Sachs, all of them way down. Sharply lower Interest Rates really hurt these guys. Thats why theyre down. Susan that and its a proxy to u. S. Growth which a lot of people dont see a lot of of and possibly recession or negative growth for one quarter. Stuart and the credit crunch. A few of these, look at citi, wells, some of their loan portfolios had 2 to 5 of even our biggest banks exposure to Shale Oil Companies. If these Oil Prices Stay down, you called it yesterday, thats whats hurting the financial sector. Ashley i think the regional banks, especially for shale producers, are really a much bigger risk because their exposure. I think the big, big banks, not as big a problem. Those regional banks, its tough. Stuart one second, ive got oil this morning at 32 per barrel. I think thats where we are right now. No rebound. Ashley 33. Stuart okay. 33 per barrel. You dont make a profit on that. You got a problem if you are leveraged ashley 55 i think is bare minimum for shale. Susan in total we are looking at 200 billion of debt for these drillers, these producers maturing over the next four years. If they cant pay back 200 billion worth in four years, thats a big drag on Balance Sheets at these big banks. Stuart good explanation of whats going on here. Oil stocks, exxon, chevron, bp can you believe bp is at 25 a share . A few weeks ago it was over 40. Exxon, i remember that at 70, 80 a share. Cut in half, 42 per share. The biotech stocks, where are they . Of course, maybe some of them working on Gilead Sciences, thats the one to watch. Theyve got that whats the name . Ashley remdesivir. Stuart remdesivir. Thank you very much. Seems like a good treatment for the virus. If youve got it. And that stock is up to 74 per share. Okay. Show me the airlines. Carnage continues . Jetbl jetblue, southwest susan they had a great day yesterday, i saw a spike of 12 to 13 for some of the names. Delta was up 4 . This is about recovery because they are cutting International Flights and even domestic ones, planes have been parked. We have hiring being frozen. This is to hopefully shield them from big losses that are expected from the coronavirus. Stuart they had a nice gain yesterday but nothing shielding them ashley gone today. Stuart they are down. There are some terrific offers, by the way, from the airlines. Ashley the average price just in the last week, down 14 but there is some amazing, top discounted destination, miami, prices down 35 followed by new york and las vegas, prices down 29 . You can fly round trip from new york to new orleans for 97. Thats 68 off what was the average price. Stuart thats a bargain. The general mood on travel, i can sum up this morning. Last week to take the train up here, i got to my parking garage, it was completely full, i had to go down the block to park. Today, i came to that same parking garage it was like a bomb went off. I parked right in the front row, walked right in. Stuart my goodness. Susan you have to tell us about the deal you heard over the weekend. That was incredible. 100 round trip from new york to greece. Stuart i was told one person i met, this is purely anecdotal, but this lady says yeah, ive got the tickets, 100 round trip, new york to greece. 100. And you can cancel and get your money back. I have not checked this out, folks. I have not checked it out. Thats what i heard anecdotal. Please bear that in mind. So we dealt with the airlines. On your screens, the dow since the alltime high which was, what, midjanuary, i think . No, midfebruary. We are down 17 from the high. You go down 20 from the recent high, thats a bear market. We are close. Red ink this morning. Now show me the cruise lines. I wonder if theres any recovery no, there isnt. Royal caribbean, 48. Carnival down to 22 per share. Norwegian is at 18 per share. I think they have had the worst Public Relations nightmare in the entire history. Since the titanic. What have you got . Sorry, i should not say that. I want to take that back. That was a spur of the moment statement. I do apologize. It is possible that there has become an irreversible Public Opinion change about cruising and we are going to see how good royal caribbean, royal and carnival and norwegian are about this particular issue because they are going to need to find ways to bring people back other than cost cutting. It will be interesting to see how they do that. Stuart thats a tough road to hoe, bringing them back out to this. They are all down, cruise lines down again. All right. Next case, the drillers. They have really been hit hard by the sharp decline in oil prices. Would you look at that, devon energy at 8. Marathon at 4. Transocean is at 1. 71. Way, way down. I believe that we will see a bottom in oil much before we see a bottom in stocks, and that that will be a play that im going to go fishing sooner than i will for stocks, if i find some of these. They got drastically crushed monday and have been since. Stuart back to this point about the credit crunch. They are at the heart of the credit crunch. What did you say, 200 billion . Susan according to moodys, of debt maturing over the next four years. Also, we should explain the credit crunch was margin calls and people pulling a lot of money quickly out of the stock market. Withdrawing that type of cash from the Financial System creates the crunch we talk about. Stuart underlying the whole stock market. Hold on. What do you have . Ashley getting more news of canceled events. Chicagos st. Patricks day parade, a big one, has indeed been canceled because of the coronavirus concerns. Stuart okay. Ashley the question is new york. Stuart new york has a huge boston canceled, dublin canceled. I interrupted you. On to the Shale Oil Companies and the debt, back when saudi last turned the spigots open and tried to force them out of business in the 20142015 time frame, the markets were at highs. They were able to go to the equities market and get money and get Debt Financing to keep in business, with the markets in turmoil now thats less likely to happen. Its something to keep an eye on for sure. Stuart all the drillers, all the Energy Stocks way, way down. How about the Hotel Companies . They have taken it badly recently. They are down again this morning. Hiatt at 64, marriott, 105. Again, they will come back presumably when travel and vacations come back. Ashley yes. Stuart one has to imagine that. Ashley at some point we will get back to whatever normal is but its certainly not this. You have to ask yourself, if youve got the stomach, get in now, hold for the long term. We are going to get through this and will come back. Susan declines have been more severe from sars. Sars, i think the s p was down 14 over that epidemic. But as i told you, markets do tend to bounce back, they bounce back 20 in the year afterwards. Stuart that was then. This is now. Susan we are not dealing with 0 Interest Rates around the world back then either. Stuart Progress Report here. We are nine minutes in almost and the dow industrials are down 2. 5 . Okay. Not quite the mammoth loss we could have expected. Early this morning futures were down 900 . Ashley at the low, yeah. Stuart alcohol stocks. Does this qualify as a cocooning group . Thats arguable. They are up again. Zooms gone to 111 per share. Look, heres the liquor companies. One of the Worlds Largest liquor companies, down at 135 a share. That stock is actually way down. Constellation brands, down. Brownforman, down. Maybe they are not cocooning stocks after all. Are they . They are sort of in the Consumer Staples kind of place, things you dont do less of when you have less money. They presumably should do a better job in a down market than others, but i dont think people are stocking up too much on liquor to make it through. Stuart it was a stretch on my part. I accept that. All right. I think we bet ger ter get to t tenyear treasury yield. Slack is down a bit, not much. Zoom video is up nicely. Heres the anxiety indicator. The tenyear treasury yield. 0. 70 . Ashley been worse. Stuart that aint bad, folks. Its been worse. It was at. 3 earlier this week. Now you are. 70 . And holding. Well, im not going to say its Holding Steady if you are down 10 basis points but thats not that much. Ashley 30year at 1. 2. Its not that much in this environment but compared to regular treasuries, where a basis point or two move is big, treasuries are trading like a penny stock relative to their normal which shows the uncertainty in the markets. When you are swinging from 1 to. 3 back to. 7 in just a few days, thats unprecedented. Susan it also shows that the market anticipates another beg Interest Rate cut next week. 70 of traders expect at lea least. 75 slash by the Federal Reserve. That will take Interest Rates down and also takes down the treasury yields as well. Stuart hard to keep track of all of this. Heres one item that has not moved that much, gold. It really hasnt moved that much. It approached 1700 an ounce, backed off. This morning you are at 1660. Its had a nice run over the past few months but over the past couple of weeks since the virus hit, hasnt done that much. It may be a flight to safety but i think the big flight to safety is the tenyear treasury. All right. One individual stock we will quote for you, adidas. They are taking a hit from the virus. Look at that. 12 down. Susan thats because they put a number to how much the coronavirus will impact their sales at least in the First Quarter so adidas and puma say with the major decline in sales down 80 , 85 in china, they expect losses of 1. 14 billion. Thats a lot of money. The first ones to actually quantify. We heard from under armour who penciled in a 50 million or 60 million hit from coronavirus in the First Quarter. I imagine that will be a lot bigger than anticipated because a lot of companies expected it to be a shortterm shutdown, shortterm impact. Its turning out to be a lot longer and wider than anticipated. Stuart heres the question, though. When this is over and it will be over at some point, do people go out and buy all of the adidas shoes which they did not buy when the virus was around . Does demand spring back . Does it . I dont know. Ashley yeah, i think well find out. Adidas wear out. I think thats a fairly elastic demand. People will go back into that and buy the thing. I put off buying shoes, i got to have some now. Ashley its a huge boom and people after this will be like you know what, i did it during the virus outbreak, i can do it now. Susan the most concerning part for me when it comes to consumer demand is will people lose jobs because of the coronavirus. Deutsche bank yesterday said that 15 million jobs might be at risk here in the u. S. Because of the coronavirus. Whether its in hospitality, in leisure, its a big number. Stuart is that a shortterm job loss . Do they all come back when the vee virus susan not in one year. I would say when it comes to Leisure Hospitality buys, you are not going to buy it afterwards. Theres pentup demand for material goods like shoes for one. Stuart all these groups of companies, they are the victims of the social distancing. Thats the circumstance thats affecting everybody here. Im looking for bright spots. I think ive got one. I looked long and hard. I got something for you. Gas prices. The National Average is all the way down to 2. 35 per gallon. Thats down 16 days in a row and falling very very sharply right now. I want to bring in on the phone now gas buddy guy patrick duhaan. Whats your forecast here . For gas prices . Its at 2. 34 now. Where are we going . Stuart, i think weve got plenty of room to go down. Motorists should not be in any hurry to fill up their tanks. We have seen a bloodbath in the price of oil. We are just starting to see now the National Average really accelerate to the downside. Looking at live data here today, we are at 2. 32 and just saw our biggest single day drop in the National Average since the Great Recession in 2008. We are going to see more of those days where you will see the National Average down several cents which is certainly very rare. Stuart could we go down to 1. 99 nationwide . Whether or not we get there is going to be a function of if the russians and saudis who are apparently holding some pretty high level meetings kind of behind closed doors, if they can come to some agreement on a production cut, i dont think we will get there. For now, obviously oil prices down again today. We do have at least probably 25 cents worth of ground to cover here before things are anywhere close to being caught up. Stuart one last question. You are in asia right now, i believe. Why are you there . Well, i knew this was going to happen. I get out of town, get out of the u. S. , the bloodbath in oil, try not to be part of it. Stuart no, you didnt. I dont believe a word of it. This is a prearranged vacation, wasnt it . Hey, you know, two weeks ago i said with a lot of caveats, 25 to 35 oil. I pinned it more on coronavirus than this unexpected Russian Saudi feud but needless to say, i saw it coming and you know, had to skip town. Stuart patrick, enjoy your vacation. Dont worry too much about coming back because it might be awhile. Thanks very much. Ill get back. Thanks, stuart. Stuart you heard it right there. A forecast of a sharp decline in the price of gasoline. We are already down to 2. 34, i think it is, heading south from there. Quick check on the oil price right now. 33 a barrel. Come in, senator john hoeven, north dakota republican. You represent an oil state. You spoke with the president , did you . Can you tell me what he had to say about the price of oil in your state . Well, as you know, oil prices are very low because of the coronavirus but also, as you just mentioned, youve got this feud between opec, particularly saudi arabia and russia going on right now, so what i talked to the president about was we should talk to saudi arabia, our ally, and say look, now is not the time for a price war in energy when we are battling the coronavirus. Stuart how did he respond . May i ask, how did he respond to that, because we know he has spoken on the phone to mbs. Right. Told me he had already spoken to mbs and the saudis and made that point and as you said, theres negotiations going on right now. Stuart okay. This is clearly having a very negative effect on drillers and frackers. They have been badly affected in north dakota. You got job layoffs yet . No, not yet. But the point you made is right on. In other words, at a time when supply is way down because people arent taking cruises or flying and so forth, at the same time you greatly ramp up demand, you put incredible pressure on our industry. Stuart are you looking for any help for the drillers from the government . Well, the first thing is if you can get out of this price war at this time, i think that helps a lot. Then beyond that, as you know, the president has put forward a menu of things to help the overall economy. Stuart one last one, if i may, senator. Bernie sanders won the democrat primary in north dakota. Whats with north dakota going for the socialist . I dont know. He won it last time as well. I guess he has a following with the democrats in north dakota. But President Trump is very strong in north dakota. Stuart im sure he is. Senator, thanks for joining us, sir. Keep on that pressure to get something done with the saudis, please. Will do. You bet. Stuart check the market, please. We just hit the low of the session so far. We are 28 minutes in and we are now down 800 points. That is just over 3 . There you have it. 24,230. Im trying to do the math here. Looks to me like we dropped 5,000 points since january or midfebruary. About 5,000 down on the dow industrials. Susan . Susan i was going to talk about the stimulus. I think there was some disappointment yesterday when we didnt see President Trump attend the Coronavirus Press briefing at 5 30 p. M. Because there is all this anticipation we are going to get confirmation, some sort of bipartisan package to possibly get that payroll tax through, maybe some injections to Small Businesses, tax deferments and when that didnt happen, thats when you saw the triggers in the futures down overnight by hundreds of points that we talked about. Stuart we did make a point of saying earlier on the show that Congress Goes into a oneweek recess on friday. So you better get a move on to get some kind of deal organized. However, there are things the administration can do without going to congress. For example, delaying the april 15th tax deadline. The big substantive ideas of pushing money into the economy, that requires congress, and congress i think is playing politics at this moment. Ashley its interesting because Christine Lagarde said today look, the only way monetary policies work is if you get fiscal policies to back them up. In other words, you have to have your central bank work with the government of that country. We are seeing that today in the united kingdom. We have not seen that in the u. S. Of course, we know what mr. Trump thinks of the Federal Reserve. Stuart if we dont get some kind of action, a package, a package, no matter whats in it, if we dont get a package by the end of today, i suspect the market will be very disappointed. They continue to be disappointed. You hit the nail on the head, stuart. To ashleys point, monetary stimulus is one thing. That goes in and takes awhile to get into the hands of consumers, to get into the market. Fiscal stimulus package, if you can give people some incentive to keep spending the money in their pockets, that goes straight into the market. We would see that show up quickly. Without that, i think the markets will continue to struggle. Susan when you hear Christine Lagarde talk about 2008 once again, that does not help sentiment obviously in these precarious times. I wouldnt discount the fact there are politics at play in the market. You saw biden, who is pulling ahead, almost insurmountable lead over sanders, and they say headtohead, he actually has a chance against President Trump. There might be jitters there politically, especially when you hear biden talk about raising the Capital Gains tax, also raising taxes on individuals. I think red tape might be reintroduced. Trade deals might be in danger. Stuart i thought politics might play a role today because Bernie Sanders appears to be just about out of the picture. Thats an exaggeration. Its not out ashley his hopes are fading. Stuart i thought that would be a plus for the market. But if now we have joe biden looking like he could actually do something against President Trump, that is actually a negative, isnt it . Susan i think so. Stuart hes a tax raiser, a Green New Deal type guy. I think super tuesday was when the market priced most of that in. I think the market was saying yeah, this is pretty much bidens to lose now. So yesterday was just a confirmation so not much of a bump. Stuart lets go to the New York Stock Exchange, center of the action right down there. Jackie deangelis is there. Regeneron pharmaceuticals. What are they doing . Jackie you can see the stock up today but this is one thats trading a little bit higher here, price upgrade from h oppenheimer and some news the Company Plans to initiate Clinical Trials of its Rheumatoid Arthritis drug for the treatment of covid19 symptoms. Looking at this price target from going up to 450, you can see its trading slightly higher. Back to you. Stuart i find that interesting an arthritis drug may be considered useful against covid19. Breaking news here, what have you got . Ashley executive order to reduce dependence on chinese drug. As we have seen, coronavirus has disrupted the drug supply chain, also creating worldwide shortage of face masks. The Trump Administration we understand is looking to craft some sort of executive order that would aim to reduce that dependence on china for pharmaceuticals, medical products and so on. This is under way as we speak. Stuart thats very necessary, because 80 of the materials that go to make our drugs, including penc includi including penicillin, originate from china. You cant allow one country to have that much leverage over your drug system. I think the drug thing is a big deal right now. That is an important longer term thing. Our biggest chance of finding a market bottom is to have one of these existing drugs found to be effective because it doesnt have to go as long to get into to help people. If we saw that, that would be an immediate screeching halt to the market drop. If we can find a drug thats truly effective thats already existing. Stuart we dont have it yet. Remdesivir from Gilead Sciences looks promising. Thats as far as we can go with that. Now, next case. The epa have put out a list of products that you can use successfully against the virus, cleaning products, basically. Stu laurence is with us, ceo of clean well. Your products, they are not on that list from the epa, right . I mean, you are not approved, are you . Thanks for having me, stuart. That is an emerging pathogen list that actually they recently this week put out an expedited application for that which we had filed for and i think in the coming days we will know and be on that list. It actually does not specifically point towards coronavirus but more emerging pat pathogens. Stuart you put out cleaning products, clean well, you use plantbased cleaners. Right . Plantbased. I dont get it. Can you show me for sure that these things are effective . Effective against coronavirus, no one can actually make that claim at this time. Its an emerging situation. Our active ingredient has been around for centuries, derived from a plant, much like alcohol and other ingredients. Stuart how much are your sales up . I cant even put a percent to that right now. In february, we were reporting about a 400 lift. Coming into the first week of march, we are pretty much out through the end of october and ramping up production to try to refill the pipeline which is one of the big things coming up here. Its an unprecedented situation. Stuart can you ramp up production to meet the demand thats coming at you . Fortunately, weve got great partners and great team here at clean well. We are doing our best around the clock to do so. It is a challenge, no question. Right now we are working through how far out we can go with components, with ingredients, et cetera, and thus far, we are in pretty good shape. But we dont know where this is going to go. Hopefully its closed down soon. Stuart stu lawrence, thank you very much for coming on the show. An alternative type of treatment cleaning product here, plantbased. Thanks for joining us. Thanks for having me. Stuart not all republicans are on board with the president s proposed stimulus package. Senator mike braun, one of those who is not keen and hes on the show shortly. Congress supposed to break for one week recess friday. Where do they think theyre going . They cant skip town in the middle of a crisis, surely. You will have my take on that, next. Fort before you know it. So no one needs to know youve got gas. Gasx so no one needs to know youve got gas. 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 . Stuart were half hour into another tumultuous session on wall street. Here is where we stand. The dow at this moment down 751. That is what, about 3 . Is it 3 . I cant read it. Similar losses for the s p and also for the nasdaq. Youre down 3 pretty much across the board in the first half hour of business. Virus update. There are now over 1000 cases here in the United States. Point being made here, the National Guard is coming into new rochelle, new york. Containment zone. That is remarkable. Other cities are implementing severe restrictions. Cdcs Robert Redfield testified there have been 31 deaths to the virus in the United States. Big Tech Companies, facebook, microsoft, google, apple, they will be at the white house later on today to meet with the president. This is about information sharing during the virus outbreak. The price of oil all the way down still at 33 a barrel. The saudi russia price war, not going away. Really hurting the energy companies. I have more on that coming up for you as well. The anxiety indicator, the 10year treasury,. 86 . A bit more money moving into there. We were at. 7 , money in, price up, yield down, the anxiety indicator. All right, everyone, now this. On friday congress start as oneweek recess. Yes, you heard that right, in the middle of a crisis our political leaders leave washington. I cant imagine the reaction if they skip down without taking action on the virus. At least they are talking. There are options that satisfy maybe both sides of the aisle here. Paid sick leave, a suspension for the rest of the year for your fica contributions. That is Social Security. Money for sidelined hourly workers, an extension of the april 15th tax deadline, money for cruise lines, money for airlines, all of the above are under discussion. A deal though is needed, surely. Get on with it. This morning the brits led the way, the brits. We dont spend much time discussing the bank of england, today, they took radical and quick action, it was like a signal to us, get on with it. Theyre pumping hundreds of billions of dollars directly and indirectly into their economy. Theyre pushing banks to make dirt sheep loans. Theyre treating the virus the way they treated the financial crisis with urgency and attention. My opinion, the virus is like a natural disaster. Our government should respond appropriately. The people who are hurt through no fault of their own should get help. That is what a government can and should do. Get on with it. Market watcher shah galani. What do you think happens with the market if we dont get a comprehensive package . If we dont get a comprehensive package, stuart, were going down, much, much lower. A comprehensive package is absolutely necessary because no one knows what impact the virus is going to have across the economy. Obviously across the economy means in corporate structures, in terms of earnings, in terms of profits, in terms of demand destruction, all the Things Country relies on production, else, will be impacted properly by this virus. For how long we dont know. The president and administration trying to get ahead of this by proposing some of these things is fantastic. It is unbelievably necessary and timing is of the essence. I think it is appropriate. Without this i think the market would be a lot lower today. Stuart hold on shah, i have got questions for you in a moment. I want to bring in rachel bevard with the conservative partnership institute. Youre a conservative. Most conservatives dont liked idea of Government Action or government bailouts but what i want is the government to help the people who need help because after problem through no fault of their own. Are you with me on this . I think it is too soon to tell to be honest. I think what the government sneads stock focused on is addressing the virus and containment of spread of this virus. Tests need be out there. More beds in the icu, we need measures focused on containing the virus. At that point if it continues to spread month after month we look at total economic response. First order of business is getting stuart wait, wait. Dont you have to jump in front of this thing . Youre already seeing people locked down. The social mobility is, suppressed. A lot of people not going to work. Money is being lost. Demand in the economy is being suppressed. Dont you have to get in front of this thing . You cant wait months and months. Seriously, rachel. You cant. This is a political question. If the congress and President Trump does absolutely nothing for months on end, waiting for some kind of a economic stimulus package, they lose. No one is talking about doing nothing here. There are things that we need to be doing in the shortterm to contain the virus. Once it is contained the confidence will be reasserted into the marketplace. When people are scared right now because the government doesnt seem to act quickly enough to contain the virus. Once the confidence comes back in you may be right. Stuart what do you want them to do to show theyre containing virus . Do you want lockdowns in cities. Is that what you want . No, of course not. We need more tests out there. Resources, beds, icus. Stuart they are doing those things. I dont think theyre doing enough of that. Stuart that is your criticism theyre not doing enough with the tests and hospital beds, thats isnt no i think in the short term we have to get those measures taken into effect before we focus on anything else. Stuart no economic stimulus, no help for those who have been hurt by this, none whatsoever for months on end . I dont know about months on end. Stuart look a month. This government needs to act quickly to contain the crisis just like any stuart rachel, cant they act quickly economically . You know i think you have to contain the virus before you even know what youre dealing with. Were dealing with market fluctuations every day. Market up one day, down another. We need to even out containment measures. That doesnt mean months. Occasionally could mean weeks. Stuart im a conservative, and you lost me on this. Fair enough. Stuart you lost me. I dont want to see the market plunge. I dont want to see economy going into recession. I think it is the governments job to do something about it. It would be easy to do it. Rachel, im afraid were out of time. You come on back, okay . Well discuss this again. This is a debate we have to have and we should have it. Good to see you. Stuart thank you, rachel, very much. Back to shah gilani, any sign of a bottom at all in this market . Unfortunately no, stuart. Yesterday there was a sign of hope especially when markets closed on highs of the day. Maybe they will settle in a little bit. Overnight we saw selling in asia. Not bad selling but we saw some selling in asia. European markets tried to open up strongly. They will probably falter by the close. U. S. Futures indicated to investors that the worst is not yet come to pass. So i think we have some time to go. It may be a matter of months. The unknowns are so extraordinary in terms of this virus, in terms of the Global Impact it is going to have. This is, lets not mistake it for anything than what it is. It is a global crisis. When you see an entire country, italy closing down, what will that do to the Italian Economy . What will that do to knockon countries exports and into and out of italy . Same impact having on china. Will have impacts globally and impacts in the United States. Government is doing the right thing by being proactive to get ahead. Aid economy, aid businesses, aid the public. Stuart i do think we should look what is going on in china. Number of new cases is way, way down. They appear to have got a grip on it. They say they got a grip on it. The number of cases would suggest you can believe what theyre saying. South korea unfortunately has had a new cluster develop in seoul, the capital of south korea. Number of new cases is starting to go back up again. Shah gilani, i dont know whether you heard this. Earlier this morning, angela merkel, germanys chancellor, suggested that 70 of the german population could be infected at some point. The brits are telling us, they expect 20 of their workforce to be at home on any given day on any given time. This backs up your point here, this is a global thing. If it is a global thing, are we perhaps better, in a better position to deal with it . Right now we appear to be in a better position to deal with it. I think Health Care Systems in the United States are outstanding. Given criticisms they have gotten over the years they still probably are among the worlds best. I think this government is doing the right thing. Your other guest point toed fact there wasnt enough being done. I think the government is doing everything it needs to be doing in terms of creating, whatever theyre doing to expedite the production of test kits, in terms of organizing hospitals and doing everything they have to do for Crisis Management theyre doing that. Perhaps a little bit too much behind the scenes. Maybe they dont want to be out front telling everybody what they are doing because they are afraid to create a larger panic than some people feel already exist in the economy but they are doing that already. So becoming proactive in terms of the economy is the right thing to do. You cannot wait too long. If we are to wait, one, two, three months, who knows how much demand destruction were going to see, who knows how difficult it will be to reinvigorate companies, production, materials, sourcing, supplies, on and on. This has to be addressed immediately. Stuart it does. Well leave it there. No bottom in sight according to shah gilani. Well see you again real soon. Very, very important meeting at the white house coming up. The executives of the major banks they will all be there. What is the underlying problem . Susan restore confidence. Battle extreme volatility were seeing in the financial markets. Seeing there is some sort of cushion from the economic fallout from the korean korean. Were talking about the biggest ceos in the land of banking. Citigroup, jpm, given that dime deem is dealing with a heart condition. So his deputies will be there. Goldman sachs, schwartzman. When you bring this leadership in one single room, that shows urgency dealing with the Financial System. Is there enough liquidity since 2018 where people sell too quickly. There wasnt enough money to go around. Financial markets seized up. Maybe sure we dont repeat that. Make sure it is or the early, people are not panicking, taking out as much money as possible, as quickly as possible. Stuart you mentioned banks and credit crunch. Christine lagarde, european, i think imf. Ashley no. Ecb. Head of the ecb. Stuart im sorry, head of ecb. She likened the Current Situation to 2008. Ashley if they dont act. The Capital Requirement in the European Union to lend more money out to Small Businesses which is a smart move. Stuart recommend sis meant of 10 or 12 years ago. Susan that famous meeting of new york heads, jpmorgan told to buy bear stearns to save the Financial System. Stuart there is a comparison. Walmart launching an emergency leave policy after kentucky employee tested positive. So got more on this, please . What have we got here . More on the latest headline on the outbreak. Whats that. Ashley i can tell you that the airlines here, the faa has waived the minimum slot news requirements. It all sound very technical. Look, flights are being canceled all across, american airlines, delta, reducing their capacity. You have to use the slots that you have, congested airports 80 of the time. That is the bare minimum. Otherwise you stand the chance of losing that slot. We know how valuable they are to airlines when they want to get into all the major airports. Now the faa says until the end of may, dont worry about that minimum use of the slots. Were going to waive that, were understanding that you have to cancel a lot of flights because of the virus. Stuart remarkable. Remarkable. President trumps stimulus plan not getting a lot of love from some republican senators. One much those senators mike braun, is coming up on this show. I will ask him, what doesnt he like about these proposals. A lot of companies and schools closing, making contingency plans because of the outbreak. Where is the liability when it comes to an employer . Im asking judge napolitano the liability question. Mini super tuesday. That was yesterday. Its over. Big loss for Bernie Sanders. Joe biden came out on top. He won michigan. Next michigan congressman Bill Huizenga, i said, look, the youth vote just didnt turn out for bernie. Well be back. Cologuard colon Cancer Screening for people 45 plus at average risk. I took your advice and asked my doctor to order cologuard, that noninvasive colon Cancer Screening test. The delivery guy just dropped it off. Our doctor says it uses advanced science. Its actually stool Dna Technology that finds 92 percent of colon cancers. No prep, and private. Colon Cancer Screening thats as easy as get, go, gone. False positive and negative results may occur. Ask your Healthcare Provider if cologuard is right for you. 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That is a 3 loss and its pretty much across the board. How about boeing, theyre planning toe draw down on the full amount of their 13. 8 billion loan. 212 is the price of boeing stock. Buildabear, they will refrain from providing guidance this year because of the virus. Theyre evaluating different plans for the business going forward. Theyre down 4. 6 . Jackie deangelis, you have a winner. Tell me about it on your screen. Reporter we have a winner, Dxc Technology this is on news it is selling its Medicaid Service business for five billion dollars. This is a stock that has been hammered. It really needed to sell the business. It is selling it to meredith capital. The business really is one thats focused on medicaid, state and local government help, Human Service providers. With the election and health care being such an issue first and foremost makes sense right now. Stuart, back to you. Stuart jackie, at least we have a winner there. Lets get to ohio, we showed you at the top of the show, this, it is a riot at the university of dayton. Ashley this was after the university announced temporary suspension of all classes and oncampus housing due to the coronavirus concerns. It appeared that the students responded to that by rioting over 1000. Riot police turned up. Apparently firing pepper balls. I dont know if i heard of pepper balls, chemical pellets that irritate eyes and nose like pepper spray. That did the job. They never really asked for anything. There was no demands. Not refusing to leave. Immediately a response to shutting down i think more student housing. Stuart because they have to go home . Ashley right. I think that is what it was. There you go. Stuart lets focus on joe biden. Got into another nasty argument, this time with a detroit auto worker. Lets have a look at this. [inaudible conversations]. [bleep]. Youre not allowed to own that anyway. I did not say say with. Wait, wait, wait, your ar14s. Stuart he lost his temper. That was flatout in michigan. Congressman Bill Huizenga joins us. What is going on here, congressman . Stuart, good to go be with you, my experience in politics is, it tends to be a game of addition, not subtraction, you know i lived through some pretty contentious town Hall Meetings and those kinds of things. I never cursed or sworn at a constituent, someone im trying to get their vote. It made no sense. Makes him frankly look unhinged. Stuart it is not a good idea of anyone, anyone in politics to go after a voter with some obscenity thrown in and some inaccuracies. The ar14, im not sure i know what that is, for heavens sake. If youre going to put yourself forward as a gun expert and supporter of the Second Amendment, you actually better know what those weapons are and then, you know, you better not have been talking about putting beto orourke in charge of enforcing all the gun laws that gives no Second Amendment supporter any kind of warm fuzzy feeling, i can tell you that. Stuart congressman, while you have been speaking, we have a new low for the dow. I want to alert our audience. Now were down 882. You had nothing to do with the new low, congressman. I just wanted to point it out to our viewers. Back to the michigan primary yesterday. Joe biden won big. Bernie sanders lost big. I suspect that is because he couldnt pull out, he couldnt bring out the youth vote in numbers required. What is with michigan and the youth vote . As you put it, they didnt turn out. Already heard some excuses back home, they were coming off of spring break and all those other things. I think its more than that he has a, he has a hardcore base and what, what has happened really, youve seen consolidation. All the michigan leadership, exempt for our senator who is up for reelection, he didnt want to tick off anybody, he didnt take a position. All the other democrat leadership literally fell in line, got behind joe biden and wanted to put a stop to Bernie Sanders. Looks like they succeeded with almost 100 reporting looks like joe biden won every single county in michigan in the democrat primary. Turnout on the republican side is also important to note. Stuart come the election in november. Yeah. Stuart if it is joe biden versus President Trump, where do you think michigans going . Well you know, michigan has definitely benefited from the, from the Trump Administration policies. Starting with usmca, and that auto worker that he picked a fight with yesterday, i can tell you that my family background is in the Auto Industry on my moms side, it has been good. Manufacturing has been good in michigan. Agriculture has benefited. So i think it is a strong story to tell. But it is going to be, it will be a knife fight in michigan i can tell you. Stuart can you give me 20 seconds whether or not you approve of a economyhelping package in the next couple days from congress. I want to look closely at it, we have a common goal to make sure those being affected are not unduly harmed. I expect something will be put together. The question will it be direct to industry or to the individuals themselves . Stuart are you going to stay in congress until it is done . Im planning, yes. Im staying. Well be here. Stuart okay. Bill huizenga, thanks for joining us. Stuart, good to be with you. Stuart treasury secretary Steve Mnuchin, he is right know testifying on capitol hill. Thats not him but previous he was testifying. What is he saying . Susan saying the coronavirus situation is like a hurricane and costs need to be picked up. Also spending hundreds of billions of dollars can be put into the economy with deferred tax payments weve been talking about. A very effective way to Aid Companies without putting taxpayers at risk. He says airlines, he assumes airlines will be at the top of the list for some sort of help or stimulus. He feels strongly Companies Need to be protected but not bailed out. Not like 2008. No tarp, not for gms and the like. During the Global Financial crisis. He says coronavirus, it is important to protect the u. S. Economy and better coordinate with the imf, world bank as well on relief issues. Stuart maybe the use of the word hurricane used by the treasury secretary that pushed the market to a new low. Ashley that is a natural disaster, right . That is what he is saying. He also said it yesterday. Stuart pushed hundreds of billions of dollars into the economy. Get something going. Thats what he is saying. I would have thought that was positive, no . Susan i would say this is bigger than a hurricane, the economic impact. This is spread globally. 115 countries have been impacted. In the globalized world, what happens in china also impacts the u. S. Stuart check that market again. Were down 850 odd points as we speak. Thats loss of about 3 . Youre down about 3 on the s p. 2 1 2 on the nasdaq composite. Number of companies are working, coming up with work from home contingency plans because of the virus. Whats their liability in a situation like this . Can they compel someone, physically, come to work . If they do that, where is the liability. Judge napolitano answers those questions after the break. 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 . 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 stuart i think this is the low of the day. Were down 940 points. That is 3. 8 . Wevep almost completely eradicated yesterdays gain. Not quite but almost. Were down across the board today. It is 10 30 eastern time. We can get some news how much oil weve got in storage and how much oil weve used. Right now the price is 33 a barrel. I think we just got the number . Ashley working on it. Hang on. Looks like up 7. 6, no, 7. 64 million. Stuart it is a build, right . Ashley thats a build. Five Million Barrels more than expected t speaks to lack of demand. Stuart seven Million Barrels of oil extra in the supply chain in the United States. Ashley that is rubbing salt in the wound already. Not a big surprise when you consider what is going on around the world. Stuart bond investors, were told, Getting Energy companies, because of the price of oil decline, will not survive this oil market rout. Ashley in the shale patch. Basically these are the crude producers that are very capital intensive. They load up on debt because of the way they run their operations, fracking operation. It is expensive. You can look at this how some of the, the bond prices have been absolutely killed. Chesapeake, bond price was 41 on friday. 11 this beak. Oasis petroleum, another canary in the coal mine stock on this issue, plunged to 31 bucks from 74 bucks on friday. In other words, are they able to service their debt when these notes come due . This lasts for any length of time, the question is no. So it will be a, there are a lot of difficult times. You will see a lot bankruptcies. Stuart look at the righthand side of the screen. Ashley regional banks behind a lot of financing. Their exposure could be a real problem. Stuart big meeting at the white house with Top Bank Executives as you reported. The dow is down 950. Scott shellady, come in please. Im inclined to think the sharp decline in the price of oil is a major factor in the sharp decline of stock prices. What do you say . Yeah. Saudi arabia costs 7 bucks to pull it out, russia 8, and u. S. 37, right . Yeah, it is going to hurt. Talk about the ridiculousness of everything. Everything weve been hearing last three or four weeks, about the coronavirus what it may or may not do to the economy or gdp, world growth. Hey, talk about how much tesla can sell a car for when gasoline is free . Have that ridiculous talk. It is to the point, i love the word apoplectic. I dont know what to say. We need people settle down. Markets are way overreacting, yes. I feel like im talking in a cave by myself. We need people to settle down. Ultimately take a look at the numbers, facts dont have feelings, this really isnt as big of a deal as it is made out to be. Stuart i really dont like to see the leader, minority leader in the senate, Chuck Schumer, go on about the gross incompetence of the president in handling this deal. I dont think that helps at all. I think that, that just makes the problem worse. What are we doing here . He is being grossly incompetent by saying that, number one. Number two, stuart, how about this . This is the culmination of a generation of people that can be swayed by the russians with 150dollar facebook ads. This is the culmination of a group of people that actually think that socialism is the answer. So this is what you get when you got those types of People Living on this planet along with the flat earth group by the too, that is what happens to these markets. P. Stuart you have to bring in the flat earth group. I dont blame you, scott. That is your way of calming down a little bit. Inject a little humor. I know it. I was expecting the market could get a bit of a bounce this morning, a little help this morning joe bidens big win across super tuesday but apparently not. I would say, maybe this is the bounce. Had it been sanders we would be a lot lower. Maybe you need to look at it in a different way. Ultimately, any help we get with anything right now would i take. That has calm peoples fierce. This is a clossette, locked in a closet with no lights on. They give fused and water. We just need the lights turned on. We dont need the food and water. Until they turn the lights on show us what the virus really is, a lot of things were doing is spitting in the wind. Stuart good analogy, scott. Much obliged to you. All right. Stuart got to talk about one individual stock, that is boeing, way, way down, 23 per share. 207, a 10 loss. That is taking a big chunk out of the dow. Susan it is. Stuart using full amount much their 13 billiondollar loan credit line . Susan by this friday. That is very concerning. According to reporting by boeing. We know boeing is in precarious situation with grounding of 737 max, cost them already 18 billion. Given the 16 year plane boom coming to an end thanks to the coronavirus this, is exacerbating a really tough condition and situation for boeing. Stuart yeah. Susan there are concerns about the drawdown and amount of capital and cash the plane maker still has on happened, given that they havent sold any 737 maxes lately. Stuart extraordinary loss. It is a dow stock. Susan trading at 2 1 2year low on monday. Bounced back yesterday. I would expect we test the multiyear lows. Stuart im the idiot who bought 6 bought it at 331. It is now 206. Moving on. You can hear the judge laughing here. I dont blame you whatsoever. Now the judge is on the show because i want to know about liability. Surely, judge, come on in. Look, supposing youre an employer, and you tell your employees you have to stay at work, you have got to stay at work. What is your liability if that employee has a problem . It depends what you know is at work. If you order employees to stay at work knowing that someone else at work is contagious, you have knowingly exposed them to a potentially fatal disease which of course would make you liable. You cant do that. Stuart okay. On the other hand an epidemic is covered by the americans for disabilities act. Which means you have to accommodate the needs of your employees if they are afflicted by an epidemic this is not yet a epidemic or pandemic. Centers for disease controls will decide. They will make that determination on the basis staff tis i cans, what statistics, what percentage much the population domestically, internationally is affected by this i dont know what the number is but at some point they will declare it epidemic or pandemic. Epidemic national, pandemic international. Do you have a job where you can work at home . If so the employer can make you work at home. If you have a job where you are cant work at home and the employer sends you home, does the employer have to pay you . We dont know the answer to that except that it would depend upon what the Employment Relationship is. How many sick days do you have . Can your employer force you to use your sick days in order to protect others from you . Probably yes but, stuart, honestly, this is a virginnal territory. American public has not witnessed anything like this for 100 years. Spanish flu, when laws were very different, employers reined supreme. When employees had very few rights than they have today. Stuart i would expect lawsuits against all kinds of travel companies and employers. One lawsuit already for the cruise line. Some people are still on the cruise line. They have been trying to get off for weeks and they cant get off. Their lawsuit is, negligence on the part of the cruise line. It is the wrong lawsuit, because you cant sue a cruise line for negligence. Youre forced to go into arbitration. But if you sue them for intentional behavior like false imprisonment, then you can get to a jury. Stuart that is extraordinary situation, judge. It is. Stuart you have to guide us through this one. Happy to do it. Stuart come back soon, napolitano. Why do you buy the stocks when theyre so high . Are you supposed to buy them when theyre so low . Stuart selfconfessed, selfdenigrating anchor, unknown in television actually. Yes. [laughter]. Stuart not so sure. The housing market, real good. Rates at a 50year low. However, coming up, we have a guess who says the virus is going to upset the property market. Not what we want to hear but he will say it. Number of republicans spoke out against the president s stimulus package. After the break, indiana senator mike braun. He is not keen on this deal. I will ask him why. He is next. 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. Sure, principal is a whicfibut think of us as a protect your family as it grows company. A put enough away for college company. And a take care of your employees company. Were a help you ride the ups and downs of the market company. And when its time to retire, were a weve been guiding you toward this all along company. Think of us as all these companies, and more. Principal. Retirement. Investments. Insurance. Stuart low of the day. Were down 967 points. Thats the best part of what is it . Nearly 4 down now. Just holding just above 24,000. That means we lost 5000 since midfebruary. 5000 dow points since midfebruary. I want to introduce senator mike braun, republican from indiana. Senator, welcome to the show. I want to talk to but the stimulus program. I editorialized earlier. I said i think it is fine for the government to help the people who have been hurt through no fault of their own. They dont want bailouts. I think that is the correct form of government. I think that is what government should be doing. I think you disagree with me. I look back to 2008, if you come from main street and, as a scrappy entrepreneur, there were many of us that werent comfortable with the bailout. Im a finance guy. I know how critical it was then but, my goodness, stu, this, when you look at oil prices, they have been on a really good run. Im a guy that also knows the difference between a ccorp. And a subs and a llc. The big guys generally take care of themselves and, i look at the lower prices of fuel. Thats a Good Opportunity for all of us to hedge in fuel. I think when you look at particular inindustries, whether it be boeing, oil companies, that is a slippery slope. Most of us on main street dont ever get that kind of attention. Stuart senator, treasury secretary Steve Mnuchin is testifying on capitol hill and he has just said the president wants companies protected, not bailed out. It would seem then that youre on the opposite side of the fence to the president on this . Well, to me is maybe a nuance and i would have to find out what they mean by the difference. All im saying is that, yes, certain sectors have been hit hard but i also know that, many of these companies have been on a ride for a long time and they are generally sophisticated with some type of Rainy Day Fund with, lines of credit. We dont want to see even the biggest go out of business but i think were a good distance from that and i know many that share my point of view, that come from main street are not going to jump and be aggressive trying to bail out larger entities. Stuart okay. There are some measures which could be taken, which dont bail out anybody, but which do put money into peoples hands, specifically, delaying the april 15th tax deadline for months, whatever it is. Just delay it. That means, either put money into peoples pockets. Im also talking about this tax, payroll tax holiday. You dont have to contribute to Social Security for the rest of the year. That puts money into peoples pockets. Now that is not a bail out. Are you okay with that . No. When it comes to like delaying or filings, i think most will be okay with that, because given the circumstances. That is not going to make a big difference. When it comes to the payroll tax, thats a large part of the revenue that we fall short with by a trillion dollars currently. So i would have to get the details of that. If it is aimed at smaller businesses, in a way, yes, im not sure that you can do that. I will be open to that discussion. But in general, i really think the economy has been so hot, stu, almost everyone is prospered over the last 18 and 19, since the jobs act and tax cut bill went into place. Im just a little skeptical running trillion dollar deficits that we, you know, further accentuate that. Stuart that is a fair point, mr. Senator. Are you prepared to walk away from d. C. , walk away, go on recess come friday, even if you dont have some kind of package deal for support of the economy in place . So in terms of whether we go on recess or not, im one that works hard every day. It will not make me any difference if we stick around if we need to. My feeling is though, there will not be enough time to see if this thing is actually under control. I was with the ambassador of south korea last night. Their cases a week ago were 500. Down to 100. Many of the other places have found that they have been able to contain it, put a lid on it. Were at the early stages of this. I think hysteria and sensationalism has driven it mostly. Ive been out front early that we need to take it seriously. That is the tamp the disease down, not maybe get ahead of our skis on some of this other stuff. Stuart by the way treasury secretary Steve Mnuchin has just said, as you know, he is testifying on capitol hill, he just said the federal government should make sure workers are paid for the weeks away from work they may have to spend at home away from work. The federal government should make sure they are paid. What do you say to that . They brought that up yesterday at the lunch as well. Thats one i would take a look at, if we feel we need to get there. So i think all of us, especially those of us are fiscal conservatives, are not going to dismiss anything but were going to be careful if we do it, we do it in a way thats not going to break the bank and aimed at people that need it most. Main street entrepreneurs and bluecollar workers. Stuart the dow is down 1000 points. Part of that self oaf could be we dont have plans for a relief package in sight that could be we have a 1000 point decline. Last word to you, senator. That could be. And i believe most of these market losses, once we get more information and put a lid on this will mostly come back. The last thing i will tell you, stu, i wont rip you on a bad stock choice. I will tell you how red oaks, white oaks, trees always grow. Stuart senator, by the way, ladies and gentlemen, is referring to me as a tree farmer which i am. Thank you for your interest in the lumber business, mr. Senator. I could use your support. Youre welcome. Stuart see you soon. Quick check of that market. Were down one thousand points. Lets leave it at that. Thats where we are. Now the housing market, thats been a bright spot in these volatile times. Mortgage rates are at a 50year low. There is huge refinancing boom. However our guest says, the virus could upset real estate. How does that work . More varney after this. 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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. Stuart want to get right to our guest mike aubry. Mike a realtor kind of guy. Youre saying that the virus will hurt the housing market. Make your case, please, explain. I would say this to you, stuart, i think right now what were seeing today, this is hot off the press before i came on air, were seeing some banks and some Mortgage Companies begin to limit refis based on rate because theyre overcapacity already. What does that mean . That means, lets sort of look at what the leg bone connected to the hipbone, how does this whole thing work . Essentially the coronavirus comes in. Its awful. Nobody likes it. What do we see from that . Investor money goes from security into bonds, hence, 10year yield drops. That makes Mortgage Rates drop. Were having the best First Quarter in real estate weve seen in recent years right now. And because of that, i think things are a little bit tough. Now, the question is, what does that mean as we come into the next few months . The problem with my industry is, data points dont become data points until were month down the road. What are things going to look like a month from now . That is a good question. I think things will be slower than they are right now. I think theyre blistering today. Stuart they are. Mike, im sorry to do this. I have to leave you real fast. Were coming up an hard break. We have more headlines coming at you from treasury secretary mnuchin and we have 1000 point loss on the dow and well be back. woman no matter what business you are in, Digital Transformation never stops. 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Ashley i think the most eyebrowraising was probably when he compared the situation with the coronavirus to that situation just after the 9 11 hijacking attacks. He says the federal government has to make sure that people get paid for the weeks they are away from work under quarantine. How do you do that . He says we are looking at several options. One would be that these workers will get paid for a debit card or direct deposit, they say perhaps Companies Continue to pay and the companies themselves will be reimbursed by the government. He goes on to say it is critical that congress act quickly on a stimulus package. He says Many Industries can continue on fine with teleworking, you know, working from home, and other arrangements, but in other cases, thats just not possible. Stuart i think youre right, when he mentioned 9 11. Likened the situation now to then. The algorithm guys, they read it, the computer said sell and we went down over 1,000 points. We have come back and right now, we are down 915 points for that 9 11 reference. The Computers Read it. I think that really upset them. Down we went. All right. Now this. You know the democrats have married joe biden. Its not a marriage of love. Its a marriage of necessity. Kind of a shotgun marriage. Joe is the last nonsocialist still standing. The democrats hopes of winning the white house now rest on joes shoulders. Thats a tough place to be for a 77yearold prone not only to gaffes but to forgetfulness and confusion. It just looks bad when a president ial candidate doesnt know what day it is or where he is and it looks real bad when that candidate stares into the camera, loses his train of thought and makes a hash of the declaration of independence. Now its on to the next debate this sunday. The party is rallying around joe biden, trying to help him where they can. For starts, they have changed the rules on the debate. Both candidates will be seated. Maybe that helps him. And because of the virus, there will be no audience and most importantly, no spin room. Thats the postdebate scrum where reporters fire off questions. Thats good for joe. Less opportunity to Say Something strange. He shortened his stump speech to lessen the chance of a stumble. He will draft younger and more have iing yo vigorous surrogates to help him. There is suggestion the remaining debates be canceled, all of them. James clyburn says call it all off to protect joe from dangerous exposure. Thats a measure of the desperation the democrats now feel. Theyve got their guy but theyre not in love with him. Worse, the rejected suitor, Bernie Sanders, still commands the loyalty of about a third of democrat voters. Joe has to win them over and thats going to be extremely difficult. There is a positive here. Both for the democrats and the country. The socialist Bernie Sanders will not win the oval office, and he will not win the nomination. He led a socialist crusade, looks like hes failed and that is a very good thing. Now, heres joe biden last night, victorious. Just over a week ago, many of the pundits declared that this candidacy was dead. Now were very much alive. Were going to bring this nation together. Were regenerating a democratic base. Its more than a comeback, in my view, our campaign. Its a comeback for the soul of this nation. We share a common goal and together, we will defeat donald trump. We hwill defeat him together. Stuart forgive me, that didnt sound like a victory speech. That was very low key in the extreme. He ended up taking home four of the six states up for grabs yesterday and that included michigan, the biggest prize of them all. More on this 2020 race a bit later on this hour. First, got to get back to the markets. A wild swing today. John lonski is with us. Moody chief markets economist. In my opinion, i think the market is down so much because we havent got that stimulus package from congress, not at all. We dont really have any clear direction as to what washington plans to do to offset the loss of Business Activity to covid19. We need that very badly. Stuart what do you think of the various proposals here . First of all, how about this payroll tax holiday for the rest of the year, where you dont have to pay into Social Security, you keep the money . Thats a big tax cut. Last year, the federal government collected Something Like 1. 2 trillion from the Social Security tax, medicare taxes and half of that is a big chunk of change. Stuart do you approve of a tax i think we have room for a tax cut at this point in time. Interest rates are low and you know, worse comes to worse, we can always have the Federal Reserve effectively monetize this tax cut by purchasing u. S. Treasury securities, another round of quantitative easing. Stuart how about the idea of extending april 15th tax de deadline . Great idea. Thats an easy one. Probably wont be too costy for the federal government. Push it out. Stuart treasury secretary mnuchin on capitol hill just said the federal government should make sure workers are paid if they have to walk away from work and stay home. Maybe using a debit card system of some kind. Lets go ahead and do that. We live in an age where we supposedly have all this access to data so these workers should be quite easy to identify. Take care of them. Get them through these tough times. Remember, covid19 is akin to a natural disaster. Its not part of the normal functioning of the business cycle. Its like a huge earthquake or hurricane. So why not have the government step in and provide these people with badly needed relief. Thats going to be good for the overall economy. Stuart dow is down 960 points. About 5,000 points away from the high reached in midfebruary. Is that market telling us that weve got a recession coming down the pike . Thats what its saying and thats what the treasury bond market is also saying. However, the Corporate Bond market isnt quite there yet. When you have a recession, you will have junk bond spreads, difference between junk bond yields and treasury yields, over 10 Percentage Points. That difference is still around 7 Percentage Points away to go. I want to add about low Interest Rates, we got word today about mortgage applications. The good news is mortgage applications, purchase of a home, up 5. 6 from the previous week, up 12 year over year. Hold on to your seat for this one. Mortgage applications for refinancing, mortgage refinancing for the week up 79 , compared to a year ago, 479 to a record high for the new methodology we use to calculate this particular metric. Stuart our guest just a couple minutes ago suggested that that rapid escalation, the refi boom and mortgage boom, could actually slow down because of the virus. Do you see that . This is as of march 6. I mean, this is just last week. Thats where im getting this data. I dont see any sign of it slowing down. Not yet. Maybe this might hurt the willingness of people to go in and look for a home but what we got to do is get this covid19 risk out of the way as quickly as possible, got to listen to Public Health experts to do whatever is necessary to contain this risk and begin to reverse its course. Stuart do you think its vitally necessary we get some kind of action from washington, d. C. To put a floor under the economy . Definitely. Definitely. Right now, the president s having a meeting i believe with bank ceos, bank executives. Listen to them. Do whatever it is that they say we should be doing. Given the fact inflation is low, Interest Rates are low, theres no reason for the federal government not to do more. For instance, as you say, covering up lost wages for those that lose a job because of this virus. Stuart okay. We are at that moment in time. John, thank you very much indeed. My pleasure. Stuart now over in britain we rarely quote the bank of england, but the brits have taken some draconian action, maybe leading the way for us. Ashley they are dropping the key Interest Rate half a percent from. 75 down to. 25 . That was expected. They are also arranging a new facility to encourage banks to lend as much as 129 billion to Small Businesses, also cutting the Capital Requirement for the major banks which they hope will free up more money to lend in addition to the 129 billion. Its a coordinated effort with the uk government thats also abolishing property taxes for businesses for the time being. This is a package overall, the government stimulus package is about, i was working it out, about 40 billion on the government side and of course, now we have this move from the bank of england so they are working together to really put a shot of stimulus money into the economy. Apparently the last quarter, uk grew close to 0 . Now we have the virus to contend with. Something has to be done. Stuart draconian action. Ashley exactly right. Stuart i want to get more on this possibility of pushing back the april 15th tax deadline, delaying that tax deadline. Thats not thats a proposal at this moment, not a fact, is it . Lauren sources say the treasury is on board but no, it is not a fact. It is something they are considering. If you do push back the deadline beyond april 15th, is that for everybody, or just those who are more affected, or would you do something more simple like waiving a penalty if you do miss the deadline and file late because you were affected by the coronavirus. But there is, the market is sending the message, they need to hear something. People need to hear something that we can stem this crisis as best we can. Stuart got it. Thank you very much. Turning to capitol hill, congress wrestling with the virus. Edward lawrence is with us. What are they going to discuss at this meeting today . Is this the bank meeting or the big tech meeting . What is that . Reporter first, a lot of headlines coming out. We are hearing from legislative aide, according to reuters, that a package, stimulus package, could be announced as early as wednesday here on capitol hill. The treasury secretary mnuchin speaking with the House Speaker 90 minutes ago by phone, the second time in about 12 hours they spoke about this package going forward, and one of the things you talked about, the april 15th deadline. Mnuchin did testify that not only would they move that april 15th deadline as one of the proposals for people, but also businesses. Not just who would be affected, this could affect everyone. They said they havent narrowed down exactly who that would affect. On paid sick leave, the government wants to Pay Companies who then would pay hourly workers on that paid sick leave. Thats the way they wanted to make it work. They are just trying to figure out the mechanism on how they can ensure the companies will pay those hourly workers and the people on paid sick leave. Later today, there is a meeting with kevin brady, the Ranking Member of the ways and means committee, about how to get this package to the house floor. A lot going on here on capitol hill as mnuchin is testifying. I will tell you on moving the tax deadline, mnuchin testified it would add 2 billion to the economy is what he said, if they move that, for businesses and people. Stuart thank you very much indeed. I will recap this because i just got an extra piece of information. Steny hoyer, leading democrat in the house, one of them, says the house bill is being written right now. As Edward Lawrence just told us, they are going to assemble and announce this stimulus package for the economy, responsible for the virus. Its paid sick leave, medical Unemployment Insurance extended, lots of things going into this package, trying to put a floor under the economy as we deal with the virus. The vote will be tomorrow. The announcement will be today. Now, this is remarkable because i see no reaction on the market whatsoever. We are still down 978 points. Thats a lot. We are just barely above 24,000. No reaction to this news the package is being assembled, announced, voted on tomorrow. I thought we might get some reaction but so far, we have not. Maybe we are so its only just happening, no chance yet to respond. Now then, this i found completely outlandish. Thats a riot. Thats at the university of dayton, after classes were moved online. I guess, what, they are telling them to go home . Lauren home, home, not to your dorm, to where your parents live, where youre from. The reason they did that, no coronavirus on that campus but they are worried. Right ahead of spring break, classes canceled, kids have to leave to go home to prepare for the eventuality that something does happen on campus. Thats alarming, when you are told you cant stay here at school. The teachers are allowed on campus and the reason the teachers are showing up is so they can learn how to better teach should they have to teach online. Thats something schools across the country are dealing with from elementary through high school, they are saying should we do remote learning, they are trying to assess the situation that parents have, do you have computers at home for your kids to do this learning. Stuart you know, you just said something remarkable. Lauren i did. Stuart let me explain. Ashley very entertaining, by the way. Stuart that was very good. Im sitting here and ive got this thing in my ear, an ifb, lets the producers talk to me while im on the air. I came unhooked so i couldnt hear what they were saying to me ashley unhinged. Stuart so im here fix this thing, and lauren is on camera tapdancing away, extending her hit so i am covered. Lauren can i illustrate what you did . Stuart go ahead. Ashley like a nascar pit stop. The tech crew came out. Stuart okay, okay, okay. Enough of this. All right. Weve got something very interesting coming up. Bachelor nation isnt taking any chances amid the virus fear. Instead of handing out roses, they are handing out forms. We will explain that one. Did you see this . Joe biden getting into a heated argument with an auto worker over the Second Amendment. Just watch this, please. [ inaudible ]. Stuart it actually got worse. Trump National Press secretary Kayleigh Mcenany joins me to react. More Varney Company after this. 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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. Stuart weinstein has been sentenced. What did he get . Ashley 23 years. He faced at least five years in jail, up to a possible 29. So hes at the top end of that range. He was convicted seven weeks ago on two counts of sexual assault. He turns 68 next week and these charges stem from two women, although hes accused of by multiple women of attacking them. There you go. 23 years. Stuart lets move back to your money because we have a new low for the dow industrials. Right now we are off 1,060 points. This is interesting because literally moments ago, we were reporting that a stimulus package to support the economy in these times of virus will be announced this afternoon and voted on tomorrow. I honestly thought that the markets were waiting for this and wanted to see it. I was obviously wrong because we are down over 1,000 points even though we got that news minutes ago. Next, joe biden and Bernie Sanders canceled their primary night events. Of course the virus is to blame. Sundays democrat debate, no audience going to be at that debate and no spin room, either. The virus is to blame. Trump National Press secretary 2020 Kayleigh Mcenany joins us now. Lets turn it to your rally, the president s rallies. Are you a little worried about holding those kind of rallies . Im not, because we have the added advantage here at the Trump Campaign that our candidate happens to be the president of the United States, who is surrounded by the best and most talented Health Experts in the world. Dr. Fauci said take it case by case and in a community where theres an outbreak stuart im sorry, kayleigh, but dr. Fauci, who is also testifying on capitol hill, he just said there should be no large crowds. He said it. Look, we have the commander in chief, we have the best Health Experts, we are taking it day by day, we are currently proceeding as normal and look, joe biden, hes suspending his rallies. Hes been dying to get off the campaign trail. The man can only speak for seven minutes. No wonder stuart he will immediately be accused of chaos in the white house. The president goes ahead with holding his rallies, his top doctor, top medical guy, says dont go with big crowds. I mean, you are immediately going to be hit with this. Look, the president is the best authority on this issue. He takes into consult the words of everyone around him that would include alex azar, that would include dr. Fauci, that would include others. I will leave it to the president. Right now we are proceeding as normal. Joe biden is looking for an excuse to get off the campaign trail. The medias best hope is for donald trump to suspend his rallies. They have been wanting him to stop this. They know its his avenue to speak directly to the american people. We will follow americas lead, we will not cave to the media and we will certainly not follow joe bidens lead as he tries to hide from the people. Stuart President Trump still shaking hands with people. Vice president pence asked about it. Watch this. On this sign up here it says you should stop handshaking if you are at your workplace, in your school or commercial establishments. Should the president set that example . Well, look, as the president has said, in our line of work, you shake hands when someone wants to shake your hand. I expect the president will continue to do that. I will continue to do it. Stuart you are sticking with this . Yeah, im glad to see that very angry cnn reporter so concerned about the president s wellbeing but yes, the president has said im in the business of politics, i shake hands. Thats what i do. I talk to the american people. Thats what hes doing, taking precautions, washing his hands. We are all doing that. But hes a man of the people. He talks to the people. He shakes their hand. Thats the nature of the business. Stuart hold on a second. I have another headline just coming at me from dr. Fauci. Ashley he said the coronavirus likely is ten times more lethal than the seasonal flu and with regard to those large crowds, he said we would recommend there not be any, even if that means not having any people in the audience when the nba plays, he says for instance so be it. Stuart okay, kayleigh. Ten times more lethal than the flu and watch out for crowds, its not a good idea. You are going to stick with the rallies . We follow the president s lead on this. At this very moment as we speak, we are proceeding as normal. We take into consult that advice and that of many others surrounding the president. I will leave it to the president but right now we are operating as normal and again, i would just emphasize joe biden, the dnc, they dont want a crowd there. They want to give joe, sleepy joe, every chance to debate that they can on take debate stage. They know hes going to crumble. We are following the advice of medical professionals and we leave it to the president to decide how to move forward. At this moment we are operating as normal. Stuart im going to throw this out for you. I want to show joe biden and the argument he got into about guns. Watch this. Stuart ive got to say i was surprised to see him talking to voters like that and being a little confused about the issue. Yeah, thats right. You just showed the best evidence to make my case for why joe bidens trying to hide. He cant even talk to the american people. He yells at them, it was a profane laced tirade against a factory worker, against a voter who asked a simple question. He threatened to take him outside and slap him and this all of a sudden comes on the heels, by the way, of joe biden calling another rally goer fat. If you can even call his rallies a rally. They couldnt fill the front row of a trump rally. Joe biden has a real problem if he talks to voters this way, disrespectful. Its unacceptable. Thats sleepy joe for you. Stuart youve got a lot on your plate. Thanks very much. Good stuff. I have to alert our viewers to the market again, please. New low. We are now down 1,128 points. Completely erasing yesterdays gain. By the way, this comes right after we have heard that there is going to be an announcement about the stimulus package and a vote on it tomorrow. I thought that would help the market but we are down 1100 points. Whats next . More after this. It all starts with an invitation. To be our guest. The invitation to lexus sales event now through march 31st. Lease the 2020 rx350 for 409 a month for 36 months and well make your first months payment. Experience amazing at your lexus dealer. Stuart not quite the low of the day, but we are way, way down and i think this is why. Steny hoyer, one of the leading democrats in the house, says that payroll tax cut is a nonstarter and will not be included in the democrats virus legislation. Senator grassley just said immediate action on the payroll tax holiday is not needed. That takes away what would have been a 700 billion stimulus for the economy, going straight to individuals for the rest of this year. Its not going to happen and i think thats one of the reasons why the dow is down so much. Its now down 1120. Market watcher John Layfield with me. You agree with that . Despite having no 700 billion stimulus, market goes down. Not sure why anybody in congress now doesnt care about spending. For some reason they are fiscally responsible which is crazy to me but i think that is a big part of it. Theres so much in the market right now that you cannot know. You cannot know where this virus is going to mutate to, if it does, or if it follows the chinese model where it peaks in two weeks. There has been two drastically different predictions on this virus. And the saudi russian oil war right now. Its hard to figure out where the value is. Stuart you cant see the bottom, can you . Do you think we are anywhere close to the bottom . Whats your opinion . Its hard to say. I saw Goldman Sachs say we could go down another 10 , 15 and i think we possibly could. Thing is, we dont know. The economy has already been hurt significantly by this coronavirus. You have 118 billion loss in the airline industry, you are having a lot of events canceled all around the United States and the world, going on right now. So its hard to say where the bottom is. I think theres a lot of value thats creeping up right now and some stocks that arent necessarily contingent on the virus getting worse or better or contingent on the chinese trade war or russia saudi oil war. Stuart a lot of viewers that are thinking about putting money into the market want to know what kind of stocks you are talking about. If you see a lot of value now in some stocks, which stocks and how much value . Absolutely. Ring central is a stock i wanted to buy before the coronavirus. I didnt buy it but it went up, now its a coronavirus play. It is, because it does a lot with teleconferencing, with groups being able to work remotely. It has a deal so it seems to be a coronavirus play. I like the stock right here. Its trading about 210. If it goes to 200, im going to buy. The other things, Online Shopping, people will start Online Shopping that have never done it before and will never go back. Also, sports betting. You have about five states that are fully mobile sports betting. You will have about 25 within about a year and a half because states are going to need revenue to cover for this coronavirus shortfall so you have some companies out there like mgm which has been cut in half, the stars group which you can bet into fanduel, draftkings, those two are probably the best to get into those trends. Stuart i will try and remember them if and when we get to the point where you actually want to buy back in again. Thanks for joining us. Appreciate it. Good stuff. Now, its my contention that following the 2020 sorry, not the 2020, but the super tuesday primaries yesterday, my contention is that the democrats have married joe biden. And they have divorced Bernie Sanders. Lets bring in doug schoen, former bloomberg pollster who you now work for joe biden . I do not. Im not working for anybody right now. Stuart take me on. Am i right, they married joe biden and divorced the socialist . If theyre not married, they are engaged, they bought the ring and the ceremony is pretty darned quick. Stuart but its an uncomfortable marriage, isnt it . Its an uncomfortable marriage because biden is a way station rather than a clear representative of the party. He was the last man standing, the one who people felt they could support, but i sense no enthusiasm for him. Rather, he is a centrist, a moderate, appeals to africanamericans, but his liabilities, you and i have discussed. They are well known and they havent gone away. Stuart no. Hel his handlers have to handle him very carefully and thats not always easy. In any freeflow situation, joe can make a nasty mistake. One other point should be made. You were making it implicitly with the failed or appeared to be failed stimulus. If the republican and Democratic Congress cant get together to do something, the markets keep going down, we have an economic slowdown and we have a bad outcome on coronavirus, that could hurt the republicans, could hurt some democrats, and also President Trump. Stuart i think youre right there. Now then, new york citys mayor bill de blasio says the party, the democrats, should be careful because biden hasnt been vetted, whatever that means. Watch this for a second. Joe biden hasnt been vetted. He was in a perfect position, early frontrunner, then everyone thought he wasnt going to make it, turned their attention to bloomberg, bernie, even warren for awhile. Joe biden has a lot of issues he needs to speak to. If we dont deal with it now in the family and have that blunt discussion, donald trump will. Stuart you think the democrats made a mistake turning away from bloomberg, turning away from warren and sanders . Well, look, obviously stuart a mistake walking away from bernie and warren . Warren i thought disqualified herself with her ideological positions and her behavior. Bernies a democratic socialist. I dont think he ever could have gotten elected. And bloomberg had faced some challenges with the electorate. I think he was a superior candidate. Regrettably, that did not come through. Given everything that happened, biden appeared to be the best alternative but what the mayor was alluding to, im surprised to hear it, was the barisma issue. He was talking about family issues and the like. While i dont believe there is anything legally actionable, we also dont know that for absolute certain. The other thing, just taking the appearances, Vice President , the son with no qualifications shows up and gets an 83,000 a month job. That raises questions, plus the private equity deal in china where he got i think billions invested. Again, im not saying theres any impropriety. What the mayor was saying is it needs to be explored. One thing we know for certain, the Trump Campaign will explore it. Stuart guaranteed. Guaranteed they will. One last one, quickly. The gallup poll Shows Approval rating for Congressional Republicans has hit a 15year high and it surged since impeachment. Their Approval Rating hes higin than the democrats. You think they can retake the house . Given whats going on now, i suspect that Approval Rating will level off or drop. Put another way, the incumbent party tends to be blamed probably unfairly for things like pandemics and if this doesnt get under control quickly, i think it will hurt the republicans in the house and senate and certainly for the white house. Stuart doug, thanks for joining us. Thank you. The virus didnt stop the bachelor from filming its live studio audience finale. And we also have that awkward moment that everyones talking about. Youll see it. A stimulus package for the virus will be introduced today, voted on tomorrow. Next, louisiana senator bill cassidy. Will he support it . Well be right back. Stuart the news from the market is this. We are down over 1,000 points on the Dow Jones Industrial average. Why is it down so much . I will tell you. There is a house package of measures to stimulate the economy as it hits as its being hit by the virus. But that house package does not include a payroll tax cut. That would have been, you dont have to make your Social Security contributions. Thats not in the house deal. Senator grassley, on the other side, in the senate, says that payroll tax cut is not necessary. I want to bring in senator bill cassidy, republican from louisiana, because mr. Senator, i dont know where you stand on a payroll tax holiday but the market is chronically disappointed and its coming way, way down. We have not seen the details of what the president proposes for the tax holiday. Difficult for me to comment on. On the other hand, i do think we need a package that keeps people at work. One thing i would propose, i think others will, too, now is the time to do an infrastructure package. Working families are at the greatest risk. If they are unemployed they arent paying payroll tax anyway. You do an infrastructure package, you create construction jobs which then begin to pull down manufactured goods and people spend money on services, three different ways you put working families to work, then they can pay their payroll tax because now they have a job. Stuart its not going to happen, is it . Im not saying i think theres bipartisan interest in doing an infrastructure package, one for the reasons i just outlined. Two, we are going to have the ability to borrow money at record low Interest Rates. Other countries have negative Interest Rates. We will have a low one. We can borrow, put people to work. Stuart what do you say to extending the tax filing deadline beyond april 15th . That seems reasonable. Right now people are just scrambling. Im from a state producing lots of energy. I have connections with people who are producing energy in west texas, oklahoma, et cetera. They are just seeing the floor bottom out for a variety of reasons. They need to kind of focus on making sure they keep people employed. If they get a little bit of extension on a local level, i think that would be good. Stuart the price of oil has come way, way down. Thats obviously hitting your state. Its come down so much because of a price war between the saudi arabians and russia and the saudis seem to be going after our frackers. I know President Trump has called mbs, the ruler of saudi arabia, once. You want him to call him again and say we are allies, knock it off, you are killing my guys . You want him to do that . I dont think we should put ourselves at the mercy of the good graces of the saudis and of vladimir putin. Just like we have now learned with drug supply chain, it helps to have domestic production. So i do think there needs to be a way we support our industry through this price war, through the Airline Flights being canceled and the shipping contracts being canceled, support them through that to have vibrant, Domestic Energy production. We dont want to rely upon the russians to provide our oil and gas. Stuart are you talking about a bailout for shale drillers who are in trouble or cruise lines that are in trouble or airlines that are suffering . Are you talking bailouts of industries . We found after Hurricane Katrina that there needed to be some support for Small Businesses. We knew we needed them after the cities were rebuilt but we knew also if we didnt give them support through the rough period, they wouldnt be there to reignite the economy. We are going to go through an economic problem. If we are going to decrease transmission, there is going to be an effect upon the economy. Lets kind of get our employers through that period so that after this coronavirus passes, the employers are able to pay wages and keep people at work. Stuart by the way, there is a bit more time to discuss this in congress. The recess that was supposed to start on friday of this week has been extended, pushed back. You will be at work maybe over the weekend and into next week, mr. Senator. Hope you dont mind. I dont mind that at all. Stuart got it. Bill cassidy, thanks for joining us. Appreciate it always. Thank you. Its time to lighten up just a little, if we can possibly do that. Weve got to do that. The virus didnt stop the bachelors season finale. Waivers were sent to audience members . Lauren live audience. It was a disclosure form, a, have you been in contact with anybody who is symptomatic of the coronavirus and b, did you travel to any high risk level 3 areas in the past three weeks. They want to know if your answers are no, you get to sit in the live audience. Stuart if the answer was yes, you stay away . Lauren come back another time in the future. Stuart im told that all kinds of people are talking about a very awkward moment at that bachelor event. I think we have it on tape. Roll it, please. How do we turn the page and give this a shot together . Chris, hes going to have to fail to succeed. Thats it. Its all his friends and all his friends, all his family, everyone that knows him, knows that its not, you know, its not going to work. So we have been trying to help him. Do we want it to work, yes. Stuart wow. Let me try to explain this. Thats the mother of the bachelor who clearly didnt like the young woman who the bachelor had chosen. Can you say awkward . Lauren youre into this. Can you imagine . If you thought your motherinlaw didnt like you, imagine having barbara weber, that was her name, as your future motherinlaw . She wanted her son to pick somebody else. She wanted him to pick hannah. I believe it was hannah. Stuart thats one reason why, because the geit gets right to nittygritty. Awkward moments sell on television. I was trying to fix my ifb earlier. Ashley that was just amusing, not awkward. Lauren i love how you talk about the bachelor, though. Im impressed. Stuart i dont think i have ever seen it. My daughters are glued. Ashley there you go. Stuart they were texting me this morning, you got to see that, you got to see that. We will change the subject again, shall we . Ashley please. Stuart a couple stuck on board a cruise ship with virus patients suing the cruise company. Do their claims hold up . We will ask an attorney, who joins me next. The world is built for you. So why isnt it all about you when it comes to your money . So. Whats on your mind . We are a 97yearold firm built for right now. Edward jones. Its time for investing to feel individual. 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 . How you watch it does too. Tv just keeps getting better. This is xfinity x1. Featuring the Emmy Awardwinning voice remote. Streaming Services Without changing passwords and input. Live sports with realtime stats and scores. Access to the most 4k content. And your movies and shows to go. The best tv experience is the best tv value. Xfinity x1. Simple. Easy. Awesome. Xfinity. The future of awesome. The end might not be as happy as ayou think. End. 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. Stuart a couple on board the cruise ship where passengers had tested positive for the virus, theyre suing for a Million Dollars. They say Princess Cruises was negligent, exposed them to disease and should have done more to keep them safe. Attorney and host of fox nations crimes that changed America Emily campagno is with us. Welcome back. Havent been on for years and years. Grateful to be here today. Stuart welcome back. The couple thats suing, do they have a case . I dont think so. Frankly, this complaint was pretty hastily written, its clear to me. I found this premature. Heres why. They are saying the cruise ship was negligent in exposing them to the disease but they dont yet have the disease. They in fact are still being quarantined. The remedy they are asking for in addition to a Million Dollars in punitive damages is also a jury trial. We know that those take forever. So they are not saying you guys knowingly exposed us to covid19 and we are sick and here are my actual damages. They are really not there yet. Granted, they are older, 69 and 75, and they argue they have underlying medical conditions. I think that the argument that there was a bit of negligent in that the cruise ship knew there were infected passengers that had just exited the ship the same day they got on the ship, there is truth to that. But i think everything else, it just wont hold up. Stuart it probably will go forward. A judge is not going to say nothing, get out of here. Theyre not going to say that. It will go forward. They have enough of anarticulable allegation in the complaint it will probably proceed. Stuart it will be joined by others, presumably. By the way, they are arguing gross negligence. Thats similar to the extreme reckless disregard we saw in the ghost ship fire warehouse in oakland. Thats a really high bar to cross. Stuart next case, couple music festivals, coachella and stagecoach officially postponed. Lots of contracts signed. Lots of money on the line. Lots of money lost here. Can we expect an influx of more suits there . Yeah. I mean, earlier, like the phrase death and taxes, nothing is certain but those two, and lawsuits, i would like to add. Of course we will expect lawsuits. They are everywhere. But i will say that in terms of the cases that they have, this is the kind of thing that when health is a concern, Public Health is a concern, both of these organizations are providing an alternative. They are just postponing the date. If you cant make it you get a full refund. Theres not again those damages that they can really articulate. Loss of money, these guys are refunding it. Stuart fascinating. I think there will be an avalanche of lawsuits surrounding the whole virus incident. Were not going to walk away from the courts on this one. I just cant see it. However, you have a new show on fox nation. I have forgotten the name. Tell me again. Crimes that changed america. Stuart whats it about . Thank you. Im really excited about it. Its about the stories and the reasons behind laws in this country that have come from frankly some pretty horrific murders. So whats the story behind, for example, the three strikes law in california . Whats the case and the story behind megans law . Stuart okay. I will watch. Please do. Thank you. Stuart i will watch that. Good stuff. Emily, thank you very much indeed. More Varney Company after this. While the world keeps fighting for your attention. 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. 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 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. Rowithout the Commission Fees whichand account minimums. So, you can start investing wherever you are even on the bus. Download now and get your first stock on us. Robinhood. As someone with hearing loss i know what a confusing and frustrating experience getting hearing aids can be, thats why i founded lively. High quality hearing aids with all of the features you need and none of the hassle. Lively offers bluetooth connected, fda approved hearing aids delivered to your door, sold at a fraction of the price, with direct access to an audiologist whenever you need it. Better hearing has never been this easy. Try lively risk free for 100 days. Visit listenlively. Com stuart check the market again please. Were down 1000 points for the did you dow industrials. Down for the s p and nasdaq. Im pinning this on one simple announcement came literally 10, 15 minutes ago and that is this payroll tax holiday is not going to be included in the house stimulus bill. And in the senate, senator grassley says, he doesnt think he needs 700 billiondollar stimulus of the payroll tax. Ashley very underwhelming for the market a lot is built into lawrences point earlier about the stimulus package not coming through as yet. Stuart the way the market wanted it as yet. Ashley right. Stuart times up,. David as man in for kneel. David if we have to rely on politicians were in trouble. Nearly 1000 coronavirus cases reported here in the u. S. A socalled containment zone is being set up just 20 miles from wall street. Jackie deangelis is at the New York Stock Exchange with the very latest. Hi, jackie. Reporter good afternoon to, you neil, sorry, david. David thats all right. Reporte