Transcripts For FBC Varney Company 20240713

The governor of california recommends the elderly should take shelter in their homes. New york city closes its schools. Many states close bars and restaurants. Hourly workers, in dire straits. The economy is grinding to a halt and we dont know how long this massive disruption will last. All right. Heres the financial reaction. This monday morning, stock futures are limit down and when we open an even bigger drop is expected. That may mean a trading halt. Travel and leisure stocks again beaten down. Airline stocks, decimated. Last night, the fed took emergency action, cutting rates to the lowest level since 2008 and pumping 700 billion into the Financial System. Were waiting for a rescue package from congress. Were waiting to see if the administration will put money directly into the hands of affected workers, helicopter money, for example, and into desperate industries. A kind of modern bailout. So whats next . We will find out in 90 minutes. At 10 30 eastern, Vice President pence holds a briefing. He will reveal quote, additional broadbased recommendations for dealing with the virus. A National Lockdown . The National Security council sent out a tweet last night denying speculation that a lockdown was imminent. Domestic travel restrictions . We dont know. You will see that briefing as it happens. Welcome to varney company. We are in a unique situation and its going to be like this for some time to come. Lets start with this rash of closures, shutdowns all across the country. Ash . Ashley begin with the cdc on the federal levelme. Recommending gatherings of 50 people or more in the United States be canceled or postponed over the next eight weeks. Thats two months. On the local level, new york city, the mayor limiting bar, restaurants and cafes to food takeout or delivery. No dining room should be open. Nig nightclubs, movie theaters, concert venues, playhouses closed. In hoboken, i know you are very familiar with this, they have a nightly curfew. The curfew lasts from 10 00 p. M. To 5 00 a. M. You are required to remain indoors during curfew except for emergencies and required work. Thats you. Illinois, ohio, the list goes on, california, massachusetts, washington, bars are closed, restaurants are closed, carryout or delivery only. This is the l. A. Mayor closing basically everything including the movie theaters and entertainment restaurants. The big question now becomes when do we shut down completely and you know, it feels like theres that movement in that direction but certainly, large restrictions in place already. Stuart the National Security council put out that tweet saying no. Ashley not yet. No. Stuart however, at 10 30 we do have this briefing from Vice President pence, and he will reveal new restrictions. Lets see how far those restrictions go. Got it. Doc siegel is with us, of course. The man of the hour, definitely. Doctor, what have you got for me . Want to start with this idea of what everything thats just been described is called flattening the curve. Theres a fire and you dont want to spread kindling so you separate people, close events, get it so people cant come together. Stuart have we got any idea when we flatten the curve, that is, enough with the sharp rise in new cases and you flatten that curve, when we get there . When . If we have other countries to go by, im talking hong kong, taiwan, singapore and south korea, which has done a tremendous job, i will talk about the testing in a minute, but they flattened the curve, it will take a couple weeks. It should be a couple of weeks. We should be, if this works, and people will comply and not go out to bars, if this really works and we can come together on this, we should be able to do it over a couple weeks. Stuart i have to ask about the testing. My information is that theres, what is it, one million whatever it is tests available this week. Is that accurate . Yeah, but let me talk about that in real terms. I talked to the admiral last night. Hes an intensivist, a great doctor, an assistant secretary of hhs, number two under azar, and he talked to me about what they have been doing. Hes been working 72 hours straight on this. They are doing a rollout now where theres going to be about 50 noeenormous mobile units goi to the hot spots with Health Care Workers, doctors, nurses, nurse practitioners, in full gear, haz mat gear, protective equipment, and they are going to be testing people that basically go on a website and give their zip code and they will start with age, people over 65, people with high risk conditions, and they will test them and Health Care Workers because we are most at risk, test them first, then they are anticipating about 100,000 tests over the first week and then the other exciting news is that hospitals are now going to be able to send their tests right to labcorp and quest where Rapid Testing can be done, maybe 200,000 or 300,000 over the first week or two. After another week or two we might be able to get results on about 300,000 people. Let me tell you why thats really exciting. That would really flatten the curve if we can separate out the people who are infected from those who rrarent. That works better than anything else we are talking about here. Stuart only 300,000 tests or whatever the number is . Thats over one week. They are gearing up for larger and larger amount. Stuart we are going to flatten the curve in two weeks time or three weeks time we have to do a lot more testing real fast, havent we . Yes. But keep in mind oh, i want to talk about that in a certain way. Yes, i want the young people tested who have symptoms, too, not just old people, not just high risk people because you know why some because somebody thats 30 years old and sneezing or coughing from a coronavirus could be spreading it to their grandmother when they go home. If we really want to flatten the curve, we have to test everybody thats symptomatic, absolutely. Stuart we dont have the tests available now, do we . We dont. Were not there yet. Stuart no, were not. I was encouraged by what he said last night that we are finally getting wheels on the ground on this, literally wheels on the ground. Stuart okay. Do you think we should go to a National Lockdown . I think the same as dr. Fauci does, we are still not there yet. I think if we can get people to its really stuart were close . Close, but state by state, hot areas need to shut down. Hot areas. Stuart leave it to the states and municipalities . Not leave it to the states. We are in a National Emergency here. Its got to be overseen by the federal government. If it starts to work, i disagree with some other people. I think its still the testing thats the number one issue. If i can separate out sick people, thats the best way to flatten the curve. Youre right, we need that as fast as possible. Stuart im sure you will be with us throughout most of the day. We appreciate that. Thanks very much. Lets get to your money. If youre looking at your screen now, you are seeing bottom righthand corner, actually, there you go, theres futures. The downside move in futures is limited to about 5 . When the market opens, you can go down 7 and if that happens, then you close the market for 15 minutes. Okay . Thats the process. It looks to me like we will be halting the market shortly after the open of trading. Were down. Keith fitz gerald on the phone. Keith fitz, this looks to me like extreme capitulation selling. Is it . You know, stuart, i have been working with that all weekend almost nonstop as well. I dont think were there yet. I think this is the beginning of that process. Stuart do you think, now, there is some talk about closing the market. What do you say to that . You know, i got to tell you, that goes against every bone in my body as a free market guy believing the markets set the prices. However, unless we get the computers out of the equation, this is going to be a White Knuckle ride nobody signed up for. To me, i think it would be logical and prudent to close them for at least a few days, a la 9 11, so that everything can reset and we can reintroduce humans to the process. Stuart all right. Ray dalio, very famous investor, big hitter, i might say, says the coronavirus combined with longterm Interest Rates, zero longterm Interest Rates, quote, really worries me. I guess hes backing up what youre saying, keith. Well, tell you what, hes genius. I have learned a lot from him over the years, respect him immensely. At the end of the day, this is what we have to do. Investors shouldnt pick bottoms. They should pick perspectives. The question im encouraging people to ask themselves is, is the Business Case for owning apple still there. If it is, then the worry about whether its lower tomorrow, next week, a month from now is irrelevant if you are looking at a five to ten year horizon. If you need the money next year thats a different set of calculus. To me this is all about perspective. This is about caution. There are still going to be fundamental growth. It will slow but it will not stop. We have a resilient country. I think thats what people need to take comfort in, as hard as it is. Stuart i agree but m readiim between the lines of what youre saying and i dont think you are predicting a return to the old highs of just five weeks ago any time soon. No bounce back to the old highs any time soon. Is that what youre saying . That is correct, stuart. Stuart okay. By the way, are you out of selfquarantine yet . We are exiting selfquarantine but our entire community is going into lockdown so it may be for moot. Stuart stay on the phone occasionally throughout the day. Id be honored. Stuart judge Andrew Napolitano is here. Judge, you are in a different studio, not sitting right next to me as usual. Ive got this question. What power does the president have to drastically restrict our movement and restrict our behavior . Actually, short of martial law he has very little. The governor of your state has far more authority to restrict movement than the president does. By the way, President Trump has already done just about all he can do under the current state of the law which is a limited declaration of emergency utilizing tools that permit him and him alone to open up a flow of funds to the cdc and to the state and local Health Departments. Anything beyond that such as helicopter money about which you spoke earlier, or the physical restraint of people would require legislation from congress for which he has not yet asked. Stuart could he restrict Domestic Travel . In other words, say hey, seattle, you got to stay there, you cant leave, and you, you live in new jersey, you cant go to seattle. Does he have the power to say that . Yes. He can restrict interstate travel. He could stop someone, youre not going to like to hear this, he could stop someone traveling from new jersey to new york. He could certainly stop someone from traveling to new york to washington state. But he cant stop you from traveling within the state that youre located in because thats not interstate. That would be rather extreme and its never happened. It didnt even happen after 9 11. Stuart do local authorities have the power to say hey, you, stay in your home, dont go out, and if you do go out, we will arrest you . Or stop you in some way . Does the local authorities have that power . You know, its a very close call. For example, in hoboken where the mayor has said you got to be in your house after 10 00, well, why . If youre walking from your house to your place of work or your house to buy needed medication at a pharmacy or your house to a food store because youre hungry, how can he restrain that kind of movement . That type of restraint probably should be done on an individualized basis meaning if you have the disease and you are contagious and you refuse to stay away from others who do not have the disease, then your movement can be restrained. Stuart i know that you have real problems with any restraint on our individual lib rts and freedom. Do you think there should be some limited exceptions because this is a remarkably unique situation . I think there will be some limited exceptions. Look, we still have a constitution. The rule of law still applies and due process still applies. However, in a time of crisis like this, whether its 9 11 or now, the courts show exceptional deference to the judgment calls made by the executive branch when the executive branch gives good, rational basis for what it does. Were relying on scientific evidence. Were relying on what the physicians have told us. Were not doing this because we like getting into peoples faces or for governmental convenience. Were doing it to stop this disaster from getting worse. Stuart judge, excellent stuff. Thank you for joining us. No doubt you will be back either today, tomorrow, next hour. You will certainly be back. Thank you very much indeed. Now, we know bars and restaurants are being closed across the country, not in every state, but theres a movement there. I want to know about stores that dont sell groceries or pharmaceuticals. Whats the story there . Susan apple is probably the biggest one that announced this weekend they are closing all stores outside of china until march 27th. There are hundreds of stores involved. Nike, doing the same here in the u. S. , closing until march 27th. Under armour, lululemon, abercrombie fitch, thats a lot of stores. Stuart they are closing, too . Closed totally . Susan yes. Stuart not limited store hours, closed . Susan right. Limited store hours apply to walmart and target and the like. Starbucks says we are closing all high traffic stores and you can only do carryout service. You cannot drink your coffee within the actual cafes themselves. This is to limit exposure and social distancing that many people are promoting. But what about, we know apples and nikes of the world can afford to close their stores for two weeks. They will be fine. They have a lot of money and cash on hand, Big Companies. What about the small players and Small Businesses . You would imagine they probably cant afford to close their doors for two to four weeks. Stuart isnt that where the helicopter money comes in . Susan you would hope. Stuart i dont know what format the assistance takes but when youve got closures on this magnitude and scope and scale, the little guy is getting clobbered. You have to believe the government has a responsibility to come in and put a floor under them financially. Susan small and Medium Size Enterprises represent about 60 of the employment in this country. Its a big deal for them to get help and some sort of credit line amidst these closures and unknowns. Assist just stuart i have three people with me and i want to go around the block here. Doctor, you are a physician, for heavens sake. Whats the mood like in the hospitals . Whats it like on the streets . Fear. Fear and hysteria and worry and thats one of the reasons i want more numbers. If i have the numbers i can help calm fears. You are negative, you dont have it. Another thing i want to mention to you, your point about testing, they are working on a swab you can do to yourself. If they get that, and thats approved, that will be millions and millions of results quickly. Also, the vaccine, very good news today on the vaccine from moderna, the one dr. Fauci is most interested in, is starting Clinical Trials now. Stuart new york city, ghost town. Susan ghost town. I have never seen it like this. Im not scared but people are behaving like its the end of the world, thats when you get very scared. Stuart the responsible thing is keep social distance. Ashley i was out saturday and sunday in manhattan and there were still people in bars, mainly young people who seem to have this attitude of im not in the target group, im fine. But theyre not because they can be carriers, right . Right, and they get on planes and spread it to older people. Stuart i haeard you this morning, isnt there an example of a concert in boston . It started an explosion in the area . I have inside intel on that. In massachusetts, around boston, there were several concerts at the same time. It led to an outbreak of cases and has led to actual tragically, patients on ventilators in one of the medical centers up there, including a couple of young people. Its not only, only older people that are getting sick. Stuart this is an extraordinary story. Look on your screens. You will see the impact on the stock market. We are limit down. We will be limit down probably within a couple minutes of opening the market. We expect a closure if we are down 7 on the s p. Andy puzder is with us, former cke restaurant ceo. In china in the first part of this year, the Restaurant Business is down 43 . Thats gigantic. Do you expect something similar here . Im hearing from people in the Restaurant Industry, im hearing down 20 , 30 . Now, weve got a lot of restaurants that have delivery Curbside Service and drivethrough. As long as the states and cities allow Curbside Service, delivery and drivethrough to go on, i think most restaurants, most smaller restaurants will survive. The danger is for the Big Restaurants where you need a reservation or where they depend on dining, dining in for their profitability. Those restaurants will have a problem. Stuart do they need a bailout . I dont like to i donuse that w but im thinking more in terms of a rescue from the government . There is 50 billion out there in sba loans. I would think those funds should be made rapidly available to people in the Restaurant Industry or other industries that are affected. The sba loan process is complex, its difficult to get through. They ought to simplify it, make it very easy and make the Funds Available to businesses that are suffering today. Stuart in china, in the first couple months of this year, year to date, i should say, Industrial Production is down 13 , retail sales are down 20 . Thats their experience. I dont see how we can avoid a recession. In fact, i think we might be getting into one now. What say you . Gary cohn said over the weekend we are not in a recession. If we are not in one, we are certainly close to one. We may need a recession while we try and get this thing under control. Once we get it under control, i disagree with your earlier guest. I think American Business will bounce back very aggressively. I think companies will bounce back aggressively, once we get this under control. The attitude out there changes, people feel optimistic again, i think we will see a big change. Pending that, we have to live through some pain. Stuart yes, indeed. Thank you very much, andy. This news just coming at me. With the new Coronavirus Briefing update will take place at 3 30 eastern this afternoon. It was scheduled for 10 30 this morning. Thats been pushed back, 3 30 this afternoon. What that means, the pushback, i have no idea. Obviously theres some intense discussions going on right now. Lets go to the floor of the new York Exchange. Kristina partsinevelos, what do you have for me . Kristina im going to tell you the mood right now, the floor is relatively packed. Not everyone is here. When you walk into the building theres about 12 medical staff in White Lab Coats taking your temperature, just by your forehead. Then you have to get stamped, fill out a form. If you happen to have a fever, you are not allowed in the building. Thats what you are seeing. I had to do that this morning. I have been asking traders how are they feeling, what are their thoughts and obviously everybody thats walked in feels good, because, well, they dont have a fever, they could be showing symptoms in other ways but overall it seems like the vast majority of people here are expecting like you mentioned that 7 Circuit Breaker to be enacted and to the level we are looking for with the s p 500 is 2521, and the mood right now is everybody is calm, im watching them right now, they are looking at their screens. Theres no major yelling at the moment. But once that 9 30 hits, this will potentially be the third Circuit Breaker enacted in less than two weeks. Over here, we all got a stamp and this is going to continue to take our fever every morning until the foreseeable future. Stuart stay there. We are back to you shortly. Todd pirro, live at liberty international, we just talked about having your Temperature Checked. Are they taking the temperature of people getting off planes that come from europe . Reporter stuart, that seems to be the big question this morning. As you can see behind me, that ghost town really isnt into effect right now. Its also not completely crowded like yesterday. We spoke with people getting off these flights, singapore, tel aviv, and that question you asked was sort of asked by them. Why havent we been checked . Take a listen. What did you expect when you landed here . To be checked. I was asked if i went to china. Its not enough. Reporter what are the symptoms now . Coughing, high temperature. Thats minimum we should do. Reporter so wreece reached out dhs and they just responded to us. Quote, upon arrival to the United States, travelers who have been within ireland, the United Kingdom within the past 14 days will proceed as usual to cbd primary inspection, where medical personnel will conduct a Health Assessment and determine whether to refer individual travelers to the cdc for further health screening. Successful measures have been implemented for travelers who were recently present in china and iran. So thats basically the european countries. The flights we spoke to people from, singapore and tel aviv, were not on that list so those individuals did not necessarily get a screening, temperature screening, for instance. We are looking at the buyiig bo. The next european flights will arrive around noon. At that point it will be interesting to see the procedures that are in place for those folks. Back to you. Stuart meanwhile, i can tell in the background its a ghost town at newark airport. Its usually really, really busy at this time. Today, it is absolutely not. I can tell. We will be back to you as well. Thanks very much. James carafano, heritage foundation, is with us. You say that what do you think about a Domestic Travel ban . We know weve got the International Travel ban and you say that makes sense from mr. Trump. What about a Domestic Travel ban like you cant go to seattle, you cant get out of seattle . What do you say . I think what would be much more effective from a Public Health policy standpoint is if you had hot spots where theres a significant number of people infected, having those people selfquarantine and remain in their community makes sense. Stopping travel, since its not it would be very difficult in the United States to really keep people from going from one place to another, even if you stop domestic flights, people can still drive wherever they want. If you want to stop people at the state line, that would absorb an enormous amount of resources. I think the focus ought to be on whats the most efficacious way to prevent this and its social distancing and voluntary social distancing really is the most effective tactic. Stuart yeah, but does it go far enough . Well, i think in a country of 360 Million People the size of a continent, i think if americans do this and you know, i think the early signs, we are. We just saw that incident you talked about at boston where everybody went to a concert and a bunch of people got sick, americans see that and americans largely adopt common sense. I saw this in washington, d. C. Over the weekend. Last weekend, on friday when this started, i went to an event, it was packed. I looked outside the senate building, there was a long line to get in. I went to a restaurant, it was packed. Yesterday, like a ghost town. This morning, came to the office, i literally came in the zombie apocalypse. I was the only one in town. I do see people voluntarily doing the kind of things that will really make a difference. Stuart give me 20 seconds on whether or not we in america are prepared to hunker down like this for four, five, six weeks. Well, the key thing is the supply chain. If foods coming into the Grocery Stores, if medical services, basic services are still there, we are the best country in the world to handle this. Stuart got it. Hold on a second. One of the worsthit group of stocks on wall stroeet this morning will be airlines. They are now cutting their capacity drastically. What have you got on that . Ashley up to 50 initially. Stuart number of flights . Ashley the number of flights, thats in half. Whats really quite astonishing is the revenue declines anticipated for april and may. They could decline by 70 . 70 compared year to year. March is the busiest month for airlines with spring break and everything else. Planes that are flying, says united, are only a third full. They are losing money on those flights that go ahead. Stuart whats this about Cathay Pacific . Ashley theres a ray of hope. They are on the other side of this thing. They are actually adding flights to the United Kingdom and United States, as they say hong kong is now getting a grip on the coronavirus. They are adding flights. They are also adding bigger planes to allow more people overseas in the uk or the u. S. Get back to hong kong which they havent been able to do for some time. Thats the good news. Its the complete opposite story but you could argue its on the other side. A ray of hope. Stuart thats the expression, they are on the other side of this. Ashley yes. Stuart thats the positive. Ashley they are adding flights. Stuart they are adding flights. Whether they are out on the other side is a value judgment. Susan they have some problems to deal with right now. Stuart looking forward, they are adding flights in and out, i have to say i try to look positive. Ashley hong kong is seen as an example on the rest of the world. The curve has flattened there. The number of cases has diminished greatly in hong kong. Stuart okay. Curve has flattened in hong kong. We will take that. Thanks very much. A key concern is Grocery Stores. Bars and restaurants closing down, i got that. What about Grocery Stores . Susan the fact youve seen shelves being cleared out of nonperishable foods, household cleaners, et cetera, et cetera, you heard from President Trump yesterday at the white house saying take it easy, no hoarding, please. We do have the administration of Food Retailers saying the supply chain is strong so the long lines and empty shelves at stores, they will be replenished but dont forget, dont hoard because you have to keep some for your next door neighbor and other people that need it more than you do. Stuart how about the casinos if vegas . Susan they are shutting their doors. Mgm and wynn are closing their casinos as of from what i see on monday the 17th or tuesday, pardon me. They will not take bookings before may 1st. Mgm operates the bellagio and mirage and other casinos. Same as wynn. It makes sense given that you dont want people clustering together. Stuart thats the whole point, isnt it, clustering together. You dont want it. Got to do something about it, whether its a bar, restaurant or on a plane, for example, at a concert, at a casino, anywhere, you dont want to be clustered. Its not rocket science. Know how this virus is transmitted . 90 of the time its from somebody coughing on you. It travels six feet. Sneezes, travels six feet. We talk all the time about touching surfaces and yeah, we are going after that. Its mostly the cough and the sneeze. Ashley the cdc says that 50 or more people gathered together should not happen. What happens if a plane has 70 people on it . Okay. Ashley according to the cdc that shouldnt happen. Stuart advise against it. Fair enough. Fair enough. Thats why we are cutting down on flights so much. Keep in mind the hepa filters are pretty good at filtering out viruses. Its the person next to you thats coughing that im worried about. Stuart 45 seconds to the opening bell. This is a monday like no other. We are waking up to an extraordinary situation where millions of people are working from home for the first time. Tens of millions, probably. Susan recap the extraordinary steps the Federal Reserve did last night on a sunday as well. Stuart lowering rates to the lowest level since 2008, putting 700 billion into the Financial System. I dont think it was designed to prop up the stock market. Susan its not having that effect. Stuart it did inject this monday, liquidity, into the system so it doesnt seize up. We will take that as a positive. You can hear that bell ringing. Its deserted. No clapping. Thats really different, isnt it . Susan yeah. Stuart not seen that before. It is not the same. Ashley here we go. Stuart we are showing you the s p 500, immediately down 8 . I happen to believe that means we immediately halted it. If the traders on the floor look up at the board, see where they are and its halted, its down and out and stopped. Ashley three seconds . Susan this is in frustration about the sshCircuit Breakers wh have been changed from 10 to 7 after the flash crash in 2010. Traders are frustrated they cant even get the stocks open in order to trade them. Stuart down 9 on the dow jones industrials. We went down that much, then halted. Susan its also panic. You know the stock will be halted stock market will be halted so you rush in all your sell orders and this is what happens. Stuart you were talking about the fed. Lets bring in Edward Lawrence for news on the fed. Reporter the fed releasing a statement just now trying to boost the market, saying banking institutions, encouraging them to use the discount window to keep liquck liquidity in the market. You remember yesterday chairman powell said they are opening that discount window for 90day loans so its not just really shortterm overnight so the Federal Reserve now encouraging the Financial Institutions to w use that discount window. Stuart no idea whether that did in fact help the stock market because we have already opened down limit so we closed for 15 minutes. I expect we will be back up again at 9 45 this morning. Keith fitz, you predicted this. Yeah. Well, tell you what, this is one of the instances where i wish i had been wrong. Now that its here, what do we do about it. Im still optimistic we will get through this but boy is it tough. Im the first to admit that. Stuart you dont see a bottom, do you . No, i dont. Thats because computers, to this point a moment ago, the orders compiling in, almost a cascade, really, because people are looking for a window of opportunity that may only be a few seconds. But the back side of that is humans are removed from the equation. Again, the fundamentals will catch up. This is a short term price break at best. Businesses are still good, the people are still good. None of that changes. I think we will contain this thing in april or may. Thats the real window. The first curative efforts, we will see a rip higher. Stuart we have closed trading down for 15 minutes but i can still see some stocks which did actually trade right at the opening bell. Make sure ive got this right. Microsoft down 18 at 140 per share. Thats a real that was a quote right at the opening bell. There was a trade at that level, is that correct . Thats my understanding. Again, im not on the floor of the exchange today so i cant verify that. But looking at my screen, yeah, im seeing that. I think it potentially could indicate a little bit lower. Stuart amazon down 143. Thats the early indication right there. Weve got to wait until we open up again at 9 45. Then we will get some solid quotes for you. Ashley dont forget its 13 down, then another Circuit Breaker is triggered on the s p. Its a staggered thing. Susan it happens before 3 25 p. M. Otherwise we trade for the whole day. Stuart at any point from here on out until 3 25, we are down 20 on the s p, you close for the day. Susan let me give you some levels people are predicting. Goldman sachs put out a note over the weekend. As you know, they are one of the gold branded investment banks. They say the bottom will be at 2,000 for the s p 500. They are looking at contraction in the economy of 5 in the Second Quarter, 0 growth in the First Quarter of this year. We heard from morgan stanley. They also said we are 15 down from these levels as well. A lot of these bullish investment banks dont think the selling is over just yet. Stuart i want to repeat that. That was Goldman Sachs . Blue chip bank or investment company, i should say. They are looking for the Second Quarter of this year, april, may, june, Second Quarter, the economy contracts 5 . Susan 0 growth in the First Quarter of this year and bottoming in the s p 500 at 2,000. Stuart we are at 2490. Im trying to do the math. Another 18 down from here. Did you hear that, keith . Are you liin line with that . I did my own numbers a little higher, im at 21 and change. Thats in the neighborhood. Stuart can we please put up the price of oil . Thats not been suspended, trading there. I believe its sharply lower. Look at that. My goodness me. Down to 28 a barrel, 3 lower. Ashley talking about the airlines, this is interesting. Virgin atlantic basically asking all its employees to take eight weeks of unpaid leave. Stuart unpaid leave . Ashley they canceled 80 . They are also asking the government for some sort of financial help. Stuart can i go back to oil at 28 a barrel. At that level you dont make money drilling for oil or producing oil in these here United States. The drillers, the frackers, will need money. They will need cash or a wave of bankruptcies will be coming in. Susan brent is trading at its lowest since january 2016 now. Speaking of airlines, we did have a bailout package after 9 11. Remember 15 billion worth went into the airlines to save them and rescue them . Some are saying this time around might be something similar with the coronavirus. Stuart i can see it. The airlines are just decimated. Im going to try to spin this as reasonably positive and that is the price of gasoline. This morning we came in with a national average, i think it was 2. 25 per gallon. We are falling rapidly. Ashley if you are not under curfew, you can go get some. Stuart in texas, the average price for gas, regular, is 1. 96. Im desperate for something positive, keith. Got anything else . Yes, i do, stuart. If you think about whats needed in this economy, airlines are going to come roaring out, the banks will come roaring out, the Software Companies will come roaring out. In the interim, you got work from Home Companies that are going to prosper. People that deal in data are going to prosper. People who deal in medicine are going to prosper. Prices may not be done at the bottom but i keep hammering on this, i have an optimistic heart. Believe you make it a good day even in the face of overwhelming challenge. Thats where im looking right now. Stuart to Stacy Cunningham, the president of the nyse, joins us now. Thank you for being with us. Theres a great deal of talk about closing the stock market down for two or three days. Whats your response to that . I think closing the market would be the wrong response because its important that investors have access to their money and its certainly not a longterm view. I think we are seeing a lot of volatility, obviously we are seeing a lot of volatility in the market right now. Thats going to be how its reflecting the anxiety and pressure that americans are feeling more broadly and how thats sort of showing up in the market dynamics. I have had a lot of conversations over the past couple weeks with government, federal, local and state officials. Everyones looking, very focused on how to make changes that will be helpful. People need to focus on their safety and health and the long term, the markets will be a longer term correction. Will address the issues. Stuart im hearing a lot of talk about the difficulty of actually making the trade and establishing a price, that the bid and the ask are very far apart, its hard to come together on a price. That implies, its very technical stuff, but that implies the market is having problems functioning very he fesht efficiently and smoothly. Is that what you are seeing . Not so much in the equity space. Single stocks are trading and operating as designed. Certainly prices are moving with markets more broadly. But where we are seeing less liquidity is in some of the other Asset Classes like fixed income or treasuries. There are more dynamics there that are less typical. Stuart im seeing lots of people on the floor of the exchange. Not as many as 20 or 30 years ago. They are rubbing shoulders with each other, in close proximity. Any thoughts of closing the floor . We have taken a number of precautions to limit the risks on the Trading Floor, limit the number of people coming into the building. This morning we set up outside additional screenings. There are medical professionals taking temperatures of every person that walks into this building and screening them for any symptoms before they are in here. We have limited dramatically the number of people and segregated them throughout the space so that there is less interaction and significantly more social distancing on the Trading Floor than there had been. If it got to a place where we needed to shut the floor, we can do that and trade electronically on the New York Stock Exchange. We are not considering doing that right now. Stuart but you can do it . We can, absolutely. We can trade fully electronically. We operate five different equity markets and two options markets. All of those markets, each individually on their own, have the ability to run fully electronically. We are just not at the point where we are looking to leverage that right now. Stuart we do thank you very much for spending time with us. I know its a very difficult situation. We appreciate you being with us. Whats really important to understand, we will get through this and get to the other side. Dont try and trade during these moments or panic during these moments. Wait for the market to understand whats happening. Stuart we will resume trading around 9 45, we believe. Stacy cunningham, thanks for joining us. Appreciate it. Andy puzder is with us. Andy, this thing about closing the market for two or three days, Stacy Cunningham says no, we dont have a plan to do that. We dont have a plan to do it. What do you say . Actually, i think it would be a good idea. I think people need to calm down. I think the market needs to calm down. It goes against everything i believe as a free marketer but i think in a critical situation like this, its an alternative we should seriously consider. Stuart interesting. I think of you as a free market kind of guy. Thats me. This is a crisis. Stuart thats really an extreme situation. Sitting next to me is susan li, five feet apart, i might add. Susan six. Stuart im very sorry. We rearranged the studio so you are way away from me. You dont think susan of course not. This is an economy based on free market capitalism. If you shut down the markets, that is intervention, that is not the american way. This is like price discovery. If this is the indication of where the economy is headed, so be it. That will be fine. We have seen recoveries after 2008 and also 9 11 as well. I just think this goes against the entire fundamental foundation of american policy and culture. Stuart fair enough. Doc siegel with me. You saw the pictures there. There are still plenty of people wandering around the floor of the New York Stock Exchange in close proximity. Ashley more than 50 . I like the temperatures. Initially when they started all this, i said they are going to miss a lot, theres holes in that idea. When i was in nebraska i found out that fever really characterizes this covid19. Stuart thats only if you have it now, are showing symptoms now. Thats when you spread it. We talk all the time about spreading it when you dont have symptoms. Thats possible, but most of the time its when you are symptomatic. Stuart so if ive got it, lets suppose ive got it and i show no symptoms whatsoever, does that mean i cannot spread it to you . It does not mean that but it means you are much less likely to. You are not coughing or sneezing. Stuart when i have the coughs and the sneezes . And you are sweating and thats when you are spreading it. Stuart taking temperatures makes some sense. Yes. I want to add something, i want to make my own prediction. Im not so sure the airlines recover so quickly because theres a perception now that you are getting sick on a plane. I dont mean to be a Debbie Downer but cruise ships . People are aware that cruise ships are places where you can get sick. Stuart i think one of the things we will be discussing throughout the program today is when we do come out on the other si side, what real change will there be . For example, will a lot of people be working from home in the future, because they have gotten i donted used to it . Will a lot more students be learning online because we are getting used to it . Will we travel the way we used to, Business Travel, for example, or rely on teleconferencing which works remarkably well. There are all those kind of changes when you have a major event like this. It brings with it very significant change. The biotechnology thats coming out of this is a huge positive. We are busy with genetic, all kinds of ways of trying to treat this, cure this, vaccine against it. Thats a surge in that sector. Stuart as we head towards 9 45 i will make two predictions. Number one, a baby boom in novemberdecember of this year. Number two, when this thing finally starts to wind down, we can all go out to restaurants and bars, america will celebrate with the most gigantic party you have ever seen. Im not sure about the baby boom because we are being told not to touch anyone. Susan lets get back to the markets. Theres talk about what sort of stimulus package the government will unveil. I always have to be the adult in the room, dont i . Stuart keep your distance, girl. Susan we heard from larry kudlow saying they earmarked around 400 billion worth of stimulus, 400 billion worth of stimulus to the u. S. Will it come in the form of broader tax cuts, Cash Payments to households, increased federal spending, will we have suspension of student loan payments . Thats been discussed. Infrastructure projects and aid to state and local governments. Stuart we can all discuss what kind of form the money will take but really, what we are talking about is, a, helicopter money. Thats ashley c130 money, i think. Stuart like 1,000 a month in a check for every taxpayer in the nation. I could see that. Here we go. You heard that bell ringing. Thats a preliminary bell, i think. Remember last time, a couple days ago, last week it was, we were all set to reopen the market. You got a bell. I thought thats the signal, we will reopen the market but no, you have to wait for a second or even a third bell. Then you will see some movement. We got it now. Okay. Now we are moving. The market has reopened. The s p is down 9 . The dow industrials are down 11 and moving lower. I dont see a great deal of trading going on here. Ashley nasdaq down 11. 5 . Stuart it takes awhile to get the orders in. Ashley 915 points down on the nasdaq. Stuart i have never seen that before. 920 points down. Look at that. 920 down for the nasdaq, 11 . S p down 9 . Am i right in saying, susan, you are the technician here, if we go down 13 on the s p, we are halted again . Susan thats right. Before 3 25. Another 15 minutes. It goes to show your concern about the Federal Reserves move last night to cut Interest Rates to basically zero to. 25 , surprising everybody. This is a lot more probably surprise and shock than actual awe from what you are seeing in the price action today because people are expecting a. 75 cut. They cut virtually one full percentage point, added 700 billion into the system and this is the type of reaction you are getting from the markets. What powder do we have dry if things get worse from here . Ashley they injected fear with all their money. Stuart looks like a panic situation. To recap, we have the dow down 2788 points, 12 . The nasdaq down 900 points, 11 . And the s p is down 10. 3 , 280 points down. Keith fitz, im inclined to say this sure looks like the cataclysmic capitulation selling, the washout. Is it . It looks like it, but it doesnt feel like it to me. I dont think we are there yet. Again, i think this is just the computers duking it out. This is order flows catching up. We havent seen the real panic yet. When they start closing this country down, thats when it will hit. Stuart i have to say goodbye to dr. Siegel for now. I think hes got broadcasting duties elsewhere. Doc, youre all right. See you again very soon. Kristina partsinevelos at the exchange, tell me what you have for me now, please. Kristina right now, it seems like the mood is still relatively quiet compared to the last two Circuit Breakers that we had enacted last week. Its definitely a change of tone. Now traders know how to deal with it. The fact you are still seeing the market drop over, s p 500 over 10 , the dow over 12 , i just heard from this trading desk over here that for the dow, its going to be confirmed, the biggest percent drop again since 1987. We are also seeing european stocks, the moment the Trading Floor was halted here right around 9 30, you saw stocks in europe continue to fall, to hit their lows of the day, down over 10 . It seems like theres less running around this time, theres less yelling. Overall, people are just paying attention to these levels based off all the traders. Stuart i have to get to the actual Market Action and see the stocks. Big techs on the screen right now. My goodness, me. Thats a bloodbath. Amazon down 150. Google down 140. Facebook, 20. Apple, 34. Microsoft, 19. Ashley worse than that, the banks getting absolutely shellacked. 17 , 14 , citigroup down 21 . Bank of america fell below 20 bucks a short time ago, down 16 . Stuart wait a second. Wait a second. If the Federal Reserve is jacking in 700 billion susan but they are cutting Interest Rates to zero. Stuart thats the problem. That explains it. The banks are down to this level because ashley exposure to an economy thats slowing down. The danger of bankruptcy. Susan they are also cutting down their buybacks, reserving cash to be able to lend it out to people who need it. Sounds pretty dire. Stuart credit cards. Whoa. Dreadful. Visa down 12 . Mastercard is down 11 . American express down 17 . After all, if you cant go out to bars and restaurants and eat and drink and you are restricted on what you can buy in other kinds of stores, you aint spending money. The credit cards are not being used and arent making their piece of the action. Remarkable. Crude oil, 28 per barrel. The slide continues there. Thats an 8 drop. I only expect that gasoline will be dirt cheap in the future. The grocers, interesting expression, grocers are all down. I cant think of a single group of stocks thats going to be up at this point. Grocery stores are way down. Online shopping, they are taking it. Amazon is down 147 points dollars, that is. Walmarts down 10. Etsy is down 6. Wayfair is down to 33 a share now. The airlines, whoa, they need help. Southwest, jetblue, american. American airlines is at 12 a share. Deltas at 32. United, their executives are taking a pay cut and they are dropping their schedule by 50 . Americans doing something similar. The cruise lines, if they could be hit any harder, they are being hit harder. Carnival is down 14 a share. Royal craribbeancaribbean, 29. Norwegian, 10. Percentage terms are enormous. Casino stocks, they closed vegas, many of them, i should say. I think macao has reopened. Susan but they suffered an 80 drop in gaming revenue in february. You can imagine march may not be that much better. Stuart those percentage losses for the casinos are enormous. Ashley the energy sector. Ugh. Stuart anybody in this country who owns stock probably has a piece of at least one big tech company. You are losing money at this moment. I feel particularly difficult times for those who are about to retire or have retired. If you are trying to live on your 401 K Investments and i. R. A. Investments, you are probably down by 25 in the last four weeks. Thats a remarkable hit. Let me go through it again. Amazon down 127. Google down 130. Facebook is down 20. Apple down 27. Microsoft down 19. Gigantic losses all across the board. Susan we should point out also half of this is computer trading, as we mentioned. When they unwind, they unwind very quickly in this world and etfs as well, since you are bulk selling since you are bulk buying. Theres a lot of distortions people arent used to. Its a different trading world than five, ten years ago. So these selloffs occur quickly, fast and dramatic, as you see. Stuart are you seeing the internal technical workings of the market are facilitating the spiral down . Susan i think so. You have been covering this for 30 some odd years now. Stuart 40. Susan so 1987, that was about, some people say it reminds them of 1987 because of the speed and v velocity and depth of the selling. However, 1987, that bear market was not preceded by a recession, believe it or not. Despite the fact the single worst day on the stock market down 23 but just the speed of it and the unknown. Stuart wasnt preceded or followed by . Susan wasnt followed by. Stuart i think we are in a recession right now. I think we are going into it. Susan i think its going to be close because recession is two quarters of negative growth, right . We have jpmorgan saying we will get negative growth in the First Quarter, Second Quarter, but this is contingent on the fact you get some sort of stimulus, hundreds of billions from the government for a sharp vshaped rebound in the back half. Goldman still not predicting recession and neither is treasury secretary mnuchin. Stuart goldman is saying in the Second Quarter of this year, april, may, june, the economy will contract to the tune of 5 . Susan 0 growth in the First Quarter. Stuart okay. We have with us the arkansas republican. Theres lots of talk about another stimulus package. I want to group it all under the rubric of helicopter money, here it comes. Am i right . Is it coming . Stuart, good morning. Glad to have the chance to be with you. Last week, we got the Public Health money appropriated and we also got money to help our families with insurance, with family leave, with unemployment insurance. So i believe a third leg to this fiscal response from the United States will be working with the treasury on identifying ways to help our most damaged industries and our Small Businesses. Stuart are we going to get it, congressman . We are looking here at a dire situation. I dont want to stampede anybody into any action but surely, trillions, plural, trillions of dollars worth of help should be going directly to the people and industries most affected. Would you agree with that, sir . I agree that the industries most affected, particularly in 5 of the gdp thats travel and tourism, now we include restaurants and all the related items, are going to be major hit over this Second Quarter and weve got to get out in front of that. I think the feds work was stuart wait a second, congressman. My question was very specific here. Im talking about trillions of dollars going into the hands of individuals who have been affected and industries. Do you approve of that . I dont know if its trillions of dollars, stuart. I think thats what people are working on. I think what we have to do is look at the most impacted area, knowing that we have at least four weeks, perhaps longer before this curve is taken under control and determine whats the best action, and airlines is a good place to start. My vision about this my vision about this is we should help them, just like we did in 9 11. America was in a recession as 9 11 hit and the congress and the administration came together with direct Credit Facilities working through the treasury and the fed to benefit the American Airline industry after 9 11. This is that kind of, we have a Public Health crisis that merged into an economic stuart congressman, thanks very much for joining us this morning. I want a sense of willingness of congress to act rather dramatically. Youre telling me we will do that. Congressman, we appreciate you being with us. Thank you, stuart. Stuart yes, sir. Good stuff. The market has, dare i say come back a little, but it has. We were down 11 on the dow. Now were down 9 . Amazon down 147. Now down 102. Nasdaq was down 12 , now down 9 s p well leave on the screen, bottom righthand corner, so you can see it. If it goes down 13 we halt trading for 15 minutes. Now it is down 9 . Normally the dow industrial at the bottom right. Now we have the s p bottom right to indicate any close sure of the market. Well keep rolling through Different Group of stocks. I dont expect to see any green arrows. Although i did see clorox gaining just a tad. Ashley what does that tell you . Stuart that is all you got. Susan put things in perspective for our viewers. Im getting messages, emails, is this depression, 2018 . Keep things in mind on election day in november 2016. Where was the dow 18800. Youre still up from 2016 in this administration still. Things are not falling off a cliff. You still may money past four years. Some will say you might make money after the coronavirus was done. Stuart fair enough a limper speculative. The dow is at the 21,000 level. Were away from the 29,000 level but if you have got money long term in the market youre estimate probably ahead. Again if youre about to retire, you banked on a certain level of income from the 401 k . You dont get it. Andy puzder, you want to put this in perspective too, please . I thought susan did a great job putting this in perspective. I havent heard a lot of Companies Cutting dividends. If youre in retirement currently, you should still get income from investments. The investments will show up as worth less in the 401 k statement. At least currently youre still going to be getting, receiving income from the companies. Hopefully that will last. Hopefully they get Financial Assistance and do business. Where they do things like cut on stoke buybacks and continue to pay dividends. This is going to end. I think well come back from it. I think well come roaring back from it. When we get the virus under control or either starts to decline or come up with a vaccine, optimism will retake the market. You will see a big jump. If youre in this long term i wouldnt panic. Stuart i want to pause for a second and suggest this, if we get an extension of the drastic restrictions on our movement, what we can do, where we can go, if we get more drastic restrictions do you think perhaps the market takes that as a positive, in the sense that you have a lot of pain up front but it will shorten the length of time, theoretically, that you have to suffer . I wonder if the market will respond in that fashion . By the way certainly would think it would respond in that fashion. It is hard to tell how theyre going to respond. The fed cuts Interest Rates, just a few months ago would have been a big boon to the market. Now it scares people in the market. What you suggest could be encouraging to investors. They might see an end to this. That is the time you put money back in. Stuart as we approach the 10 00 hour, thanks keith on the phone with us, out of quarantine, thats good news. Andy puzder, thanks for both being with us on a very important day. Much obliged. Stuart exactly 10 00, eastern time. That is the marker. The market open for half an hour. The news frankly were down, downtown. 10 00, here we go. Exactly 10 00 we were expecting a briefing on the virus this hour. Not going to get it. It has been moved to 3 30 this afternoon. What the significance of that delay in the announcement i dont know. Presumably new restrictions on behavior and movement are being discussed at the very, very highest level. Happening now, the president s participating in a video teleconference with g7 leaders on the virus. That is closed. If and when we have any headlines out of it we which bring them to it. That is high level as you can get. Bearing in mind the times we lie in, it is a teleconference, not facetoface. The market is back a little. Were down 9 on the dow or s p i should say. Down 9 on the nasdaq and 10 on the dow industrials. Well retate through some stop groups, what is happening. Were down across the board. Amazon, alphabet, facebook, apple, microsoft all of them down nine, 10, 11 . Enormous losses for some of americas biggest, most successful companies. Check out financials. Susan, straighten me out on this one earlier. Theyre way, way down, the Federal Reserve cut Interest Rates to virtually zero. How do you make money making loans getting 0 return . You dont, theyre down very sharply. Airlines, virtually not that much traffic left, frankly. The southwest, jetblue, american, delta, united, all of them, way, way down. These companies are hemorrhaging money. They have a series of costs like employees, insurance, liability. They have to cover all those costs and virtually no revenue coming in, hemorrhaging money. Same with the cruise lines. We moved on to casino stocks. But the cruise lines are down dramatically this morning as they have been for some time. The casino stocks. Closed las vegas on the strip, theyre way, way down as well. When you Start Talking in terms of doubledigit percentage losses you know you have gigantic sell off on your hands. Lets bring in edard. Former bain capital managing director. Secretary mnuchin says the virus should not send us into recession. What do you say to that, ed . When you see shocks this large, you certainly likely to see recession. That is kind of the economy and stock market. Market is reflecting fear we have, and it is hard to believe we wont reverberate into recession. Stuart goldman says, Second Quarter of the year, april, may, june, the economy will contract at a 5 rate. That is a very extreme contraction, isnt it . I think theyre on the far side of forecasts. I think i have seen everything from three to five. We dont know what is going to happen. Five wouldnt be surprising. But that seems probably further than i think most people expect. I think most important thing, though, make sure we rebound afterwards. Stuart yes. How would we rebound afterwards . Would that mean that right now weve got to get moving with helicopter money, mass distribution of money to ordinary people . Maybe what i would call bailouts of airlines, other industries. Do you see that coming, ed . Two things you dont want to stimulate at this point, almost all the restrictions were putting in is trying to reduce commerce and spread of the virus. If all we did we would turn around to stimulate we would be working at odds at this point. I agree on bailout you dont Want Companies to go bankrupt in the short term period, not be around, really damaged at the time of the recovery occurs because you want to put all the people back to work. So i think we need to take some action in the short run toe keep businesses viable, that employ workers who will get laid off. I also think, this always happens in recession, you get a misallocation of resources. We have too many restaurant workers and way too few Health Care Workers. Seems to me, once somebody gets sick, they will have certain immunity to the disease. If were going to pay money to people laid off in the Restaurant Industry, i would hope that would come with some Strings Attached that say, hey, you got to help us out in the health care industry. If you have gotten sick, you built up immunity we may need you even more in that sector of the economy because well see major, large, misallocations here where were way short of Health Care Workers and thats going to make the problem even bigger. At same time were paying people laid off in the Restaurant Industry. We have to find a way to get some reallocation. Stuart yes, we do. Ed, stay there, please. I have more for you later. Ashley, do you have something on boeing . Ashley the trade on this is remarkable, down 18 this morning, down 31, below 140, 139. 59. That is a remarkable number for boeing. Stuart just for me. Ashley sorry. Stuart thats life. Danielle dimartino booth with us, former dallas fed advisor. Okay, the fed lowered Interest Rates, pumped in 700 billion. I think was designed to put liquidity into the system. Rather than prop up the stock market. Am i right . You certainly are right. This is time we cannot have liquidity seize up. Then well see true dysfunction in the financial markets. Were not seeing that, as messy as these openings are on the stock market, we really havent seen negative freeze, come up frozen. There is more that the Federal Reserve can do. Im happy they put a statement out earlier today, if for no other reason, you know what . Were still open for business despite what chairman powell said last night. We done our work. Well walk away. Our hands are clean. I think the country need reassurance that the fed will continue to revisiting to figure out whatever it takes to provide ample liquidity to the markets. Stuart as i understand it, Federal Reserve this morning hey, you banks, you want to knock on the discount window, well give you shortterm loans. This is not overnight loans. This is three months up to households and businesses, is that it . Up to 90 days. You have to keep in mind a ray of collateral banks can bring to the window is much wider than what we typically associate with the Federal Reserve. That being treasurys or mortgagebacked securities. They can march up with a corporate loan. They can march up with a real estate loan, with a corporate bond. That is what is critical, that the fed is capable of accepting all manner of collateral from banks to insure that they have got the liquidity. I applaud the statement this morning that said, banks, were open for business. Come use this window. Stuart okay. Now youre a fed kind of person. Youre a bond market person. A treasury market kind of person, but let me ask you this. What would you say to a closure of the stock market for two or three days . You know, i like to think right now that the Circuit Breakers are working and that as, as disruptive as this feels, markets are still functioning. I would hate to instill plant, a sense of panic in the markets that would be my greatest concern at this juncture. Our Financial System is not under attack. We should not treat it as is such. Which is what happened in the aftermath of 9 11. I think it is much more confidence instilling to keep these markets open, stu. Stuart hold on for a second, danielle, please. On the phone i have florida senator, republican rick scott who joins us now. Can i, how are you going to vote, i think i asked you this before, if we get a stimulus package coming down the pike today or tomorrow, how are you going to vote, i think youre still in quarantine, are you . Im in quarantine half a block from the capitol. I talked to senator mcconnell, if you need me to come, i dont need to be in contact with people. Im in quarantine for another seven days. I need to take this seriously. We need to take this all seriously. You look at italy, 7 of people tested are positive, they passed away. Stuart do you in favor a italy style lock down for our country . I think we, one out of 783 people in south korea be tested. We have to get the mobile testing open in every community. It is local effort. Every community has got to do it if you test positive, where you have been, everybody in contact with you has to quarantine. Think about the numbers. Less than 1 of the people tested positive in south korea have passed away. In contrast, 7 in italy. We should follow what south korea has done. Get the testing open. Isolate, if you have been around somebody who tested positive. Stuart there was going to be a briefing on the virus at 10 30 this morning. It has been pushed back to 3 30 this afternoon. I have to believe that at the very highest level there is serious discussion about extending the, not the shutdown i might add. So, i will ask you again, senator, do you think we should be making the shutdown more rigorous on a National Level . Stuart, i really believe we ought to do, first thing is the testing. The second thing is isolation, if youve been around somebody and weve got to do all the above. As Temperature Checks, dont go to the airport. If you have a fever, train station, but this testing, temperatures, we have to figure out where we are on the protective gear. We make sure we keep our Health Care Workers safe away from this. So i think it is all those things. Look, if the right thing to do is to shut things down, i mean, i understand what, what somebody might want to do, why people would want to do that. But i really believe, if i had my priorities we got to get testing sites open. We have to get people to selfisolate. Stuart there is a primary in florida tomorrow, your state. How is that going to work . You will have large numbers of people standing online, walking and going through the areas where they can vote. Can you still hold a primary in these conditions . Stuart, you can vote we, been able to vote early for, i think it is 30 days. You can vote absent tee. You can drop it off so you dont have to come in contact with people. You dont have to separate when when separate when you come to vote. Election supervisors will focus on all the social distancing even during the vote tomorrow. If you want to vote in florida you had the opportunity to vote already. Stuart senator, thank you very much for joining us, sir. We wish you well. Thanks, stuart. Stuart thank you. Recap the market. Were down 10 or 11 pretty much across the board. 9 that would be for nasdaq, s p and the dow industrials. Bottom of the screen, Larry Kudlow National Economic Council director that would be at 11 00 hour. Markets way down. Were talking about helicopter money as a estimate lawslous for the economy. We talk about maybe some more rigorous shutdowns of our society. Okay. Gordon chang is with us, he is our china expert. Gordon we got news this morning, so far this year Industrial Production in china is down 13 , retail sales down 20 , the strawn business down 43 . That is an enormous decline. Do you believe those numbers . I believe that the severity is represented by those numbers could be a little more in certain cases but clearly, you know, china is in contraction. Might be able to climb out during march, which accounts for about 40 of the First Quarter but i dont think so. I think we should see a negative number for china q1 and maybe even in q2. Stuart that is a pretty tough pointer for us because if their economy reacted that way, you have to believe our economy will be somewhat similar, right . Right. And, clearly when you have health emergency, this is going to happen because, once you shut down an economy, which is what you should do in this type of circumstance, it is going to produce negative numbers. But i think in the long term it is the right thing to do and, should applaud the president for taking some pretty stringent measures which prevented situation from being even worse. Stuart when we come out of the other side of this, gordon, what you do think will be the relationship between china and the United States. It has got to be different, stuart, the reason is, we saw on thursday the Foreign Ministry attack the u. S. With a Disinformation Campaign that exceedingly dangerous because chinese leaders were preparing in their own mind justification for using force against us, they were preparing the Chinese People for the same thing. Im not saying theyre going to do that. I dont think theyre going to do that but this is elements of a really big tragedy, and by the way, we summoned the Chinese Ambassador on friday to tell him to cut it out. And chinas ambassador to south africa today continued this campaign against us. It shows were not deterring china. Stuart gordon, thanks for joining us. We want to break away. Ii want to get back to ed conar. Youre expert on work place. Can you predict any changes in our economy or our society, lets say, when we coming out of this. Millions of us are working at home from this moment. Will we continue to work from home when we dont actually have to . A lot of students are learning online, will they continue to learn online when we come out the other side . What changes do you see . I do think you might see a little more Home Learning and a little more homeworking but i think people are a lot less productive, both students and adults when they work at home, as opposed to being in the workplace because supervision plays a Critical Role in this. For example, take exercising for example. If you dont have, if you dont go to a gym, dont see a trainer, somebody there driving you forward, you will not work as hard. I think we would see a lot less productivity growth and slowdown in the economy if we were to make that shift. I do think you are going to see, this might not be in the workplace but like you already see in asia, people taking a lot more steps with masks, gloves and selfquarantine during these periods. I think well see those practices adapted in the United States Going Forward in a which we havent seen in the past. Still dont see at the moment. Stuart would you like to make any prediction for the economy when we come out on the other side of this . Well, i would like to think well come out in the Third Quarter like everybody else is predicting but i do think, look at the financial crisis, for example. It largely occurred in 2008 and we didnt feel the full effects until 2010. Once you see a lot of misallocation of resources, people losing their jobs, et cetera, it is not that easy to start back up again and go right back to work as if nothing happened. So i wouldnt be surprised with the Third Quarter. If it turns out to be slower and more after struggle than we think. I would like certainly to see a lot more effort focused on preserving businesses to reemploy people when we come out of this, holding off on the stimulus and using the stimulus for people who are most affected that would be people, for example, in the Restaurant Industry, entertainment industry. Probably the health care industry, where a lot more people sick than we realize in the health care industry. Those are areas i focus a lot more carefully to try to nurture a rebound as it can be under the circumstances. Stuart ed, were running various Industry Groups and stocks which are way, way down and some of the losses are truly extraordinary. I saw United Airlines Something Like 35 . That is extraordinary. Teslas down 100. Boeing is down ashley united down 23 1 2 . Stuart 23 1 2 , okay. All these, look at darden restaurants, down 25 . United asia lines down 23 . Tesla down 93point, 17 . Lululemon. Stores are closing across the country. Groceries are open. Pharmacies are open. A lot of stores where you buy regular stuff are closed. Give you that list at the moment. Susan has got it. Lets go to kristina. Clorox, tell me all about it, please. Kristina i have bright spots, tell you about clorox, were seeing the stock climb higher over 3. 7 . A few reasons for this. Ubs maintaining sell rating, but price target, 152. Theyre well past that. Jpmorgan overweight on the stock, their price target have 185. The catalyst for this increase is the fact that jpmorgan in their note said that clorox is part of the solution. We know a lot of people are using their product. Another bright spot, it was difficult to find the bright spots, kroger, american retail chain. Stu, you talked about Grocery Stores. Kroger share price climbing higher at 31point 36. Morgan stanley increased their price target to 31. There you go. Those are the two bright spots. Kroger and clorox. Stuart well take them, kristina. Keep looking. Kristina i will. Stuart susan, earlier today you gave us a list of Brand Name Stores which we all know are closing. What have we got. Susan apples closing all stores outside of china for two weeks. Same thing for nike, under armour, lululemon, anthropology. Abercrombie fitch. Is that surprising . People are staying at home. Not going out to stores. The employees need to be protected as well. These stores can afford it as i mentioned to you. These are Big Companies with a lot of cash on hand, especially apple with 200 billion worth. The Small Companies where you have to worry. Where you imagine a lot of stimulus will be going to, cheap credit to Small Businesses, outright cash injections. During 2018, 100 million households got a rebate check of some sort. They needed to spend it in the u. S. Economy, still 2 3 driven by the consumer. Stuart it is astonishing story. In teaneck, new jersey, mayor imposed voluntary quarantine on everybody in the town. Stay in your house. In california, Governor Newsom advising elderly people 65 years old and older stay in your house. Youre a vulnerable part of the population. Shelter from the virus in place. That is what he saying here. Large numbers of people confined to their homes. You cant go out and about. You cant go shopping. Demand collapses in some areas of retail business. Ashley a lot of areas. Stuart it is extraordinary. Amazon down 126. Put them on left side of the screen. I want to bring in a former hhs senior official. Jack, do we have enough hospital beds, if we get avalanche of cases that need hospitalization . Stuart, this is one of the key questions, one of the reasons were going through all the effort to flat enthe curve as we talked about. Good news on that front, there will not be enough beds. Hospitals like cleveland clinic, university of utah, theyre putting up temporary locations not only to screen incoming patients but also to care for them. Stuart what about ventilators, do we have need for them . Are we in short supply. A lot of hospitals, businesses have enough for what they need normal circumstances plus some, emergency circumstances. Post9 11, huge number of ventilators purchased by the federal government and in the u. S. National stockpile. Efforts are underway to make sure that things like ventilator are getting to states where theyre most in need. Stuart we keep own saying efforts underway to do this, efforts to do that. Were not quite ready for this, are we . There is a shortage of various items in the medical business. Okay, were efforting to replace them and get us up to speed but were not there at this moment, are we . That is a good point you make a good point. Former hhs secretary mike leavitt we were in charge the first pandemic plan, he said when you talk about the things before pandemic hits, you seem alarmist, when you talk about it afterwards and implement actions it doesnt seem like it is enough. On the hospital front, i dont feel it got enough attention, a billion dollars was just passed by congress. That builds on efforts in the past. Money gone to the states to help particular hospitals to do exactly what theyre doing now. Hospital system the Like Atrium Health in gorge ever george goo and north carolina, theyre using to their advantage. We have telemedicine and preparedness for mobile hospitals and temporary capabilities that will at least help us get through the worst of the times. Stuart jack, hold on a second. Appreciate you being here. Doc siegel hurried back on to the set for us. I want to know a time frame. When do you think we might come out on the other side . You doesnt like the word if. I know you hate it. Stuart you have got to use it. If we get the testing i want up and running. If we get to swab people are doing for themselves, were testing 4 or 500,000 people a week and get people to the mobile hospitals he is talking about, get them out of the way, talk about social distancing, we need people sick out of circulation. Stuart if we do all of that, what . If weather change helps, i think it will. I think were talking about midapril. Stuart midapril. Four weeks away. When we say four weeks away we might be able to see the light at the end of the tunnel. Yes. Stuart that would be a plateauing off of new cases, is that what youre talking about. By somewhere around midapril. Depending, look it, south korea it was even faster than that. If we actually come together and stop, you know evading all of this susan theyre testing 12,000 people a day. 20,000 people a day. Susan u. S. Cant even get when . I think, i was very encouraged by that conversation last night with admiral gerard. I think in the next two weeks we can ramp up to testing 15,000 a day. I do think that. Stuart is that enough . We have 320 million americans. Is that enough. No. But it is well on the road. Weve tested 22,000 total up until now that is unbelievable. Stuart it is very low, isnt it . Incredibly low. Stuart but were not talking about a explosion of new tests for weeks to come . If it goes to the selfthing which you can do yourself well be testing millions. At this point the whole ballgame changes, check yourself with the swab. Drop it off at the lab. We have to get up to the point were doing a million test as week. I agree with you. Stuart when do we get to a million tests a week, any idea. End of the month . Stuart end of march . Yes. Stuart end of marks, a million tests. Ashley that 15 days from now. That is hopeful, hopeful. Stuart more realistic, could we get to a million tests a day in a week . A week, there are 320 million americans. Youre under the wrong impression. All 320 million americans dont need to be tested. It is people that have come in contact with someone that might have it or someone having symptoms, whether the young, old or in highrisk group. That is who i want tested. Everyone has symptoms or could have come in contact with symptoms. That is not 320 million that might be 50 million or 70 million. Stuart i walk into one of the testing units, im driving in my car. I wind the window down. They test me, right, i come out negative, i dont have it, it is still possible that i do have it, isnt it . Yes, but, but i would say almost no to that if you have symptoms. If someone goes into one much these drivethroughs, i have a high fever, i got a cough, shortness of breath, stick a swab back in the nose, it comes back negative with very elegant genetic test called pcr, you dont have it. You dont have it. I believe that test is quite accurate given you have these symptoms. Stuart first what you want to do is test the people who have some symptoms, is that it . Yes. What were doing right now, what theyre starting right now hhs, testing people in highrisk groups only, Health Care Workers and elderly. I cant wait to include young people as well. Those are spreaders. Within the next week or two well be testing everyone with symptoms or come in contact with. Stuart fair enough. How do we decide who gets hospitalized and who does not . That is a billion dollar question. The answer is we dont want people in hospitals that we think get better at home, we want them selfquarantined. Mild symptoms at home. Healthy and young at home. They have to be in touch with the doctor the a i in time. Stuart who makes decision. I do. Stuart who says you are boeing to the hospital you go home . I do. High fever, trouble catching their breath i send them to the hospital. They have to be isolated in hospital. Stuart you assume more elderly people will be ones in the hospital . Wow. The death rate with elderly with underlying conditions is most worried about here. Nursing homes. Stuart i seem to remember reading, forgive me if im not exactly accurate, cases in italy, they have 300 people in intensive care, really, really, really ill. Theyre on the verge, put it like that. 50 of them are under the age of 50, did you know that . That is actually a new story. Youre always on top of new stories. That coming out, it worries me. I heard about it here too. Cases in boston, one is 31yearold, one 48yearold, i dont think theyre vapors. Were seeing that more case break the model have to be 80 years old, have to be 70. Were seeing younger cases on ventilators, absolutely. Stuart is there any difference in the virus attacking italy, the virus came out of china, the virus in south korea and the virus popping up here, any difference . Well, this is an unstable virus by its nature t doesnt repair itself it drifts over time the way the flu does. We dont have any evidence that the strain has changed, though. Generally speaking, stuart, as these things change, they get milder, not more severe. What the virus is trying to do . Survive like anybody else. It survives by being mild, vetting very quickly. Were not noticing any big changes from the chinese virus to the one here. Stuart were coming up on a half hour. I will take a very brief pause and reset exactly what is going on today so far. As i said many times this is monday like no other. Youre looking at a society which is rapidly not locking down but restricting activity across the board. Were all feeling it. The financial reaction is sharp on wall street although it appears to be stablized around 10 . You have to be careful using word stablized in a sharply lower market. Ash is grimacing over there. He is hesitating. I know i shouldnt say stablizing. What i mean to say we were down 12 . Were down 10 and holding at that level. Ashley i give you that. Susan off the bottom, how about that . Lifted off the bottom . Stuart very god, very good stuff. Dow is at 20,000 by the way. 20,000. Five weeks ago it was 29,000 and change. Susan almost 30,000. Stuart got close. Susan it is psychology. When you fall off certain thresholds. Go back to 20,000, some people say the selling might not stop for a while. Stuart so what weve got is a sharp market selloff, a monday like no other. We got an economy really is contracting. I dont, there is no doubt about that. We have a period of great restriction on our personal movement. It the affects the entire mood of the country this is a very somber country at this moment. Ashley somber world. Stuart somber world at this point. Look at that, left hashed side of the screen, all 30 of dow industrials are in the red. They are all down, some of them down a lot. We have various guests in various stud does in front various cameras and i have got this question for everybody. It is a somber mood this monday. All kind of movement, and activity restricted. How will we feel four or five weeks from now if were still in this semi, nasty, lockdown situation . Can americans handle it . Brief responses, please. First, ed conard, what do you say . I think were going to be surprised, shocked by how many illnesses there are and how many deaths there are. So i think it will be more pessimistic in the future. Stuart Danielle Dimartino booth. I know youre a market person this is a cultural question, how is america going to take this . One of my favorite memes running around on twitter, genx marks the spot. Were a generation, that my generation was latchkey. We let ourselves into the house. We did our homework. We were largely alone until our parents to the home for work. There is something to be said for resilience of quite a few americans during this trying time. Stuart ashley what do you say. Ashley i agree with danielle. People are resilient. They will do what it takes. In manhattan still a little amazed how many young people who think they are immortal, they were out in bars and in groups walking around, i wanted to say, what are you doing . Go home. You may be healthy but you could be a carrier. It was a bit annoying. Generally speaking well get through this i think people realize that. Stuart how, youre smiling, why are you smiling . Susan i understand the mentality, you think, im not going to, it is not going to be deadly for me. I might as well enjoy my life. Who knows how much longer i have in this youth anyways. I would say the american way is resilience. I think resilience is proven time and time again, whether 2008, whether 9 11. Things will come back eventually. Stuart mood changes very quickly. Ashley very much. Stuart one of my predictions, one of my predictions, baby boom late in the year. A Massive Party when we see the end of this thing. Ashley at your house . Stuart not at my house sues use you will be partying like a youngster. Stuart me . Susan yes. Yes. Interestingly enough enough, reckless behavior characterizes things. During hiv, they were risking, they didnt know what the risk was, but still exhibiting risky behavior. Go back as far as polio. People continued to swim in pools. They thought, im not sure how im getting this, but didnt necessarily all restrict their behavior. So weve always had this Public Health problem. How do we get entire society to comply . At the moment i think were in a shaming situation. Were, you just said basically, you shouldnt be out there, you youngsters out there and drinking and going to bars and parties. That is almost shaming people, isnt it, into conformity . I dont know if it will work. People will rebel. But i actually agree with stu. That is what i would be doing too. Stand six feet away from them. Susan right. Stuart in our endless search for positives we found much cheaper gas and Kristina Partsinevelos at new York Exchange is doing sterling work finding good stuff. What do you got . Kristina optum, it is up 535 . Why is that . The Company Announced they have a test, a rapid real time test for the coronavirus. This is a test that was already approved in china january 2020. Also approved in europe now. So they did say, this is a from the company itself, they are going to making the test available through their european sale channels. Although the company has a headquarters here in maryland. Again this is a realtime test it. Should take a few hours. That is pretty quick. Sometimes when youre taking nasal swab, you have to drive through, wait 24 hours. They claim this test can be done in just a few hours. Theyre spreading it out across europe. This is the latest news for opgen. The stock is up 55 . Stuart welldone, christina. Thank you very much. Doc siegel, real time test approved in china and europe. What do you say . Im aware of it. I talked to the deputy secretary, there are issues here in the United States, getting what is called antigen testing, protein testing, where as kristina said, an hour, not four hours. With rapid screening from roche and thermal fisher were getting four hour results this would bring it to an hour. From four hours to an hour. Im all for this. I dont know if the particular company has the solution. Stuart but can you ramp it up to a mass scale . Absolutely. That is where were heading. Selftesting. Antigen testing. Protein. Selftesting where you use a nasal swab. Antiagain protein testing one hour, you have the answer. Stuart i should announce a headline. The dow is no longer down 2,000 points. It is down 1,000 and change. Coming off the bottom as susan says. Susan off the lows. Stuart off the lows, good stuff. Now ash . Ashley yep. Stuart new york, new jersey, connecticut agreeing on what social contact rules . Ashley on the same coronavirus rules. So we have cuomo of new york, lamont of connecticut, phil murphy of new jersey all saying theyre adhering to the same rules so people cant drive to different states seeking open restaurants. Theyre trying to play off who is open, where can we go. They say they believe the only region in the country to do this. But it kind of makes sense. Stuart am i right saying new jersey, new york, connecticut, no restaurants opened . Ashley well, i believe thats the case. I believe, no dining room. Just carry out and delivery. So you cant go to a restaurant and sit down. Stuart but you can get stuff delivered to you . You can do that . Ashley yes. Susan takeaway. Takeout. Ashley some bars close service 8 00 p. M. Tonight. Is that new jersey . Three states. Stuart in my town, the town where i live in new jersey, bars and restaurants are closed. Thats it. Im trying to figure out as a Public Health point of view, to weigh in, is it better for delivery than sitting in restaurant . Do you trust the delivery person . I dont know. Stuart not coming in facetoface contact. Knock on the door, leave it on the floor. Okay. Susan youre the doctor, tell us. You dont know exactly happened before he gets to you, right . Susan okay. Stuart our producer tells us he had delivery last night, absolutely no facetoface contact, no touching of any kind. It was all worked out in advance. Ashley leave it at the door or hang it on the doorknob. Stuart what im hearing, more events at the white house. Ashley white house easter egg roll, not surprised. It was set for april 13th. This is tradition goes back to 140 years but the first lady, Melania Trump saying health and safety of all americans must be first priority, especially right now. No esther egg roll. Stuart by the way, president has or about to take part in a g7 virtual ashley teleconference. Stuart it will be a teleconference as opposed to facetoface meetings flying all over the world. Theyre all together on the teleconference. Ashley that was supposed to be in pittsburgh this year. Stuart that is canceled. We have not get headlines from that conference call, teleconference at this point. Were expecting something later. Lets see if President Trump weighs in on that one as well. Look who is here, doug wead, president ial his historian and author of inside trumps white house. Doug, this seems like absolutely unique event. I just cant remember anything remotely like this before in president ial history. What say you . There was a very important event, it is interesting you forgotten it, the spanish flu. Historians stuart i wasnt around, doug. Im an old guy. I dont remember that one. I was just a little kid then too. Almost 100 Million People died and Woodrow Wilson did everything wrong. He encouraged public events. He told mayors and governors to have military parade because he was trying to recruit soldiers for world war i. There was one parade in philadelphia and by the next day, every hospital bed in philadelphia was taken. He ignored the Health Authorities who said you shouldnt put those young men on ships to europe. Tens of thousands of Young American soldiers died on the ships of the spanish flu. He was, he lied to the American People. I dont know how else to put it. He organized with executive order the committee for information which censored. They tried to prosecute a newspaper in wisconsin for reporting on the spanish flu. He did everything the opposite of what donald trump is doing and it was a disaster. Stuart you expect the President Trump will take more dramatic action in terms of restricting our freedom of movement and association . Do you think he will go for a National Crackdown . What he is doing right now from the standpoint of history is almost perfect. Looks like he was born for this moment. One thing he is transparent by nature. Gets into office, opens files on Warren Commission and ufos, assassination of kennedy, criticized him for the phone call to ukraine he makes that public. We hear what he is thinking in real time. He tells us. That is very healthy. Woodrow wilson didnt tell the American People anything. Actually gave them misinformation which added to the crisis. And donald trump seems to be beyond ideology. A conservative president might hesitate before putting the full weight of the federal government behind this. And a democrat president might hesitate before allowing the private sector to become involved. Obama as you know had all these regulations against private clinics who are now trying to vaccines. With trump you got a mon man born for this moment. He unites target, walmart, pelosi, mnuchin. He is willing to turn loose government, willing to turn loose the private sector. He wants to do good. The desire to be a good president. I think it is a healthy thing in spite of all the criticism. Stuart doug, thanks for being with us. And bringing to us your lengthy experience. Thanks, doug, youre all right. Bring you this item of news. It is important. The Vice President s press secretary on twitter has shot down reports that were about to enter a National Shutdown. That is again, thats important. Ashley national curfew. Stuart weve been talking about, speculating, that the rumor mill is flying about a National Crackdown, some kind of a national shut down, along the lines of italy for example. Well the Vice President s press secretary shot that down completely. No. There is reports of a National Shutdown are erroneous. Susan not correct. Stuart not correct. Susan theyre not doing this. Stuart are you disappointed, doctor . What . Stuart would you like a National Shutdown. What do you think i am big government. I studyied national 1918 spanish flu. I am Woodrow Wilson fan. He was a peddie going, he was a professor. Here is the thing they left out, they didnt know in 1918 what a virus was. You have no idea how it spread. You cant blame that on the president. Were way more aware now. Stuart that is true. Very much aware. Susan positives with the rally. Were below 2000. Were above the closing levels on thursday. Basically we erased rally big gains weapon saw on friday. Just back, i think opening, markets now at levels we were when they were opening starting off the friday session. Stuart okay, i will take that as positive. Even though were down 1884 points. Susan had rally friday. Final one hour of trade. Stuart were down from the low. Gordon johnson, with us, dlj research guy. Gordon, are you the guy who predicted tesla was going to fall through the floor, is that you . That is me, sir, yes. Stuart okay. Dont go into all the earnings per share, all that jazz. You tell me if tesla is back to the 400 per share range, and it is as we speak, yes you did see it coming, is there going to be any kind of rebound for tesla . We dont think so. We think tesla has significantly more downside. As we stated when the stock was at 900 on your show. Too much pushback. We believe that the numbers theyre about to report are going to be bad. Dare we say horrific, specifically in europe and in the u. S. Given where their market cap is right in line with vw, despite the fact they sell 367 cars a year. Vw sells 10. 5 million. They need tremendous growth. When the growth become as risk and more importantly competition in international markets, we think they have big problems. Stuart of course i think the world is facing recession at the very least. Looks like it to me. And we have dirt cheap gasoline which would seem to move against interests of the electric carmakers, how far down will tesla go . If it is 450, 480, how low does it go . We have a 2120 price target of 90. We think it exits this year below 200s. More broadly thinking, disasterous outcomes are born out of good intentions. Go back to the 80s when greenspan basically decided to get rid of recessions but they did. Recessions are necessary. When forest burns down, it is ugly, nasty, but trees regrow. I think what happened fed policies implemented have been supporting stock markets, that is not their goal. You have a report of passive investors and mutual, hedge fund rather historically bought call options to basically, you know have some cover when markets go down, they started selling call options the idea market could only go up. I say all this in the context of tesla, tesla is extremely, you know, highly cost intensive business of car making with a ton of debt. So if they cant Access Capital markets, we think that is a big issue with oil prices coming down, we think credit will dry up. We think they will not have as broad access to Capital Markets you could see disasterous outcomes. Keep in mind they have big exposure to china via their facility there we think stock has tremendous downside just because of their specific business, they burnt money every year in operation despite 7 billion in government subsidies globally. Stuart you were right last time. Well see if youre right now. Gordon johnson,. Thank you. Stuart every time we go to the New York Stock Exchange, we look for something positive. Were going back, i thought it was a positive. Khalid Sheikh Mohammed shake shack is. This is negative from the company. Shake shack announcing theyre shifting all the stores to go models. Which means you cannot sit in the stores, only take out. Theyre going, they may have to reduce store hours. Also possibly have some store closures, this depend on consumer demand. They also withdrew their Financial Guidance for the yearending. Seeing a lot of corporations do that because they still dont know the Economic Impact of the spread of the virus. The stock is down almost 14 . Earlier this morning it hit a 2 1 2year low. It is down over 55 over the past month. That is worse than the s p 500. Shake shack, a lot of people rhine up for shake shack. When they were opening. That is good news. The bad news you can no longer sit at any locations. Stuart i find it, really not a tragedy, but it is a really bad thing a Great Company with a great product is destroyed by a virus comes out of nowhere and hits us all. Kristina, good report, thanks for joining us. We appreciate it. Lets go outside the studio. Go to oy hair airport that would be chicago of course. People being screened. Grady trimble are they being screened when they arrive . That is a key question here . Reporter they are supposed to be. That caused a lot of havoc over the weekend. There were long lines and reports of people waiting up to four hours to be screened for things like Temperature Checks as they moved back into the u. S. From places like europe. Since then there, was a lot of backlash at customs and border protection. So they have increased number of staff here. They also increased city firefighters who are helping with the screenings. I talked to an airport employee who was here last night, said compared to over the weekend the lines have reduced drastically. There are no long waits. The criticism here people were in these long lines, too tightly packed next to each other. That is exactly what the cdc is telling people not to do. So things have certainly improved in that respect. What hasnt improved, what has only gotten worse, is the flights that are scheduled Going Forward. Every Major Airline has cut flights. United announcing in the coming months it will reduce travel up to 50 . Its revenue projections for march will be down 1. 5 billion compared to the same time last year. That is something all of the airlines hoping for some sort of federal assistance from the government on that front, certainly something toe keep an eye on. One more thing to keep an eye on, stuart, the possibility of broader travel conditions domestically. We have yet to see that. That is something the Administration Says is not off the table. Something that would hurt the Airline Companies even more. Stuart ohare lookslike a grave, a ghost town, that is what im trying to say. Grady, thanks so much indeed. At 10 30 this morning we were expecting a briefing on the virus from Vice President pence. That was at 10 30 that has been pushed back to 3 30 this afternoon. I do have to tell you that Vice President pences press secretary went on twitter to shoot down this rumor that the there would be a National Shutdown coming. Not the case says the Vice President s press secretary. That was in a twitter report. So well see what we get at 3 30 this afternoon. Meanwhile, tom homan with us, former acting i. C. E. Director. Obvious question, tom, should we close the southern border, just close it up . First of all, listening to the show. Very informative. Thanks for all the information this morning, stuart. Stuart thank you. I think there needs to be option. Im not talking about stopping legal trade and travel through the ports and cargo. Im talking about illegal immigration. With everything going on we dont need, people being detained in i. C. E. Facilities an released. Theyre being all tested. Get same questions at airport. You and i both know you can have the virus not symptomatic. Why deal with this. President has authority under 212 with the travel ban. To stop immigration on border. Need to suspend that until we get control of the situation, absolutely. Stuart tell me what happens, if an illegal comes across the border, is apprehended by the Border Patrol, is that person put into some kind of a detention facility and in which case are they tested and are we, maybe, importing the virus . Heres the issue, right. If right now over half of Border Patrol arresting are mexican nationals. That is big change from last couple years. It used to be central americans. Central americans are in mexico, remain in mexico program. We cant by law return mexicans to mexico if they fear mexico. They have to be brought into the United States and detained or released. My issue, citizen claiming fear, asylum, they will be detained at facility. We dont know if they have the virus. They could be asked same questions, where did you travel, so forth f theyre not stopplic, end up in i. C. E. Facility, become systemic, have virus, infecting entire population of facility which could be thousands. I. C. E. Agents and Border Patrol agents. Why do we even take the stance . Take2 12f. Suspend immigration, suspend and arrest and detention of people until we get control of virus. The president has better information than you and i. I trust his judgment. When it is a right time, he should do it and i support him for doing it. Stuart im just trying to get this clear here. The president does have the authority to suspend, when they come across the border illegally you detain them and put them in a facility, the president has the ability to stop that and say, you go back, i dont care who you are, you go back now. He can do that. Absolutely. Same authority he had for the travel ban, original travel ban and what he has done travel from europe. He has the same authority on the southern border to do that im not telling the president to do it. Im trying to educate the American People he has that authority. The president based on information that he has which is better than information you and i most likely have, when he makes that decision, and i think he should make the decision in the near future, i think it will help the country with the pandemic. One less issue we have to deal with. Stuart should we have at least a Temperature Check of all those coming across the border legally . There is a huge Border Crossing stations there, with loads of people coming in every day. Should we check them, temperaturewise . I think we need to do everything we can to protect the American People especially if these people are coming into the country being released. It goes beyond that my biggest concern when i was i. C. E. Director, for instance, Border Patrol arrested some with tb strain unrecognizable. We had the person in isolation for months, working with Texas Department much health and cdc figuring out how to treat the strain of tb. None of the current drugs worked on it. Took us months to figure it out. Think for a moment, if he wouldnt have been arrested, gotten into American Society this is the issue were facing now. Is it worth the risk to continue illegal aliens coming into the country, stuart im a little confused but i know exactly what youre talking about, tom homan. Thanks very much for joining us. Good stuff indeed. Thank you. We are coming up to the end of the hour but ive got this item for you. Michigan, what are they doing, closing most businesses . Susan bars and restaurants by 3 00 p. M. Today. That joins a coordinated action by new york, new jersey and connecticut to also shut down restaurants and bars as well except for takeaway. Even though we dont have a national curfew, as you see, it looks like curfews are being selfimposed for the hospitality and leisure sectors by these individual states. Stuart spreading across the country, that restriction. An update on the florida primary which is supposed to be tomorrow. Ashley we are getting this from the florida election officials. They say we are aware of voters concerns over covid19 and says the Florida Department of health has assured healthy floridians that it is safe to work the polls and vote in tuesdays election. Stuart because they are worried the poll workers wont show up. Ashley of course. Stuart because of all the contact. Ashley with every passing hour there are new restrictions. Its understandable but at this hour, at this time, 10 56 eastern time, they say it is safe to work the polls and for people to get out and vote. Stuart very difficult question. Susan what about voter turnout . We know older voters have turned out for biden and younger ones havent turned out so far for sanders. Stuart absolutely right. Older people may be reluctant to go to the polls themselves. Ashley they are being told to stay home if possible. Right . Susan does it skew them . Stuart i think it skews because you have already got some early voters, their votes will be counted, but the turnout of people actually at the polling stations, im presuming its going to be down and that will skew the election results. Susan theres a lot of reasons to cancel or postpone. Ashley seems that way. Stuart very difficult to postpone an election or even a primary. Or can you delay it . Susan yes, later date. Stuart thats it. Delay is the expression we should think about. Apparently not. It goes forward. We are coming up to the end of the hour. I want to thank our colleagues who have been patiently sitting there waiting to contribute. Ladies and gentlemen, you did a great job. We really appreciate your presence on this show today. Again, as we approach the end of this hour, let me tell you whats coming up. We will have larry kudlow, the president s chief economic adviser, he is going to be joining us at some point in the 11 00 hour. Thats important. Hes the president s top guy on the economy and hes going to tell us where we are, where we are going, and what impact we are going to see from these rather severe restrictions on our personal behavior and movement. He will give us an update right from the white house. I do have something extra. Susan i have to say goodbye. Good luck on this up and down volatile trading day. Stuart you were great. You straightened me out. You are staying, ash . Ashley im in for the long haul. Stuart our viewers may have noticed a slight difference in the way we arranged our studio. We are not close. We have insisted on six feet between all of us. Thats what we are doing our part here. We are in the same studio but six feet apart. I have Liz Macdonald who is coming shortly. We are just making sure the six feet of space, very important. Ashley is staying, six feet or so. Ashley out in left field. Stuart thats right. There you have it. We have been open for 90 minutes and have seen some significant movements on the market. We opened limit down on the s p, trading suspended for 15 minutes. We reopened and the market went down promptly 10 or even 12 , a major league selloff. Since then, we have come back considerably. We have had about an 800 point swing for the dow. We are back to 21,300, a minus 8 . A somewhat similar comeback for the nasdaq and for the s p as well. The Important News this morning, apart from the Federal Reserve lowering rates and putting money into the economy, i think the important decision is it will be at 3 30 this afternoon that we see that briefing from the Vice President. All right. Here we go. Five seconds to go. I will give you the exact time cue. Very important these days. Three, two, one. 11 00 eastern time, happening this hour. The president is participating in a video teleconference with state governors to discuss the virus preparedness and their response. The Coronavirus Task force briefing, thats been moved to 3 30 this afternoon. To the markets. Right now, we are down 8 on the dow, 7 on the nasdaq, 7 on the s p. Larry kudlow will be on this program at 11 30 eastern time this morning. Heres the anxiety indicator, which is not showing that much anxiety. We are at. 83 on the tenyear treasury yield. If you remember, not that many days ago, we were at 0. 3 . We have come back significantly from there. No longer quite the anxiety indicator that it was. We are watching essentially the Great American shutdown. Airports are empty. School systems across the country are closing. New york citys an absolute ghost town. Social distancing is in full effect this monday morning. We just got this video in to us. Sea world in orlando, florida, empty. Disney world and Universal Studios shut down. Florida still planning to vote in tomorrows primary. Thats very interesting. Those parks are empty. Ashley webster, what else you have so have . Ashley i want to talk about the latest from florida. Supposed to go to the polls tomorrow. I want to update people who are just joining the show. Florida Health Department says it is okay for poll workers to work and for voters to get out tomorrow. Im not so sure how long thats going to stay in place but as it stands, they are being told its perfectly fine to get out and vote tomorrow. The polls are open. You mentioned it, but poll workers are showing a resistance to maybe showing up. Based on all the headlines we are getting hourly from state and federal government. Stuart that will affect the turnout. Especially older people. Ashley it would cue it. Stuart and the result. If older people are less willing to go to the polls tomorrow, i would suspect that takes votes away from joe biden. If the early votes are the ones that really count this time, i suspect that helps Bernie Sanders. Ashley interesting, isnt it. Thats at this hour, the last five minutes. We have to wait and see whether that changes. They could decide because of those issues, people just not showing up, to delay it. Still have time. Stuart we still have time. The evening edit host who goes by the name of elizabeth macdonald, joins us now. How are you . Liz great to see you. Good morning. As i usually do. Stuart im inclined to ask a market question but my real question is this. This is a monday like no other. Its a unique situation. We have never faced a situation like this before and we are all in it, all in the same boat, we go through this together. Its an extraordinary situation. Liz it is extraordinary but we will come out of the other end of it. So its steady on, its calm, its rational, its reasonable. Our world right now is changing but its not the end of the world. What do i mean by that. When you see this action in the markets, let me show you how unique to what you are saying, how unique it is. 16 times, im counting 20 times, it swung more than 1 in one day. We hadnt seen that we saw that just twice over a monthlong span in the 11year runup. We havent seen that happen ever in one day. What the markets are saying, i was on the calls with the trading desk, they want to see the peak, then they want to see the trough and to come down and they the seasonality of it. Stuart then when you start to come down, thats the bright spot . Liz thats what the markets are looking for. What does that mean. When the president said friday more testing, now the president is saying more drivethrough testing, thats a positive to the market. The fed needed to step in as it did in such a dramatic way because the treasury market started to lock up. The run on dollars start to lock up. When you see the peripheral economies, like portugal, italy, spain getting smacked by this, they also have problems in their debt market. So the fed is acting correctly right now to unfreeze and get dollars out there, dollar funding. Im looking to see if they opened up the commercial paper facility to get nonbanks in there. This is what the markets are looking for. Why . When the sars epidemic peaked, the market hit a bottom about a week or so later, then started to act normally. Thats what theyre looking for. Stuart i got this tweet coming in from the president pertinent to what you have been saying. Here we go. Everybody is so well unified and working so hard. It is a beautiful thing to see. They love our great country. We will end up being stronger than ever before. Leadership there from the president. The bully pulpit encouraging us to Stay Together because we are all in this together. Liz i got to say the president s comment there again, thats the message. Why . We are in the age of viral pandemics, in the age of viruses. It started decades ago. We know that already. We are geeky on the evening edit. We are looking at the global virology, looking at the latitude and longitude, seasonality, gulf stream viruses, how it moves across the world. Thats the way we are going to be living with this, right. So there is encouraging news about vaccines, Kaiser Permanente on the first clinical vaccine trial possibly today, israeli scientists are finding 500 different antibodies within patients in china to fight against this coronavirus, covid19. So theres hope. Theres a bright side to this. Stuart when i referred to the president ial tweet just moments ago, he said everybody is so well unified, it is a beautiful thing to see, that was a tweet that came out after the end of his g7 teleconference. I believe when he says everybodys, weve got everybody is unified, i think that was a reference to g7. Ashley working so hard. Stuart there you have it. Everybody is so well unified and working so hard, its a beautiful thing to see. They love our great country. We will end up being stronger than ever before. Marc lotter from the Trump Campaign with us. What do you make of that president ial tweet . I think it shows the positive spirit the president has looking ahead at this is that its going to take not only all of americans but all of the world to come together to help confront this and what we are seeing is the president is leading this on a domestic side but hes also talking to world leaders, passing along the information that we are learning, hes hearing the information that they are learning and together we can all make a better decision and come through this together. Stuart i think the president wants to get out front of this and lead and i was thinking that he will be pushed into a National Lockdown, somewhat like italy. The Vice President s press secretary shot that one down, not going to happen, but am i right in saying the president , to get out front here, wants to take more and more dramatic action . Well, i think he wants to act responsibly and follow the lead of the scientists and doctors who are working on this. So what you saw the cdc come out with new recommendations just last night about limiting exposure to groups of 50 people or less, we will see states and localities actually work in their jurisdictions as appropriate. But this is not a one size fits all problem for our country. What may need to be done in manhattan may not actually be the same solution in montana. What you see is the president setting the stage. You see the cdc, you see the Vice President , you see all of those folks up there every day working on this issue and then putting in place the structures, the guidance, so the governors, the mayors, the folks at the state and local level can take the appropriate steps for their communities. Stuart we are waiting to see what kind of action the administration and Congress Take here. Without getting bogged down in individual details, i want to know are we talking about trillions of dollars distributed like helicopter money, distributed to individuals who need it . Are we talking about the rescue of whole Industries Like the airlines . Are we talking help on that scale, marc . Well, without getting into specific dollar figures, i think what you are seeing is that the president and his team are ready to work with congress to provide the help that is necessary to get through this. This is something we have not gone through before so youve already seen as secretary mnuchin said yesterday, we are in the second inning of a long game here. Now you will see the administration go back, work with Congress Even later this week, talking about the specific industries that have been uniquely harmed in this. But we have already seen through what the house has passed, the senate will take up this week, help for americans who may be fearing for their paychecks. We are seeing help for Small Businesses who might be worried about their bottom line immediately. The president is taking Decisive Action to help those areas right now. Then if we need to move on, as we need to move on to other areas, you will see the congress, you will see this Administration Work toward that end. Stuart this seems like this is a defining issue of the presidency so far and will have a Significant Impact on the coming election. I dont think you disagree with that, do you . No, but one of the things i would add is that thankfully because of the steps President Trump took in year one, in year two and in year three, we had such a Strong Economy and have such a Strong Economy that we can weather this storm. Imagine if we were still in that slow growth, slow wage growth model that we had coming out of the obama biden years, because we are in such a strong position we can weather this and come out Even Stronger on the other side. Stuart i saw a bit of the debate last night. I will tell you right off the top i thought it was totally irrelevant to whats going on right now. Unless they addressed the issue of how to revive the economy, i dont think they are talking economic sense. You cant go into this election talking about tax increases as we slide towards what may be a recession. Look, i wrote off the debate. Im feeding you because im sure you did, too. Unfortunately, i had to watch it. Its part of my job. I agree with you completely. What we saw last night was the failed policies that would be even worse given this current situation. You see the radicals in the Democrat Party trying to use this coronavirus to try to nation nationalize the Health Care System and take away Peoples Health care. You see them trying to push their energy plans which eliminate millions of jobs and trillions of dollars in tax increases, when thats not what our economy needs right now. Once we get through this, and we will here in short order, im positive, then we will have that debate again but its not going to be a good look for the democrats as they are contrasting their plans against the president s results. Stuart marc lotter, thanks very much. I know you are a busy guy. We really appreciate you taking time out because this is an historic monday morning. Thank you, marc. See you soon. Lauren simonetti joins us for this hour. What do you have . Lauren we are watching moderna. The stock has been paused. The reason its been paused is they are working with the nih, Public Private partnership. Today they are starting a test, 45 people in this test for a vaccine for coronavirus. They are doing this in lightning speed. The Financial News is the stock paused, up almost 22 , because of volatility and that trial with the nih starts today. Stuart i wonder if that is helping the overall market. Clearly its helping that stock, halted with 21 , 31 gain. The idea that youve got a vaccine testing today, ive got to believe thats pretty good news for the market. Ashley depends how quickly you can get it out there and proven to work. Stuart is doc siegel with us . Yes, he is. Doc siegel, what do you make of this . Moderna, the stock halted with a 21 gain. Theyve got a vaccine testing today. I call that real positive good stuff. What say you . I like the technology. I think its very clever. Its very advanced. It basically identifies the virus in terms of its proteins and causes an immune response thats very specific. Tony fauci is very excited about this vaccine. The only downside is it really hasnt even been tested as to whether it works in animals. We almost never skip that step but it shows you what we are trying to do here. We think its safe. Its based on previous vaccine thavaccines that have been safe. Im predicting good things for it. The question is how fast you can ramp it up so we give it to high risk groups, Health Care Workers. We may have two phases. We may give it to high risk groups and Health Care Workers, then three or four months after that, roll it out to the general population. I like it. I like it. Stuart any idea how long the testing might last . Surely we will be prepared to speed things up dramatically, right . Well, yeah, and you know, i would predict its going to be quicker than the year we are hearing, over a year we are hearing. I think we can do this in six months to at least get it to the point where we can try it in high risk groups and people that are, again, Health Care Workers need a vaccine desperately on the front lines. Stuart thanks very much. I just want to point out the stock has reopened. It was paused momentarily. We have opened up even moshgsre think. Lauren they resumed trading because of all this volatility. Now the stock is up almost 29 . Look at the intraday chart. Look at that spike. Thats when the market works, they pause it because its going up so much and hopefully this is on good news. Stuart its a vaccine thats going into testing today. As of right now. Lauren 45 patients. Stuart 45 patients in the United States . Lauren i believe in the United States. Stuart well, good. They are going to speed up that. We are up six bucks on that stock now, 28 higher. Moderna is at 27 per share. Before i move on, liz is with me, elizabeth macdonald. I want to go back to that debate. I find it irrelevant. If you cant address how to get this economy out of the slide that its in, if your solution is end fracking, end Energy Independence and raise taxes on everybody, thats a nonstarter. I dont see how you can go into an election like that. Liz i was looking at it. It didnt feel forwardlooking in terms of where we are in our daily lives and in the u. S. Economy. It then sorted veered off into how single payer is the solution. Big blowback on that from the hospital and health industry, im hearing. They say you would not have the incentives in single payer to develop vaccines and antiviral drugs that you need, so they are saying it didnt work in italy. Even joe biden did take on Bernie Sanders last night on that. Italy has the form of single payer. Not to point out different countries. We are not going political here. This is about whats pragmatic and what works. I will say this. Now its the Health System here in the United States. A major Breast Cancer surgeon has developed a plan for hospitals to protect them. Its a twoteam plan, not just everybody in the same unit. They are splitting into a and b teams in new york city hospitals, talking about screening people at all entrances for temperatures, to walk in. Senator scott is talking about that for airlines and for trains. Its interesting, how the Health System right now is responding and reacting. Stuart thank you, liz. I cant help but think the news from moderna that theyve got a vaccine and its being tested now on 45 patients, i think thats pretty good news for the market. Maybe im wrong. The stock is way up and the market has come back. The dow is if i say only down 1,600 points, bear with me because at one point we were down way more than 2,000 points. You have come back 1,000 points. Lauren we had three trading halts in six sessions. Thats something we have never seen before. Ashley what does the market do if we get new announcements about more restrictions on the federal level . Stuart maybe we might get that at 3 00 p. M. This afternoon. Isnt that a positive for the market . Because you frontload the pain and you get closer to the point where you peak your number of cases and start to come down. Liz thats what the markets looking for. We are looking for a domestic shutdown in domestic flights. I dont know, the vaccine story is a big one. Eli lily reports its also working with canadian researchers in canada for their version of a vaccine as well. When you find chinese patients with 500 different antibodies inside them, thats a positive. Stuart there is another side to this, to the market comeback. Im not saying its a huge comeback. We are now talking about helicopter money. We are talking about i hate the word bailout for the airlines because its not the same as a bailout for the banks. Theres no fault on the part of the airlines. There was fault on the part of the banks. Now we are coming back, maybe giving some money to the airlines, maybe to boeing, maybe to the cruise lines, maybe a trillion dollars worth of money supplied by whatever device liz imf. Stuart i dont know. Im talking purely domestically going after individual taxpayers. I hear whispers about a 1,000 check every month to every taxpayer. Just get the money out there. Helicopter money. Liz but thats i would say instead, the payroll tax cut would be a different and possibly better way to go. Do you can do that in two weeks, get the cash right in peoples pockets instead of top down. Its already there. Stuart ed renzi is with us, the guy who used to run mcdonalds. What do you think of sorerious money being distributed to individual taxpayers . I know you are from the Restaurant Industry which has taken a huge hit. What do you say to helicopter money . I always worry about just throwing money at problems. I think we are fortunate that trump built the economy he did so we can withstand this. But 75 of our economy in this country is a Service Industry and a lot of those workers are hourly and tipped employees. They got bills to pay. Theres no day care because their kids are all out of school n now. Theres a lot of stress on sales in restaurants. People i talk to are down anywhere from 15 to 20 in sales. We are focused on delivery bigtime, focused on di drivethrough orders but its going to be a lot of stress the next three, four months as we get this sorted out. The sba needs to streamline and make bridge loans available so people can pay debt and not get into trouble. We need to do something radical with the Unemployment Program so the states have money to give to people immediately because those bills dont go away. We all have to take a deep breath, come up with Creative Ideas and let mthese problems gt solved at the local level with federal and state support. Stuart restaurants are the classic example. Youve got a lot of costs and they are shutting down restaurants so you have no revenue. Thats an automatic money loser. I think it is the correct function of government to replace that money if the government possibly can and i hate the word bailout but i will use it. Bail out the Restaurant Industry. Do you see it that way . I absolutely do, because rent goes on, utility costs go on, taxes go on, real estate taxes go on. You got employees that are desperate for work and hours. We dont know what the futures going to look like so somehow, some way we need a very strategic effort to deal with the Service Industry and the people that work so hard every day that need a break. This is where government becomes important to and for the people. Stuart okay. Great to hear all free market people coming together with a role for government and legitimate role for government at long last. Im serious, ed. We dont want to throw money around willynilly but in this case, im inclined to say we might have to do this. You know . For a short term, its good. I dont have a problem with it. Thats why we have strategic leadership and tactical people that are executing at the grassroots level. Ive got no problem with good government. I hate stupidity in government. Im a guy of common sense. Dont give people money that dont need it. Give it to the people that do need it and can use it. Then put it right back into the economy. Stuart come on, the country needs you. You have to run for office sometime. Absolutely not. Ive got too much common sense for that. This is my new best friend, by the way. Stuart what is it . Lauren purell. Keep clean, wash your hands. Stuart im going to go round the block. You want to be president of the company . Ashley thank you very much. Stuart surely when we come out of this on the other side, wont there be significant changes to all of us . For example, wont more people be working at home when we come out of this . Ashley possibly. Stuart wont more students be learning online because thats what they are doing now . Ashley some. Yes. Stuart wont we be using teleconferencing more instead of Business Travel . Ashley i do, i think there are going to be some changes that will come out of this, in particular on the business side. Why spend a first class ticket to San Francisco to attend a conference when you can do it, businesses can save money doing that. Learning at home, possibly. Stuart its not the college experience. Ashley theres a big issue there because of that. Do we all suddenly become amazon converts if we are not already, maybe. I still think there will be a bounceback with small changes. Stuart what do you see happening . Lauren i dont see working and schooling at home happening. Its too hard on the parents and the kids. Its too much to do in one environment, honestly. Stuart you have two young children. Lauren this weekend was hard being cooped up. I will say that. We got that new York Manufacturing number today, that was a march number, jumped the most ever. We got retail sales, Industrial Production, unemployment out of china, the numbers were horrific. They were march numbers. I think investors are looking at the situation, looking at whats upon us, seeing how bad its starting to get and saying okay, thats why we are nervous today. What is the pentup demand looking like on the other side. We are still getting fresh data right now. Stuart okay. We are talking about hold on we are talking about teleconferencing as a replacement for Business Travel. Kristina at the exchange, you are watching zoom . They are a teleconference company. Kristina right. Im supposed to be bringing you the bright spots. Zoom is trending higher because it is a teleconferencing company. We have some numbers in regard to how well they have been doing over the last little while given that so many people have to work at home. Daily downloads, the average number of daily downloads of this zoom app on phones up 90 for the month of february. The latest numbers we can get. Versus january. That is a huge jump month to month. Another statistic among all those bigtime ipos that we saw last year or over the past 12 months, zoom is the top performer from its offering price and also from the close of that ipo debut. You can see the share right now, 115, up over 7 . Thats because they are increasing the number of daily users, they are increasing the number of daily sessions, downloads and the number of minutes that people are spending on the app, all positive for the company and for advertisers. Thats zoom video. Back to you. Stuart we got it. Its up nearly eight bucks, 7 . We will take it. Thanks. Ashley we have not mentioned the tenyear treasury today since, what, 9 00. Im going to ruin it. Its at. 0. 84. Thats actually come back a bit. The 30year is up to 1. 44. A little bit of money coming out of treasuries. Stuart where is it going . Liz thats the Federal Reserve stepping in. They were worried about that 17 trillion market. There was a lockup in getting in the treasury markets. Thats why the Federal Reserve stepped in. They need cash. Stuart people misunderstood the feds move. They thought it was to prop up the stock market. Liz no. Theres a dash for cash because people need to pay their bills, need to pay their workers. I would also, looking at stocks, watch in terms of how we are changing in our world. Telehealth stocks, the president said hes going to give a boost to telehealth meaning doctors talking remotely, and i would say theres going to be a Global Response to what happened in china. I think around the world, countries are stepping up and saying china, what are you doing, what are you doing with your Health System, with your sanitary guidelines in your country . You were the source of major pandemics for decades. Its not even 1969, the hong kong flu. I think it goes further back than that. Watch the Global Response, negative toward china. Stuart watch that market come back, ladies and gentlemen. Ashley only down 1400. Stuart sounds crazy to say only down 1400. We have come back 1,000 points. Thats what weve done. Hold on. We were down over 2800 points at the low. Ashley cut in half. Stuart now we are down 14 poin00 points. We cut the loss in half. Lauren we were talking about what the fed did. Big companies, the wall street journal reporting micron technology, a major memory chip maker, on friday said they would i don use their entire 2. 5 billion Credit Facility to pay their bills. We are seeing Many Companies in Many Industries do that which is why the fed made its move. They didnt make payroll. Stuart deliberately on that point, the Federal Reserve this morning turned round and said you can come to the discount window. Sounds technical. Its rather simple. You knock on the window and say i want some money at very low rates, if not free money. They do it. Liz thats exactly right. As collateral, bring broader amounts of collateral back up the loans. This is unusual, banks built up the capital reserve, capital cushion since the 08 crisis. Go dig into it and provide liquidity out of it for companies that need it. Lauren dont lay off workers in the meantime. Stuart what we are looking at is 11 28 eastern time. Very soon, larry kudlow will be on this program. We want to know, are we headed towards recession . We want to know how did you get help to the individuals who have been hurt by the virus, and how do you get help to those industries which have been decimated by it. Hes on the show shortly. We will bring him to you as soon as we can mic him up. Meanwhile, the return of the stock market continues. You are down south carolin6. 5 . We had been down 12 . Can we run through some of those, on the lefthand side of the screen, start running through some of the stocks which are in the news. Big tech is always in the news. Ashley financials as well. Stuart look at that, amazon was down 147 points at the open. Now its down 38. Google was down well over 100. Now its not. Microsoft was down 19. Now its down 11. Apple is back to 257. It touched 230 earlier. The financials still taking it on the chin. Thats what happens when you have virtually zero Interest Rates. You cant make money. Citi is down 12 . I see wells fargo, poor old wells fargo, 5 down. Airlines obviously getting clobbered as traffic just dries up and International Travel is virtually stopped. Jetblue, southwest, watch on the lefthand side of the screen, way, way down. Not actually as far down as they were. What am i seeing . A couple green arrows for two cruise lines. Ashley whats that color again . Stuart green, as in up. Royal caribbean up a fraction, norwegian up a fraction. Carnival still down at 15 a share. Booking, travel bookings, okay, booking holdings down 32 bucks. Significant loss. Expedia down six bucks. Trip adviser is actually coming back to the tune of 7 . Keep it close, sports fans. Casinos, not doing well. Las vegas has closed most of those casinos on the strip. Wynn is down 11 . El dorado resorts down 15 . The list goes on. Ashley i want to get in this headline. The eu is about to ban all nonessential foreign travel to the European Union. Unless you have an eu passport, no one can go for 30 days. They are keeping everybody out. Stuart from anywhere in the world, you cant go to the European Union unless you have a passport. Liz i thought last thursday or friday the eu was condemning the president s ban . Ashley they were indeed. That was then. Stuart my, how times change. That was very interesting news, though. Thats closing up, isnt it. Ashley closing the borders up between individual countries. To the outside world, they are trying to prevent foreign travel into europe. Stuart i just wonder if here in the United States, we will make some move to restrict Domestic Travel. By that i mean can you go to seattle if you want to . Ashley the president hinted at it, if there were particular hot spots in this country, there could be. We havent gotten to that stage yet. Stuart i would like to repeat that the Vice President s press secretary shot down this speculation that we were going to move towards a National Shutdown. Italian style shutdown. The Vice President s press secretary shot that down in a tweet saying not going to happen, essentially. Not on the drawing board. There will be that briefing by the Vice President ial task force on the virus, 3 30 this afternoon. Supposed to have been at 10 30 this morning. No, its 3 30 this afternoon. Look at clorox, lefthand side of the screen. Its up another 7. Clorox is at 174. I have not checked it recently well, we check it every day. I think it was way, way below that level. Ashley another piece of news. Coming thick and fast. The nfl draft which is scheduled for april 23rd to the 25th has become a huge party with all the fans from the different teams showing up. Just going to be televised now. There will be no public event for the nfl draft coming up april 23rd. They say also, the nfl says its trying to come up with kind of interesting ways to present the players, maybe they will all be in remote locations, they will take pictures of them. Bottom line, the public will not be gathering for the nfl draft. Stuart we did get the advice from the cdc, no gatherings of 50 people or more. That would have been a huge number at the nfl draft. Thousands of people. You cant do that. What happens if youve got a wedding . Ashley good question. Liz or church. Lauren cancel it. Stuart the markre were picturer the weekend of closed churches, with the vicar or the pastor liz the vicar . Stuart lets just call them all ministers, shall we. Ashley make your point. Lets move on. Stuart an impassioned sermon from the pulpit and no one there. Isnt that something . You can watch online. At my church you can watch online and i did. Fascinating stuff. Dow jones average is now down 1500 points. Nasdaq is down 460. S p down 58. Would you believe that is a comeback from where we were before. Want to go back to doc siegel if hes still there. You there . Im here. This is what you call a remote panel. Stuart its not a panel, doctor. Dont ever i donuse that word. Back to moderna. Look, theyve got a vaccine. They are testing it now on 45 patients. I want to repeat this because i find it very positive. Tell me more. Its the first patient is up in seattle. As liz mentioned, its Kaiser Permanente. I think we will quickly see 45 people tested. I think its very promising based on prior technology. There are other candidates out there, i want to mention. Germans have a Company Called curev curevac thats working on one that looks promising. Inovio is working on one using an old sars vaccine which is interesting because the work has already been done. I like this a lot. Im a little nervous we havent proven how well it works in animals but i like the speed we are going under here. Stuart i need the time frame here. Thats what everybody is really looking for. Would you say, just picking a time here, would you say that by the middle of april, we will have as many tests as we want all over the place, as many testing sites as we want all over the place, a proven treatment for the virus, remdesivir, for example, and or a vaccine in testing which looks promising . By the middle of april, can we get all of that . For sure on the testing. Vaccine will be speeding through development. In terms of treatments, remdesivir looks very promising. I will tell you something you dont know. The South Koreans have tried chloroquin, thats for malaria. Hydroxychloroquin is something we use for arthritis. Those look very promising. They are also testing in china a couple hiv drugs. Of them all i like the remdesivir but im intrigued by the malaria medications because they are useful in many viruses. Its cheap and may be something we can use here. Stuart is my time frame legit . Mid to late april . Yes. For the testing totally, for the treatments, yes. Both are true. The vaccine we got to keep pushing on this. Remember, theres a lot of nervousness about going too fast with vaccines. To get the vaccine in, look, the swine flu vaccine we did in six months. But remember, we had many, many flu vaccines before that. This is a brand new type of technology. They dont like six months. They are going to want to do longer but we have to keep pushing on it. Im really happy they started Clinical Trials. They moved that up by two months. They werent ready to do that. Thats good. Stuart that is good news indeed. Hold on for a second. One of the hot spots in this country for the virus is seattle in washington state. You have news . Lauren they are running out of gear. Law makers in washington have written a letter to hhs saying we are low on this protective gear because a lot of times someone comes in with symptoms and they are treated in isolation, not knowing if the test results come back with or without the coronavirus so they are wasting a lot of the gear. There are 600 cases in washington state, 40 deaths. You know jack ma of alibaba . He sent out his first ever tweet yesterday and he says all the best to our friends in america and he supplied us with as much as he can, kits and masks. Coming in on that plane. Stuart what am i looking at . Producer, you have a chinese airliner on the screen. What is it . Lauren those are the kits jack ma sent to the u. S. Protective gear. Hes saying here it is to our friends in america. Stuart okay. Thats his plane. Theres the stuff coming off the plane. He sent it to america. Im sorry, i didnt quote gite that. It says and new york . Lauren we have the latest numbers, how many coronavirus cases we have in new york. In new york state, the total number of cases is 950. New cases in new york state, 221. New cases in new york city, 134. Stuart new cases. Lauren new cases. Stuart reported in the last 24 hours. New york city at 121 . Lauren new york city at 134. Stuart 134. Schools have been closed. Bars and restaurants closed. New york city is actually a ghost town. Thats a fact. That will be true of many communities all round the country. All right. Where are we now . The dow industrials are down 6. 8 . Lets recap these markets. Down 6. 8 . Thats about half the loss we had right at the open this morning. Remember, the market opens at 9 30. We were immediately 7 down. We had an immediate 15minute pause in trading. The trading resumed at 9 45. We went down some more. We were down about 12 , pretty much across the board at one stage. Then the comeback begins. We are going to have a briefing at 3 30 this afternoon on new measures, maybe, to restrict our movement. Weve got news on how much moneys going to be funneled to people and industries and weve got some positive news on the vaccine and testing. I believe larry kudlow is with us, is that correct . Sorry . Not quite ready. Im ready. Stuart there you are. Larry kudlow, you were born ready. Thanks for being with us. Lets get right at it here. After lots of talk that we are going straight into recession, and the numbers from china overnight were depressing because their experience is a sharp decline in production and retail sales, are we going into recession . Stu, im not going to make any forecast like that. I have said and i will continue to say we are going to be challenged, its going to be tough. Oddly enough, chinas numbers for january and february were awful. I get that. Whatever their gdp is going to be is going to be down a lot. Our story is very strong through january and february and we are going to have a much better First Quarter. Having said that, we know as you know and the stock market is telling us we are going to be very challenged with the economy and i just want to take it a step at a time. I dont feel like making any forecast because frankly, we dont all understand the impact of all these things or the virus itself. There are things we just dont get and cant model. Stuart we obviously have the collapse of demand in various sectors of the economy, whether its demand for restaurants meals, for air travel, whatever it is, and we are being shut down pretty much across the board. That takes demand out. Theres no telling that that demand comes back on the other side of this. Theres no reason to suggest its going to be like that, a v kind of recovery. We might be feeling this for some time. Well, okay. You are hypothesizing. Perhaps you are right, maybe not. I want to note a couple important things, though. If i could just message, because people are telling me folks dont understand what our fiscal proposals are. We are all very happy with what the Federal Reserve did yesterday and the regulators endorsed the discount window today. Thats all good. Look, we have about 400 billion of fiscal actions that we can use executive authority and the legislation which is now before the senate. That includes, of course, the paid sick leave and all that goes with that. That includes Small Business lending and thaall that goes wi that. That includes the deferral, threemonth deferral or more of the tax payments to the irs and treasury, the interestfree interest penalty free and that also includes emergency funds, about 75 billion of that going into the stafford act and the emergency declaration. We can tap money from fema and we will i donuse that for Small Business and so forth. We are also suspending Interest Payments on student loans. We are also going to buy roughly 75 Million Barrels of oil to stop the shenanigans of russia and saudi arabia. In addition to all that and then i will stop, i promise, the president is still very keen, so am i, on the payroll tax holiday out to the end of the year. That is the subject of discussion. We will be up speaking with the Senate Leadership about all these matters. My point is the payroll tax holiday is a very powerful weapon. It allows businesses and workers to keep more of what they earn. Its a middle class Small Business aim, its really targeted more there than anything else, and it will provide a lot of cash flow and liquidity. These measures will, i think, help mitigate the Economic Risks and challenges in front of us. I just wanted folks, i appreciate the time you are giving me, to know we have these fiscal measures out there and they are very powerful. The sum total is well over 800 billion from our part. Stuart what about, i hate to i dont the expressiuse the expret because its not a bailout, say Emergency Rescue funds for badly distressed Industries Like the airlines. Is that on the cards . Its absolutely a key topic of discussion here. It will be up in the congress as well. Airlines, flying is such an integral part of our economy and our world today and you are talking about what i think is shortterm problems. I think its completely unlike say 20082009. This is not a question of systemic failure or bankruptcies. This is really a cash flow liquidity question. There are a number of ways to deal with it. We will work cooperatively, treasury secretary mnuchin has been on this, i have been on it, we are talking to people, we will be going up to the senate today to get their sounding. The secretary has spoken to speaker pelosi. You have to look after it. Its such an essential part of our economy. Stuart what do you make of the theory we should increase the pain now in terms of individual movement and individual freedom to move around and buy what we wish, pain up front now, increase those restrictions on the grounds that pain now means shorter painful process, that we come out of it faster . Is that a theory you would grab hold of . Well, i leave that you are talking about mitigation theories here. Thats fair enough. We got a big problem, it may get worse although i will just say as i have, this is a question of weeks and months, not years, whatever thats worth, my view, but i leave the details of that to our health professionals, fauci and redfield and others. They are very good at it. I have seen a lot of rumors about 14 day shutdowns for everybody in the country. That is simply not the case. There may be other rumors like that. We have made no such decisions. In terms of mitigation policies, i will refer you to the health experts. Stuart we will get an update at 3 30 this afternoon. Larry, would you say, would you be prepared to say broad terms, this administration will throw everything, it will do anything that it has to do to come through and get on the other side of this thing, whether you are talking economics, medical, cultural, whatever, you will do whatever it takes . Thats correct. Thats exactly right. The president said, i dont know, a week ago or so, that we will use whatever powers there are, whatever powers there are from the federal government and the executive branch and the legislative branch, and i think Steven Mnuchin said yesterday we might why souse some powers the arent. In other words, we will reach for every available way to mitigate and stem and undergird both the health side and the economic side, absolutely. I just appreciate your letting me get the message out on the specific targeted policies, because people are telling me you havent done anything fiscally and its just not the case. As i say, theres about 400 billion worth, again, Small Businesses and unpaid leave, deferring interest and no penaltyfree deferred for tax payments, both individual and corporate, deferring interest on student loans, purchasing oil to stabilize the energy markets. We have done all that. And the payroll tax holiday proposal which i think is quite a serious proposal. The answer to your question is basically yes, whatever it takes. We are prepared to do it. Stuart one last one. I know you dont forecast the stock market. I understand that. But youve got a great deal of experience in this market. Do you have a sense we are pretty close to the bottom . I dont want to make a prediction on it. Its too hard. I will say what i have said and what Steve Mnuchin has said and warren buffett. You see these tremendous corrections like this for longterm investors, i think it affords a great opportunity to buy. You are investing in america for the long run. This is given an opportunity with this big correction and so forth and so on. That is still my view. I will buy america in the long run any time. I always have. Stuart got it. Larry kudlow, we always appreciate you being with us, today especially. Thank you, sir. Thank you, sir. Liz lot of news out of that. Stuart the headline i picked on was whatever it takes. Whatever it takes. Liz thats the debate. The president will do, hes saying whatever it takes to get us into the end zone of this. Headlines you just got out of larry, 400 billion in aid to 800 billion in available stimulus. They are talking about now between what they are doing now and what could come down the road. Also an airline bailout. Mnuchin is maybe heading to the senate along with larry and also with nancy pelosi. Remember, after 9 11, that was the first that was the dawn of bailouts, the Airline Industry was the first bailout post9 11. Stuart ed rensi, former chief of mcdonalds, larry kudlow just said whatever it takes. You encouraged by that . Absolutely. I thank god every day that this country is being run by a businessman, not some political hack. We are going to do what is necessary strategically. It will be sloppy to begin with but we will get better every day. This country has got a lot of common sense, weve got hardworking people. We are going to come out of this much stronger and better than anybody could ever imagine. Stuart let me break away for one second from ed. Look at that market. Larry kudlow did not move the market up. He did not. When he said whatever it takes, that did not register as a blip on the market. We are still down over 7 . We were down 6 when he started talking. We are down 7 , nearly 8 as of now. Im not necessarily trying to link what larry kudlow said to the immediate market move. Maybe i shouldnt try to make ashley he said the u. S. Will be very challenged with the economy right off the bat. Made no bones about it. He said we will do whatever it takes including helping the airlines and pumping in more money. Stuart he would not forecast whether or not we will have a recession. I dont blame the man. Everybody has to remember earlier today, Goldman Sachs, Prestigious Investment bank, said in the Second Quarter of this year, april, may and june, in that quarter, this economy contracts by 5 . Which is an astronomical contraction. Lauren kudlow said this will be weeks and months, not years. So everyone is trying to figure out where is the bottom, how bad does the medical aspect of this get, before you can look at when the pentup demand comes back in and you can recover from whatever this is, downturn, recession. Investors are just trying to find the bottom. Thats medical. Liz i think youre right. The markets are looking ahead to where is the peak, is it weeks, thats the question to ask. Is it weeks or months. The uk is saying maybe 2021, they get out of it. Dont know. Talking to health officials, they are saying june we will start to see maybe a peak and it will go down. Because that matters. Thats what the markets looking for. When does it peak and plateau. Stuart its important to define the peak and plateau. We are talking about new cases. We would like to see new cases peak so we know the maximum exposure of our society to the virus. What we really want to see is when those number of new cases start to come down. You plateau and decline. When you start to decline, you are on the other side. You are beginning to see the other side. Lauren which means you need testing to know. You need to test more people. You need the drivethrough stuart hes had to go to a different studio, but as doc siegel said, by the middle of april, thinking optimistically, testing really should be in place big time. Ashley today is march 16th. Talking a month. Stuart you might have a month of bad news before you hit that peak. Liz this feels like that, right . Does that mean a month of bad news that we have permanently changed how we live in that month, right. Will it be permanent . Stuart i dont think it will be permanent. I think there will be a cultural shift. Liz towards . Stuart towards more working from home. More isolation. More learning at home. Less Business Travel. Less travel generally, perhaps. I dont know about that. Less globalization. Less of reliance on china as our supply chain, especially for the ingredients of the drugs which we all use and need. I think there will be some changes. You get these cataclysmic events, you always feel the events years and years later. We are still living with the financial crash of 2008. To some degree we are still living with 9 11. Its still there. The effects are still there. Ashley we were talking about supply chains. A chinese official today warning that a push by the white house to reduce the u. S. Dependence on foreign medicines, we know thats in the case of china, is neither realistic nor wise. Stuart are they attempting to exploit leverage . They control 80 of liz ingredients. Stuart ingredients of pharmaceuticals. Theyve got 80 of that which dictates the production of 20 major drugs in the United States. Ashley it is neither realistic nor wise to attempt to artificially cut off the Global Industrial chain and supply chain. We are all, this is the era of globalization, the interests of all countries are deeply intertwined. Stuart we have had people on this program last week who say they are going to make a deliberate effort to stop that supply chain reliance entirely on china. They are going to take those steps. I just asked a congressman, i think on the weekend show yesterday, i said look, are you going to make this mandatory, in other words, you going to say look, you pharmaceuticals in america, you cant use china any longer, or are we going to persuade them . Ashley its clearly economic. Its a whole lot cheaper in china. Stpt that stuart thats why its over there but they gobbled up that market. The last penicillin producer in america went out of business in 2006. You cant produce it here. Are we going to encourage pharmaceuticals to get back into production or are we going to say youve got to . It was the congressman from georgia, a pharmacist, he said no, we are going to use persuasion. It wont be mandatory. It will be persuasion. Tax breaks, i presume. Something like that. Lauren pharmaceuticals might want to. Most Companies Might want to, because made in america is popular. I think it gathers you customers. I think americans like that. Tax breaks, as we just noted. Stuart its a matter of National Security. Lauren you dont have to worry about supply chains. Stuart you cant be threatened by a foreign rival who controls the production of vital pharmaceuticals. Liz its not a time to make threats, right, especially when you are not being forthcoming about when your pandemic started. Stuart ed rensi, this is not necessarily your area. But i think we are going to do something about reliance on china for the ingredients of all the drugs. I think we are going to do something serious about it. Well, you know, china can be a great trading partner but they cannot be allowed to dominate the world and we need to be smart about wa hat we do. A diversified economy around the world is smart for the United States. But i agree with your smart folks there. Made in the United States means something important. I think we have a very resilient society. I think we will move forward. I dont agree necessarily with you that people are going to become more reclusive. My experience has been that people need socialization, they need social interaction, they like to look their friends in the eye and commune and talk, and many employees are good friends at these companies and i think people together is going to be more significant than being apart. Stuart on that note, ed, i have made two forecasts today. I want your opinion on them. Number one, theres going to be a baby boom november and december of this year. Number two, to your point, when this thing is finally winding down and we can all go out and enjoy ourselves, america is im going to be there, you will too, i guarranty it. You bet. I love this country. I trust main street a lot more than washington, d. C. Or wall street. Stuart how well feel for the next five, six weeks, while were up couped up, that is another story entirely. Why they made red wine and white wine. Stuart i have news breaking. Mitt romney what is he calling . Ashley calling for universal basic income, every american adult should receive 1000 to help americans and workers achieve short term obligations. Provide grants to impacted Small Businesses. Ease financial burden and student loans. Why is that better than a payroll tax cut which would do it faster for waiting for congress to sign off and do Christmas Tree ornamentation on the pork projects to the bill . Instead of going top down, do a payroll tax cut, that is the president , might be the next step. They might get that through. Ashley we had checks before. Stuart 2001 as i recall. Ashley 2018. Stuart everybody got a check in the mail. Ashley 300. I forgot about that. President trump suggest ad payroll tax cut in 2010. Stuart yes. Doesnt like it now. Ed rensi, need your opinion about this. We havent heard much about the guaranteed minimum income since andrew yang dropped out of the race. I guarranty you dont care for isnt. I think minimum wage ought to be left to the states and cities that understand the local quon my better than on a National Basis because the cost of wages in new york city is much different than it is in the small town in ohio. I think those kind of decisions are best made locally. I think there should be a federal minimum wage because we dont want to exploit workers but the to say we need a living wage for 16yearold kid getting their first job that knows nothing about work, nothing about the workplace, that weve got to train and develop and mentor i think it is nonsense. It is being driven by unions because there are so many Union Contracts that are indexed to the minimum wage, it just, it is inflationary. I dont think it is very beneficial. Stuart ed, you passed judgment on so many things, i cant keep track. Youve been great. Thank you very much for being with us, sir. Always happy to. Talking about 1000 to americans but he is also suggesting, ashley mentioned this, providing grants to Small Businesses. Bridge grants so they can make payroll and they dont go into bankruptcy. Thats where the money is needed. When you look at small town communities, theyre closed. Stuart you see the whole direction of the debate. Were moving more and more towards pushing money some way or another into the hands of people directly infected. Larry kudlow told us, he listed all those items how you get money out there to the people who need it. Paid sick leave, all the rest of it. That is the whole direction of this debate and i suspect it is simply going to speed up as the slowdown and restrictions on our personal movement become more extreme, well have more and more reason to push the money out there, often erratic fashion. 400 billion to 800 billion, executive and legislative authority in terms of stimulus youre talking about now. Grants mitt romney talking about with Small Businesses, larry kudlow said the payroll tax cut for Small Businesses and businesses with be rapid way to get money to them. Stuart thats right. Were almost wrapping up the show. Thank ashley, lauren, liz, everybody else fore for keeping their distance. Thank you very much indeed. Ed rensi. For all the guests with us this extraordinary monday morning. Extraordinary the sense it is monday like no other. The virus is upon us. Extraordinary that the stock market selloff has been extraordinary. Come back a little bit. Im sitting in for charles payne. Right now, neil, it is yours. Neil these markets. Those two words seem to be operative ones to define a freefall from the dow from its highs. There was a point where we were close to 30 from the highs reached a little more than a month ago. We clawed our way back here but not before the implementation of the third Circuit Breaker in six trading sessions. Despite what is massive amount of Federal Reserve rate cutting, 150 basis points. It was back in late summer we were at 2. 5 fed fund rate, bake lending rate. Were now at essentially zero