Marsha blackburn coming straight up. There are mixed messages from doctors, government officials, what do we know and what do we need to know . Reaction from former hhs secretary tom price in just 30 seconds. All that and so much more on making money. Charles just a few seconds ago the dow was off 2200 points t exploded to upside after word came the new york fed is increasing treasury purchases. It is a massive program. Nevertheless the s p 500, nasdaq, entering bear market territory. The dow officially, 11 year bull market is over. All three indices down 20 from the recent highs just touched three weeks ago. President trump commenting on the market just a while ago. We have a lot of things that were working on with the Financial Markets and, its going to work out fine. You have to remember the stock market as an example is still much higher than when i got here, it has taken a big hit. It will bounce back and it will bounce back very big at the right time. Charles lets bring in edward jones strategist, kneel richardson and Bahnsen Group cio, david bahnsen. Let me start with you, the sharpness of this decline. We had pullbacks before. We entered bear markets before, but not this quickly. The rapidity, and emotion attached to it. This is not just a Financial Market event this is biological event affecting people in terms of vacation plans, sending kids to school, going to college, first job out of college, and it is at guttural level, that panic, that emotion is spilling overly into the Financial Markets. Charles it is hard to quantify, david, the impact of that certainly near term which is really tough because strong Consumer Confidence is the wave weve been riding. If you few markets a discounted flow ever earnings and you lose your ability to measure earnings, you cant put a multiple on. You lose both of numbers you multiply to get fair value of market. Charles by the same token, the street is assuming worst worste scenario. We dont know where of the enis but it will be pretty low. When the stock market ended they overshot so much how low the e would go, it became unbelievably viable. It is not there yet but based on information, i have never seen a situation where the outcomes in the short term, short term, three to six months are so diverse. We could be into recession and literally could bounce back 30, 40 , no problem in a few months. Both are very much on the table. Charles yesterday a lot today of goldmans call, a sharp decline. What they didnt cover, to your point he anticipated a sharp recovery. 2450 on s p. Finish the year at 3200. That is heck of a ride which echoes President Trump just said. Nothing is guaranteed or inevitable. It all depend on policy response both monetary and fiscal. I dont think well see a quick snap back. This is a hit to demand and supply. You will see the economy respond with all the gains charles longterm hit to demand though . I think there is difference between postpone and cancel. Feels like, as up human beings, anxiety postpone things we want, we have wherewithal to get the things a month two, months, five months down the road, will we do it . Charles, i think there will be a recovery in the wake of this. I dont think it will be a vshaped recovery. I think more like a u or an l because the channels being disrupted by this virus and efforts to contain it are both demand and supply. It will take a while to restart the economy again. It wont be a quick snap back. As far as the economy i agree completely. Important point from history. There will be a vshape at beginning of the stock Market Recovery and then a smoothing out. Charles right. You will not get back to 29,000 right away. I think half recovery will come quickly. That is so dangerous about market timing right now, you could miss 40 of the recovery in a few days. Charles let me ask you about that because on the few up days that weve had, particularly the last big day up, the leaders were oil companies. I know that you liked mlps and, if you see Something Like an apache, up 20 in a day, that is interesting until you find out it is still down 50 for the year, right, that kind of thing . We will get an initial snap back but what keeps hardhit areas continuing to rally . Why would i be in oil other than for a snapback trade . You wouldnt want to be in anything other than the highest quality names. If youre on the production side. Exxon and chevrons. If youre on the mlp side, meaning transportation, enterprise products, epd, those types of names you can lock in generationally high yields from companies in far better place. Apaches, occidental, you saw what happened there, names far more leveraged they have to be avoided. Their economics have blown up. Charles let me ask you something about the fed, since youre on this, pioneer, concho, Permian Basin plays, i feel like they get a bailout eventually, not in the first intervention because it would be political suicide but i think the argument theyre so valuable to us as security, not sending money to a foreign country, controlling our own interests, and also texas being pretty important election state, do you see that happening . I dont. I was in the west wing on wednesday. I had meetings with the National Economic council. Not to say it can end up going there, but everyone is aware it is political awful. It is unnecessary. We have a bailout in our country. It is private equity. They have dry powder there are assets there. Markets will work for the weak are players in the Permian Basin. Charles 1. 5 trillion in shortterm lending so banks can do lending two between each other. 6 billion between march 13th, april 13th. That market erased half of their losses. Christine lagarde took action today. Wasnt wall street wanted but she pounded the table on the idea it has to be fiscal reaction. She said governments need to do the right thing and ours appears to be fiddling now. They said if you employ the right tool at the right job the right time the markets will respond. They only responded for ten minutes. Theyre back down again. The markets are looking for leadership. Has got to come fiscally. This is biological problem. This is not a financial problem t didnt start in the Financial Markets. Cant be solved in the Financial Markets. Charles bankers with mr. Trump yesterday, this is not financial crisis. This is crisis of confidence. Someone wrote a book about Something Like that. Crisis of responsibility . Sure. Charles well get you to come back, david. Neila, stick around. Joining us by phone, he is selfquarantined in one of hardest hit areas in seattle, Money Map Press chief strategist, keith fitzgerald. Keith, how are you holding up . Fortunately all the family remains healthy. We have no symptoms. Were making the best of a tough situation. Charles everyone is trying to quantify as possible what it would mean to have half the country shut in. People not going into work, telecommuting, whatever. What has changed for you . How much money have you saved . Are you spending money . Are you contributing to this economy . We are contributing to uncle bezos. Were contributing to instacart. Any of the delivery services. We have been astounded of generosity of neighbors leaving things on the doorstep. It is Little Things you dont expect. How will you get the mail . Where are you getting a package . How will you sign for something if you need authorization at the bank . The bank requires you to go to the bank. We obviously cant do that. There are things in our society not set up for this type of a situation. I think that theyre going to be some massive rewiring at the corporate level in terms of everything from Distance Learning to security as a result of this. Charles lets talk about the markets for a moment. Your thoughts what is happening with these markets and what might help to stall this decline or even turn it around . Sure. You know, thanks to the miracles of the internet i havent missed a beat. My clients havent missed a beat. Weve been on markets all day long every day. Im happy to see the fed making a move to restore short term liquidity. I dont think it will matter for long, to your earlier guests point this is biological problem, not a financial problem. I think one thing wall street must do and is not going to want to do, if you really want to stop the tide, if you want to slam down the volatility, bring people back to the senses financially, get the high speed traders out of this. You know, what fellows, you will take a whether you like it. End of discussion. Of what is happening now is computers acting like herds, theyre just piling higher, piling lower, and that is taking everybody on a whiteknuckle ride they dont deserve. Charles we hear that all the time, algorithms, High Frequency traders, even some folks think with shorting that maybe uptick rule should come back as well. But then when the market stablizes those conversations seem to go away, no one does anything or says anything about it. So beyond those kind of things that probably wont happen, keith, how are you looking maybe to ride this out or are you taking it day by day . Well, actually this is not interfere with my longterm perspective one iota. In fact it refin forced it. History shows if you focus on right companies, you have to be very choosy, but the right Companies Still needed in this word, never mind selective stuff meet the criteria because theyre essential to global resource. That is what were focused on. Im getting excited. My buy list is healthy. Im looking to a couple late. I dont think it is aaccumulate. I dont think it is yet we make our move. Were closer than a lot of people think even the headlines are worse from here. Charles what i can see, some of these good names youre talking about, names of history of beating the street, margins are expanding, theyre taking market share, earnings estimates going higher, all things you want to check off, theyre getting hit exceptionally hard today with wide volume. So you think this is the period of the selloff, the winners, the known winners in this world, apples and amazons of the world they get hit simply because people are selling so now theyre looking to sell things theyre profitable in . There are two things at work. Theyre counterinfew tiff. One is fear. Individual investors are chucking in the towel which is the wrong move. This is the time, charles, where individual investors actually have the advantage over wall street. Individual investors can pick their battles. They can pick their names. Big wall street folks have to keep their money moving whether they lose or not. I look at this, i see these big names getting hit. What is happening is these big traders are getting a margin call. Theyre flipping out, unloading as fast as they can to avoid that. This is the open door for the individual if you got the right perspective. I have no problem looking at great companies, they will be back. Companies like microsoft will not be out of business. Apple will not charles they will be here long atcha and i are gone, right way, by natural causes. Exactly. Thank you very much. I have some breaking news right now. Lets go to the senate they announced moments ago theyre delaying work recess to focus on coronavirus stimulus bill. The details are not ironed out in the house. Edward lawrence is live on capitol hill with the very latest, and edward, there was a lot of frustration not just on wall street, but around the country, these folks would go on vacation, recess, leave us hanging out with nothing, no action . Reporter they are still talking though, which is a good part here on capitol hill. House Speaker Nancy Pelosi said she had at least three conversations with treasury secretary Steve Mnuchin talking about the language in this stimulus bill. Republicans that i talked with are concerned it just grows government and doesnt give the stimulus the president was looking for here. House minority leader Kevin Mccarthy suggests that the house want to cancel the recess and get this bill right. Listen. I think it is more important that we get it right. Im not concerned that we go on recess. I think we stay here, we get it right. This is a time and place that you do not want to rush something. Reporter the house and Kevin Mccarthy saying that he is willing to put something out early, get something done that they can agree on, and work on the hard stuff later. House Speaker Nancy Pelosi pushing back though on this sense of canceling recess. Listen. Im not sticking around because they dont want to agree to language. We sent them the language. It is not about that. It is about putting people and families first. Reporter she does want to get something out quickly to support the economy. Now Senate Majority leader Mitch Mcconnell said they will stay next week if the house passes something and they will look at what the house passes. Although he does say he cant support the bill as it is written right now. Here is some of the things thats in it. It increases one billion dollars the Food Assistance program, including expanding food stamps. There is five million for Emergency Paid Sick leave through the department of labor. It expands the Social SecurityAdministration Authority to give paid sick leave. The bill would expand Unemployment Insurance giving a billion dollars in emergency grants to states. It requires testing for the coronavirus to be free for insured and uninsured. One more note, well tell you that the coronavirus has affected folks here on capitol hill. A staffer in senator Maria Cantwells office tested positive. The rest of the staff is now in quarantine. Some other senators now have started to send their staffs home and close their offices. Senator rick scott selfquarantining as he was told that he came in contact with someone who was positive for coronavirus. Back to you. Charles edward thank you very much. One lawmaker working on a bill is tennessee senator marcia blackburn. I want to talk about the important bill youre working on with respect to pharmaceutical companies. I want to get reaction to what we heard from nancy pelosi. She will not hang around. She is trying to drive a pretty hard bargain. The country is watching d. C. Now more than ever before. I think youre exactly right, charles. The fact that she would take the week off, that she would even, we heard rumors earlier that they were talking about not coming back until after easter. You know, i got to tell you, congress should be here and congress should be working. We need to address this. We need to figure out how were going to deal with it. It is a Serious Public Health issue. The president was right to stop flights from china early, thank goodness he did. I was not surprised at all to see flights coming out of the eu to be blocked. I think that could have been done probably a little bit earlier. I think it is appropriate that we not take meetings in our office. That we begin to handle things by teleconference. That we not have tours in in the capitol. But members of the house and senate show up, do your job, figure out how we best address this. It will be a team effort, not only with the executive and the legislative branch but us working with our states and our local governments. So that we flatten the curve on this. That we limit the community spread. Charles to that point, feels like beginning aftra additional republican versus democrat negotiations where everything is on the Table Including things that are nonstarters. Right. Charles Edward Lawrence went over a billion for snap. A lot more money for paid sick leave. Expanding Social Security, Unemployment Insurance, covid19 testing, free testing. On other end President Trump thinks a payroll tax cut would be wonderful. By the way when president obama was in Office Democrats used to love that idea. Now they dont. Does america have time for this to start off as a traditional negotiation . Because the clock is ticking. I have to tell you, i heard from so many mothers and women who are looking at this pushback and trying to politicize the virus and politicize the response. This is a Public Health issue. This is when people should come together and say, lets figure out how were going to handle this, sew we minimize the impact, so that we are working together to find the antivirals that are going to work, and that were going to be able to bring vaccines back into this country. Were not manufacturing those. That is a part of this problem. All of our central pharmaceutical ingredients are manufactured where . China. And this, we have one company that does penicillins and antibiotics and theyre in the affected area. So what has happened . That whole company has shut down. So these are issues that need our attention right now. Not in five weeks. Charles arent you heading bipartisan bill . Yes i am. Charles actually addresses this issue . How would this change the idea there should be general epiphany of American Businesses the idea of taking millions of americans jobs and shifting for a few pennies has failed miserably. But for the u. S. Pharma companies, how would you bring back the ingredients back here so were not left in this precarious perch ever again . Thats right. My friend senator menendez from new jersey. We have the legislation, securing are americas medicine cabinet. This would allow the research to take place on advanced pharmaceutical manufacturing. We would do this through expanding a division of the fda. And it would put the emphasis on bringing back the active pharmaceutical ingredients. Theyre called apis, bringing that back onshore so that we dont get into issues that are a National Security issue, a national Public Health issue. Not be able to get the pharmaceuticals that we need in order to address it. And, charles, a great example of some research in tennessee. At the Oak Ridge National labs they took the supercomputer, fastest in the world, they put in all the decade of research from the coronavirus family and they entered that. They came out with 77 drug products that could be effective against this. So it did years worth of scientific research, crunching it down to target some of this to help our scientists find whats going to go work. Charles well, senator, as usual, thank you so much for your leadership. Thank you. Good to be with you. Charles and forwardlooking. Well see you again real soon. Folks i have to tell you, i always had mixed feelings about christine lagarde, i got to be honest im never been a Fan InternationalMonetary Fund or European Central bank, known as the ecb. She was managing director of the former and currently president of the latter. This morning the ecb enacted several measures which by the way disappointed the equity markets but her press conference was fantastic. She says it is still too soon to know whether or not europe will have a recession this year, but she stressed europe and the world facing major shocks but at the level and duration, all of it will depend on the speed and strength of a collective approach by all players involved. Her press conference emphasized near term risk to the downside, in it is fiscal action will make the difference. She pounded table on need for physical authorities to take action that underscoring it must be collective, it must be ambitious. Ecb decision not to cut Interest Rates left a lot of investors complain about a lack of shock and awe. But they made Funds Available for liquidity to keep credit flowing and increase access to refinancing plus they will be buying 120 billion euros worth of special asset purchases. All the actions go through brinks, right. Europe, the fact of the matter, the United States and europe we need a direct injection of. Lagarde pointed out eu fiscal measures amount to only 27 billion euros. That is a pitiful number. Not only do i hope leaders of europe are paying attention but the elected leaders in the United States. The stock market wants Central Banks to pour out the spigots but economies need immediate help. That can only come from governments. I find it amazing leaders in the uu and United States combined black h racked up 35 trillion in debt, complain about fiscal restraint. That is political bickering and the stall is hurting us big time. We dont need to take advantage of the crisis by writing blank checks but lagarde and the stock market are sending a loud, thunderous message to world leader, time to lead, not bicker or stall or especially go on recess. Breaking right now new york state announcing theyre banning gatherings of more than 500 people in new york city. This will go into effect tonight. There is exception for broadway which must start to obey the new rule also later. The rule of course does not apply to hospitals, Nursing Homes or mass transit. Health and Human Services secretary alex azar telling fox news that the Coronavirus Task force is learning how to from other countries to handle the outbreak. Take a listen. Were working with local authorities to take aggressive measures to minimize any impact across the country. Were working at borders to contain the inflow of disease. Weve been very clear from the outset, there is literally no way the United States as the center of the Global Economy is immune from this. Charles as President Trump takes drastic measures rather to stop the flow of people into the country saying a National Emergency is on the table. Take a listen. We have things that i can do. We have very strong Emergency Powers under the stafford act. And we are, we have, i mean i have it memorized practically as to the powers in that act. If i need to do something i will do it. I have the right to do a lot of things. I have dont want to say that, at some point maybe some of the more minor things at this point. Look, were, were in great shape compared to other places we are in really good shape. We want to keep it that way. Charles scientists are now learning that the new coronavirus can live in the air for several hours and on some surfaces for as long as two, maybe three days, for more, what we should be doing i want to welcome in former hhs secretary tom price. Secretary price, thanks for joining us. Hey, charles, thanks so much. Charles these kind ever headlines scare the heck out of people. Sure. Charles it always feels like it is important to go into greater depth what it exactly means. Do we have to worry about touching surfaces now . Thats been a recommendation for a long time. Look, this is an infectious disease. It is a Public Health challenge. There is logical and methodical way to proceed through a Public Health challenge and infectious disease. We know how to do that. The last 24, 48 hours demonstrated clearly everybody understands the magnitude of the challenge we face and if we look at the Natural History of this disease the best example of china, took them three, 3 1 2 months to get through the worst crisis f we do the right things and work together, there is no reason to believe we ought not to have that timeline or even shorter. There are folks in the private sector, public sector, working overtime to make certain we have the ideas to be able to treat this, mitigate it, come up with a vaccine ultimately. At the end of the day well come through this wiser and stronger than we are right now. Charles there is no doubt about it. This generations first time i think dealing with Something Like this. We read about these things. We heard about these things. Maybe we thought we were too evolved or too civilized to not to have to go through it. But certainly were vulnerable to anything that can start anywhere in the world. On that note, you mentioned china and their aggressive tactics. They have had so much success that people are questioning how they could only have one or two dozen new infections, only 11 deaths, down from the thousands that they were recording daily. Nevertheless italy is taking a page from that book. They started with the lombardi quarantine. They applied it to the entire country. When i hear President Trump wants to stop travel from europe i dont have a problem with it. I think trying to chase some of these things from behind is where we get into a big mistake, sort of letting the barn door open. Sure. Charles lets close the barn door now. You want to be proactive than reactive. Make sure the science is driving this. You want the Public Health officials, Public Health experts are coming up with the solutions and recommending those solutions. I think we recognized the challenge that we have. Finally were moving in a direction. It feels like it in society right now. Were moving in a direction where people are actually changing what theyre doing. You mentioned it. We in america, a lost people thought it wont affect us the way it affects the rest of the world. These bugs are smart and they know no bourne dries. Finally realizing as society we recognize the challenge and changing our habits and our activities. That will stop the spread of the virus. Charles dr. Price, meantime everyone is talking optimistically about a vaccine or some therapeutic treatment for this but the mitigation part is what gets wall streets attention. Sure. Social distancing part of this, hibernation part of it is there some kind of way to reconcile that as someone who worked in government on several levels understanding we want to stay alive and keep people safe but we dont want the economy to actually implode either . That is why you need government to step in to prop folks up to bridge this time frame. Again, were probably three to six weeks from the peak of the challenge that we have here. So government needs to indeed step in, you will not lose your business or lose your job. We make sure folks get to the other side of this when we come out to the other side. There will be so much pentup demand that economy takes off. Im convinced of it. We have to see through this time. Tough change your activities in the meantime because this is a new challenge. It is a new crisis that we need to address and we need to address it societywide. Charles youre working on some projects. One particularly that you like to share with us . Were working on health care for you. Obviously the Health Care System we have has some real faults, has some real challenges. That is not to say you need to turn the thing upside down and change it so government is running everything. Centralized care is not what the government wants. Were working on personalized care. Were on Job Creators Network with health care for you. Were working with governors, state attorney generals, leaders in washington and physicians and other Patient Advocacy groups to make certain people have the kind of policy, the kind of Health Coverage that they want and they desire so when challenges like this occur they are able to get themselves and families taken care for. Charles secretary price, we appreciate it very much, we appreciate your expertise and thanking the time. Meanwhile here in new york the number of coronavirus topped 200. The vast majority are in new rochelle in westchester county. Today the National Guard being deployed there to help with the containment zone and help citizens there. Now the other hot spot is Nassau County in long island where confirmed cases are now 30. Joining me laura kern. Were up to 40 cases. Up to 40 case. Today we announced imminent threat of Public Safety to pave the way to declare state of emergency. As you heard con stainment is the key. This is important measure we have to contained. There was a big Jurassic Park happening at the nassau coliseum. We are canceling that tonight through the weekend. We cant have grandparents getting kids to an event and getting sick. Charles my granddaughter saw it two weeks ago. What do you attribute the spike to . Is it a sense spreading rapidly or being able to test more people or combination of both . It is really both. We are doing more tests. Northwell facility in long island facility in Nassau County is doing more tests. Soon they will be able to test 1000 a day. When we see more testing well see more positives. Were expecting that. We expect a increase from yesterday to today. We expect it to get larger. We make sure were shutting down events, working with municipalities where we have to and when we have to could contain this as much as we can. Charles how much backtracking are you doing . Technique germany had success taking folks retracing their steps to find almost every Single Person they were in contact with, widen the net and make the whole mission of mitigation even better . Right. We have a team in our Health Department that does this all the time with other diseases. You dont hear about it because theyre not in the news. Theyre very experienced. When we get a confirmed case, a whole investigation happens with disease investigators who go through where they go to school, where their kids go to school, where they work, do they take the train, was there a Family Gathering and where do they worship and if someone is deemed at risk our Health Department will contact them directly and if quarantine is necessary that happens. Charles laura, you and i spoke on saturday. Just saturday . Wow. Charles the idea was keep wheels moving, keep commerce going. Are you still in that space . Were walking this very delicate line i dont think we want the entire country to shut down, everyone to stay in but it hard to know, people dont know what she should be doing. Sometimes you default, let me stay in the house . I was talking to hospitality executive from Nassau County. He has empty rooms. This is a problem. He has chamber, housekeepers that he has got to let go or cut down on the work. This is a real problem for local jobs a real problem for the economy but the main thing we have to focus on right now is containment. All these new phrases were talking about, community spread, social distance, this is really important stuff. Charles do you think that general public is starting to be aware of that . I am. I am concerned about social media, about rumors, false rumors spreading. You know these moms groups are full of a lot of vitriol, a lot of anger. For our own Emotional Health we should take a break from social media once in a while. Im not a doctor but i would prescribe a break from social media. Trust the local news, trusted news source. Dont listen to rumors that could be just as dangerous as virus. Charles speaking of moms group, real area of contention is closing schools. Weve seen entire nations do it. Pockets of municipalities in the country do it. Where do you stand own that . If there is a positive case in a schooled building, the new york state says that School Building must be closed for 24 hours. If our contact investigation finds that the threat is bigger, that it could have spread wider well work with the state, well work with the School District and our county Health Department to decide if we need to close for a longer. For example, we have a School District in our county which today i have decided should be closed for a total of two weeks because of a possible wider spread. But that is casebycase, school by school basis. It is not one size fits all. In fact, keeping kids in school can keep communities safer f theyre at the mall, hanging out with grandma, if theyre out there that would not charles there is debate. This could actually backfire in many ways. Also when kids stay home, a parent healthy able to go to work wont be able to do it as well. There is a lot to consider there. Meals at schools, kids are dependent on meals. Shutting down schools wont help. It has to be based own science, based on case of that particular school. Charles laura, youre busy and help and insight is valuable for the audience, thank you very much. Appreciate it. Charles a passenger on a jetblue flight flying from jfk to florida is tested positive for the virus. Jackie deangelis live at jfk airport with more. Jackie . Reporter good afternoon, to you, charles. What jetblue has said they have worked to sanitize the aircraft, to sanitize the space, that the travelers passed through those that were exposed when they landed in florida and this all comes back to a sense of personal responsibility. If you know that youre not well, if you know that you have the virus, you choose to get on an airplane or travel to an area that is you know, heavily infected internationally, potentially try to come back to this country, the president in his address last night told people, i know, you can go but as of friday, midnight, youre not coming back into this country. And charles, it is really speaks to the idea of people taking these unnecessary risks or a risk that you and i wouldnt take and then, you know, having that commune spread become more of an issue. Were talking about social distancing for example. There are certain times where you have to be around people, for example, at the airport here. And there is a lot of folks saying that work here, that have said, we tried to remain calm but this travel restriction, it has our hackles up. Were wondering if this is more severe than were expecting . You got travelers coming in and out of the last minute, sort of keeping their head down with their masks on, just trying to do the business and get in or out of the airport. People are definitelying on high alert about this, wondering what sort of the next steps are from here. I was able to speak to one family who was visiting from europe. They were in a rush to go back and get home in case the travel restrictions got worse. So it is a really tense time right now but i will tell you this. The volumes here at the airport are nothing like they would be at this time of the day or earlier in the morning. Some people are heeding warnings and others trying to make last minute preparations. Speaking how this impacts the market, weve seen impact on the airlines. Weve seen impact on oil prices. You know, Global Demand and jet fuel certainly will be part of that story. It will be something to watch. Charles . Charles jackie, thank you, very, very much. Breaking broadway theaters to suspend performances through april 12th. Unlike the nba and other sporting events they rely on the Live Audience that will be a significant hit for them. Stocks recovering some of their losses but still in bear market territory. Joining me Payne Capital senior wealth advisor, courtney dominguez. No im not affiliated with payne advisors. Thanks for joining. Thanks for having me. Charles last time i saw you a week or so you were pretty optimistic, pretty confident this will be shortlived event for stock market and society at large. Are you still feeling that way . As we start to see anxiety and fear and panic get closer and closer to every individual in this country . Yeah i think sheer panic is getting more widespread in a way not necessarily a bad thing. Markets bottom when there is that fear and panic. Note when people are being complacent. Seeing some of that maybe oddly enough may not be a bad sign. One thing people are not appreciating the markets will recover before the news gets better. That can happen just as big and just as fast with seemingly no rhyme or reason. Investors need to be invested so when the recovery happens they can take advantage of it. Charles i have been through a lot of these, having helped individual investors for 30 years. For me the main goal, i hate to see people lose money. Secondarily if you make money, fantastic. Yeah. Charles to your point, never know the bottom until six months later, a year later, you look back. Telling some one when avis was 40 cents a share in 2009. A few years later it was 69 a share. Yeah. Charles as you ride it out daytoday to day, is there something specific you share with folks to make them feel a little bit at ease . Youre getting paid really nicely in the meantime while youre invested in equities. You can have a welldiversified portfolio of Global Equities getting paid 4 right now to treasurys under 1 . Under assumption this will get figured out but charles premiums of your stock, if you buy a stock at 40 bucks, it goes to 20, 4 dividend doesnt feel as good anymore. What is alternative, right . If you sit in cash with no upside potential and miss the upside when it happens and not getting paid in meantime that is the question. If you have bonds or safety you can dollarcostaverage in. I agree we dont know when the bottom will be but we buy things at much cheaper prices. Absolutely. Three or four weeks ago people were lamenting at names they didnt own. I knew people even in this building, they were in the market, golly i wish i bought apple, golly i wish i bought this. Big call on the street, goldman sachs, looking for move on s p, down to 24. 50. Sharp recovery, finishing the year at 3200. Same some of violent decline and sharp eruption to the upside, do you think that is a possibility . I very much think that is a possibility. Youre starting starting to seee side of the v. If you have sharp declines. This is not slow and steady. This is dramatic decline. You have above average returns when you have that sort of decline six to 12 months. When you look historically, the odds are in your favor. Charles what do you want to see from washington on fiscal policy . Do you want to see more from the fed . We got major announcement from the new york fed, 1. 5 trillion. In operations to help banks lend. Banks, another 60 billion in emergency operations. News lifted markets about 50 off the intraday lows. It is obvious there is major appetite out there for intervention. How much more do we need to see . I think it is really heading to the optimism. Not just the fed. Seeing it with global Central Banks around the world where theyre putting in stimulus. It will help economy and help consumer. As these things get figured out, it is stimulus get figured out now but eventually gets figured out. That will be only a positive. Charles would you go thinking fed eventually goes to zero, perhaps at the next meeting, twoday meeting for march 17th, 1th, announce a rate cut at zero . Some are saying the next gameplan should be considering buying stocks. Old school, wall street folks, they hate that idea. They think its crazy. They say other Central Banks do it around the world and it doesnt work but its intriguing for sure . I dont know if were there yet i think those kind of measures are needed. Obviously daytoday were getting news seeing how markets are reacting. Definitely a conversation we had. I dont know were at the point agree with it yet but we may get there. Charles courtney, appreciate it. Breaking news, folks. Ohio taking drastic measures banning gatherings of 100 or more people in the wake of the coronavirus crisis. Also this follows new york state which we announced theyre banning 500 people or more in new york city. By the way broadway shows are suspending their shows tonight through april 12th and Supreme Court is now closed. This as major events are seeing cancellations left and right. Berkshire hathaway investment conference, well, thats still on for now. Warren buffett telling fox business he is weighing options but the department of health could decide for him. Well see. Liz claman live in new york at the new york stock exchange. You have amazing relationship. You spoke with him. Tell me other things. We want the wisdom of buffett. We need it right now. Liz he was very calm. I talked to him last night and he told me specifically that shareholders, 40,000 of them last year, charles, descended on omaha for this mustsee Shareholder Meeting. It is scheduled for may 2nd. He told me will make a decision, quote, around april 1st. But then i asked him what about you . He said, oh, he will definitely be there. He can say this for sure, he told fox business last night, there will be three people there for sure. He will be there, a second person to make the motions for the Shareholder Meeting and then a third person to basically accept the motions. He is going to have a meeting in some form but he then says look, i could wait until april 1st or i may be told two to do by two different departments of health. He answers both to the Douglas County department of health for omaha and of course the nebraska state Department Much health. Warren buffett basis said he is waiting on this. I ehe does not see it happening like the forms in the past. They want to crush own him and charlie monger around bill gates and directors of the boards that come. He doesnt want to endanger anybodys lives, many of whom are elderly or employees or more than 70 plus businesses that warren has under the berkshire umbrella. Everything from sease, to fruit of the loom. Kraft heinz is a huge area they take over. People rush to buy ketchup with warrens face on it and charlie monger, the vicechair. Stay tuned for that. People should keep an eye on website of berkshire hathaway. They will update it when they have a answer. Im standing talking to a couple traders down here. Once again important to note it is very Orlando Early here. As far as they know this floor remains open, fingers crossed. A week from tomorrow, we havep triplewitching, expiration of stork futures, index futures, options. There tends to be a lot of volatility but i was told by a trader who would be in the know they can do that electronically if necessary. Top of the hour well have a rockin wild hour once again. Im pretty sure. I dont know which direction we may go. Charles, we may have good news. We have the president of emergent biotechnologies they have been feverishly working in maryland with novavax for two advantages vaccine therapies. He may have news on the clinical timeline. We hope to see him. Charles look forward to that. Warren buffett, two or three weeks ago when his letter came out i implore everyone to read it it is amazing, sensational, how you invest in companies with massive retained earnings. It is simple formula. Made him one of the richest people in the world. You got to speak to him directly. We will be tuning in, liz, thank you very. More on buffer get as well. Stock of berkshire down 7 . Claman countdown folks at top. Hour. Meantime the coronavirus, obviously disrupted the supply chain. 3 4 of is companies. It underscores the dangerous overreliance of American Business on china. This pandemic offering a lesson on moving so much manufacturing away from our heartland. The question will big business care enough to make this right . Joining me to discuss, former trump trade, jobs advisor, curtis ellis. Really amazing this survey came out yesterday from ism, just amazing. Phenomenal stuff. No one talk about it. So much other news. 57 have longer lead times what is happening in china. 44 dont have a plan in place right now to address these kind of a disruptions. Six out of 10 are expecting delays from orders in china. More than half of them having difficulty getting supply chain information from china. You sent all of these jobs to china to save pennies. Now your business is losing billions. Right, they claim it is more efficient, more efficient. Tell you what, there is old maxim, a chain is only as strong as its weakest link and we see how weak the link china is. Charles there is another saying. You get what you pay for. There aint no free lunch. Charles that weak link might be made of computer. You have pewter. Why are they giving stuff for free. They didnt ask. It was helping bottom line. Drive american industry to bankruptcy. Weaken us as a nation, weak you know us economically. Theyre conducting full spectrum warfare. It is not bullets or missiles. Weaken the enemy from within so they cant fight. That is going on with china. Time to recognize what china is doing. They have told us what theyre doing. They want to replace america as the worlds economic and military superpower. Interesting look back at all the people who filed complaints when President Trump put tariffs in. One of them was the Health Industry association. They said it is much more efficient for us to manufacture face masks and protective gear and pharmaceuticals in china. They said that. It is on the record. Charles amazing. It is amazing. Absolutely amazing. Solve interesting since you bring up the trade war, heres quote. Were seeing organizations that suppliers base after experiencing tariff impacts are potentially more equipped to address the effects of covid19 on their supply chains. Those folks who said okay, well make moves because of tariffs actually are doing better than those other companies stayed entrenched in china. Thats right. I dont want to say i told you so. Charles there is lesson to be learned here. You got to wonder how big business, will they embrace it when it is all over . I sure hope so. Part of it is consolidation of industries. We saw china, Chinese Pharmaceutical Companies bought American Companies and moved them to china as well. So, big business better wake up. We can afford this, told service economy, very small part of our economy is manufacturing, if it is small part, what if we play little more to employ americans to make these things . Shouldnt affect the economy because most of the economy is in services. Talk about the importance of oil pumped into this country, fracking miracle. We might want to look at other industries same way. What if we put 10dollar a barrel tariff on oil . That would support the shale industry that would maintain our Domestic Production and keep us energy independent. Charles i saw you a couple weeks ago. I had posted an idea, hoping that the white house would see it. I wanted to get your thoughts on it again because we did talk about it. I want to represent it as we have the conversation as President Trump today made comments about opening up travel with china. Suspending tariffs. Here is the premise. Suspend the tariffs. Have china of course not only suspend theirs but agree to the same, mostfavored nation level that were at, completely level playing field, 120 days. Get them up and running so we get things we need. As much as we hate it, they have got the ingredients for our medicines . Maybe use that time to even make the negotiation process go better . Well, the initial, we did remove tariffs against china back in 2000, 20 years ago. Charles talking this space in time with limited amount of time, understanding the gesture to the rest of the world, gesture to china, getting our stuff in, perhaps a little bit sooner . We need those face masks now. We know we made a mistake but we need them now, i think it would work . We need reciprocity. See china stop spreading lies about america being the source of this virus. And if they live up to their agreement, lets see some, phase one. See reciprocity. Charles sounds good, curtis, thank you very much. Of course, folks, concerts, sporting events, schools, everything getting canceled as pandemic fears sinking market big time. Susan li with here on growing list of propertyied events as precautions being taken to prevent the spread of coronavirus. Susan. Breaking news, a lot of events being canceled. Broadway is going dark tonight at 5 00 p. M. That was announced. No gatherings over 500 people, usually a lot more than that just in the past 30 minutes looks like the ncaa, march madness event, yes they said they would play it, the tournament without a crowd. But duke, they will withdraw from the tournament. Also number one ranked kansas city jayhawks, kansas jayhawks, i know my sports, trust me, charles, the jayhawks say they might not play in the tournament as well. When you have number one seeds, big franchise colleges not going to the march madness tournament, think about delaying that. Nba says the delay of the season, only 12 left in the regular season might last minimum 30 days. Also nhl, theyre suspending their season as well. No spring training when it comes to baseball. Also soccer leagues are delaying 2020 season for 30 days. It is coming thick and fast. Museum ever modern art says theyre closing their doors this friday. They will clean for a week. Who knows when it will reopen. Really avenue affecting economy and events, people that work at events. Nba as well. Mark cuban will set up a special fund to help the arena employees who are impacted. President trump in his press conference, bilateral with the irish Prime Minister talked about the nba. Listen. It has an impact. Were very much working with the states. The states are a smaller form of government. They can control individual arenas an individual things better. It is different for different areas. Some areas have no problem whatsoever in our country and others do. Were working with governors of various states. I think it is working very well. Susan expensive broadcast rights as well. We know the nba signed a monster 24 billiondollar 10year deal in 2014. That is 2 1 2 billion dollars a year. The nhl has 200 million of broadcast rights they need to fulfill as well. If we look at here in new york city, the st. Paddys day parade has gone on for 260 years, charles but this year being called off because of coronavirus concerns. They even ran the st. Paddys parade back in 1918 during the flu epidemic. A lot are canceled. Since st. Paddys day is march 17th, i cant imagine it held in june, right . Charles i dont know. More things come back the better. Precaution is the word of the day. Mitigation is the key everyone striving for. Susan, you covered a lot, thank you very much. Meanwhile folks, markets just sort of meandering here. We had a pretty volatile session. Were down big at start of trading. We halt trading because we hit circuit breakers. There was pent up selling. Once trading opened we dropped some more. We rallied a little bit. Then we pulled back again, we rocketed, we rocketed higher. Then weve given all that back again. To hash it all out, i want to bring in jack ablin and lets start with todays roller coaster ride and what we might have gleaned out of this. I think the reaction, the kneejerk reaction to what we saw from the new york fed and that number, 1. 5 trillion, maybe in a different time would have scared the heck out of folks that our system would need that kind of injection, but the market rallied big on it, i think on the notion that someone is coming to the rescue. Yeah. It looked like it was going to be the bazooka the fed could use but as we have heard time and time again, theres very little Monetary Policy can do to combat this virus. So i think the investment community, you know, celebrated it for a minute, shrugged its shoulders and then continued selling. Charles is there some sense, this is my thought, the market is sending a direct message to washington, d. C. And although, you know, like fed policy and even fiscal policy has a role here, you know, it cant cure coronavirus. It can certainly, you know, help smooth out the rough patch that people are going through, particularly some of the stories we have talked about today, you know, the uber driver, the worker at the theater, whoever was going to work this weekend at the broadway shows. So i think the market is sending a message to washington, d. C. , get your act together, we need some help. The market is pricing in a recession. The market wants fiscal action. And the market is saying to the fed we need you to buy us some time so that congress can get its act together and we can have a meaningful targeted response to this pandemic. I will say its important to have perspective. If you are a Retail Investor out there, if you are an investor out there wondering what to make of this market, remember that markets are up about 10 from where we were in december 2018. If you include dividends, they are up about 35 , a little bit more over the last five years. 330 over the bull market. So we have come a long way. The markets are giving some of that back and we think in a solid economy will help will position the markets to weather this storm and rebound over the long term. Charles i guess the question, jack, is when do you get what do you consider signs that a rebound could be imminent . Yeah, you know, you cant use valuation necessarily as a timing tool. Obviously you want to buy when the market is cheap and there are certain markets, Energy Markets in particular, that are cheap. The market in general i would say is probably quote unquote, fairly priced based on virtually flat earnings for the rest of the year, which is probably, you know, pessimistic to most likely case. That said, i would look for technicals. I look for things like investors that are throwing in the towel. Frankly, we are almost there. If you look at the number of bullish readings versus bearish readings, we are in the bottom quintile sorry, decile of its historical range, suggesting anyone who is bearish is already bearish and have probably already thrown in the towel. If you look at vix, every time in history when the vix rises above 50, if you were to buy and look one year later, you would have made money. Charles folks, thats the socalled fear index. You can see earlier today it hit an alltime high. I think it was at 80. Heres the important thing to jacks point. Wall street considers that to be what they call a contrarian indicator so when everyone is really afraid and its through the roof, you should do the opposite, just as if when its really low and everyones complacent, people think theres danger right around the corner. As a contrarian indicator, it flashed one of the biggest buy signals ever and on top of that, nela, we have 42 billion come out of equity funds in the last two weeks. Just two days ago the put call ratio in a single session was the highest ever, ever. But valuations, looking at the pe ratio in the s p 500, still not where it was a year ago. Same thing with the nasdaq. Forwardlooking stuff is coming down to the point where it looks attractive, though. Eventually this will be an opportunity. We dont think its an opportunity right now. Charles you dont sell either, though. Youre not telling people to sell . We are saying keep calm and stay diversified. Thats the important message. You want to fill those gaps in your portfolio. Look what was outperforming before this event. They are likely to be outperforming after. Fill those gaps and that way you can ensure that diversification. Charles i love that idea. If nothing else, at least put them on your list. Jack, in 15 seconds, anything you are doing different right now . No. I mean, i think our next move is to add. Thankfully we did raise a fair amount of cash in q4 so we are looking to put that back to work. In fact, i have a meeting right after this and we trying to figure out when the best point is to get back in. Charles let us know what you see, jack. Thank you both very much. Dow off 2,000 points. Liz, over to you. Liz charles, forget about helicopter money. Right . The Federal Reserve just dropped mountains of cash from a c130 cargo jet in an effort to blunt the biggest drop for the market since the 1987 crash. As we hit this final hour of trade, the Federal Reserves move to inject 1. 5 trillion into funding markets barely dented the bloodbath at this hour. We will see the dow lose more points in a day in the 124 year history of the Dow Jones Industrial average, at least as we stand right now. Now, will we close there is the question. At its clolows the