But is quite rapid the last few days and it tells us more and more, volatility it is going to be here to stay. Patient capital, as it always has, will win. You have got to look at where the secular plays are going to take place in what is a Game Changing event, whether number one or number two or number three in my investment career. These are Game Changing events. Where is the secular story going to the cute the banking area . Names like ally. More online pension purchases, as i talked about with nike. You have got to think about where is the secular story going to be we will get a cyclical rebound. That is going to be beneficial for investors. Joe i know you want to keep talking micro. You mentioned we shouldnt get too excited about hopes for the second half. We dont really know if the threedate bounce, volatile as it is, is sustainable. You mentioned a couple names. Big picture, where do you see investors have the safest cushion, the biggest margin for error, or even if they are buy
With questions from carolyn maloney. I want to ask about testing. Why being asked over again the United States is so far behind other countries and why the American People cannot get tested. Our first case of coronavirus was on january 21. The u. S. Has tested 4900 people. In contrast, south korea has tested almost 200,000 people. They can test 15,000 people a day. South korea contest more people in one day then we tested over the past two months. So, dr. Fauci, why are we so far behind korea in testing and reporting this crisis . Dont like to pass the buck. Numbers. Eld has the i dont have that in front of me. Is the worst yet to come . Yes, it is. Can you elaborate . When ever you have an outbreak where you can stop seeing Community Spread, and you dont know when the index case is and how you can approach it is my contact tracing, when you have enough of that, it becomes a situation where you will not be able to effectively and efficiently contain it. Whenever you look at the history
We have a change in schedule. As we explained in the hearing memo, we were planning to do Opening Statements from 9 30 to 10 00 and testimony and questions from 10 00 to 1 00. This morning we were informed that President Trump and Vice President pence have called our witnesses to about emergency meeting at the white house. We dont know the details just that it is extremely urgent. Now the witnesses have to leave at 11 45. In light of the sudden change we will significantly reduce Opening Statements. We will do 10 minutes so we can get right to questions. Witnesses, please keep your oral statements as brief as possible. At 11 45 we will recess the hearing and work with the agencies to determine when the witnesses can return. With that i recognize myself for a few remarks. I want to thank everyone for being at this hearing. Our thoughts go out to everyone and our colleagues representative meadows and representative gosar who cannot participate here today. Were now in the middle of a Glob
Beautiful day outside. I think we have some great things to talk about. I will start by discussing the Federal Reserve. As you know it just happened minutes ago but it makes me very happy. I want to congratulate the Federal Reserve for starters they have lowered the fed rate from what it was, which was one to 1. 25. It has been lowered down to zero 0. 25. Zero to 0. 25. The Federal Reserve will be purchasing 500 billion dollars of treasuries and 200 billion of mortgagebacked securities. That number can increase but they will start with that. That is really good news. That is great for our country. That is something we are very happy. I am very happy. They did it in one step. They did not do it in four steps over a long time. I think that people and the markets will be thrilled. That brings us we are the strongest country in the world by far financially and every other way. That brings us in line with where other countries are. Actually have negative rates. We got it down to potentially
Brought to you today by your television provider. Next, centers for Disease Control and prevention director dr. Robert redfield and National Institute of allergy and Infectious Diseases director dr. Anthony fauci testify on the coronavirus outbreak. They were joined by other Health Officials at this House Oversight and Reform Committee hearing. It is two hours and 10 minutes. The committee will come to order. The chair is authorized to declare a recess at any time. I want to inform members that we have a change in schedule. As we explained in the hearing memo, we were planning to do Opening Statements from 9 30 to 10 00 and testimony and questions from 10 00 to 1 00. This morning, we were informed that President Trump and Vice President pence have called our witnesses to an emergency meeting at the white house. We dont know the details, just that it is extremely urgent. Now the witnesses have to leave at 11 45. In light of this sudden change, we are going to significantly reduce Openin