He is going to the cdc. Well talk about the tornado response in a moment. The big Economic News out of the white house though is the shift in approach when it comes to the virus. Tell us about that. Indeed. It came from the top economic advisor. Every month he does these roundrobin interviews with all the financial networks. Kudlow wanted it to be absolutely Crystal Clear with anyone who would listen to him that right now the Trump Administration is considering some economic measures in response to the coronavirus. This is a bit of a 180 especially here. Kudlow also made it clear this wouldnt be some sort of big money dump to the tune of hundreds of billions of dollars. We are not looking at big expensive macro cash rebates, helicopter money from the sky that never works. We want to have this targeted in a timely fashion for those areas that have been hit the worst. You hear him talking about targeted and timely. Ive heard him use that phrase at least a dozen times. He said this is still in the planning stage and he wouldnt really get specific on which sectors would be beneficial. He did mention potential cash injection. And said it could look Something Like this. People who may be stranded at home and will lose pay, we want to help them. Small businesses in certain areas, we may wish to help them with cash flow. Some of the sectors may need temporary assistance. Theres a number of things. Kudlow mentioned how some folks might be missing several paychecks and he asked what the administration would do to help people out and he said we will help them out. It does appear this is a potentially serious idea from the administration. You were just playing the video from the tornado ravaged area of nashville tennessee. That was of course hit by those tornadoes earlier this week. Trump is in nashville and will be touring those areas today. After that its scheduled to go to the cdc headquarters. Of course a major role in trying to combat the coronavirus and earlier today he signed the 8. 3 billion spending package for coronavirus. If there is this economic stimulus relief, he didnt want to call it a bailout but said they might need to go above and beyond that. The they are feeding now a little bit but whats been interesting to watch as the stocks and the treasury rates have continued to plummet but they are at 0. 73 on a ten year period we are watching the dow closely. Its down today. They are hoping oh pack would cut a deal to cut production and the problem is, in order to do that they needed russia. They needed russia to support the effort. We went into last night wondering what he did. So much for that bill in terms of what russia would do. It really is. This is a historic day. The oil minister basically says this is a very regretful day for the oil market. He says were to look back at this blowup of this meeting and look back to regret it. Basically if youre an oil producer you probably are regretting it already. Already we are hearing reports that the other opec members are trying to salvage some kind of stay safe but this really came down to a powerplay between russia and saudi arabia. Saudi arabia has been pushing for this Production Cut. They been carrying the load of the Production Cut and the russians are basically trying to squeeze saudi arabia thing we dont need a cut, we are doing fine on our end. Of course all the other producers at the meeting wanted to get to an agreement. Now, the big question is, the Historic Alliance between opec and russia which really got together back in 2016, is it over . What were hearing right now is everybody is trying to save that alliance. In fact, they are now just reporting they will try to put together another meeting march 18 to talk this over again but for right now, it doesnt look very hopeful that we will get a production. The other question we have to focus on, will this turn out to be a production war. They tried to engineer Production Cut, they couldnt get it done, what happened, they flooded it with oil and tried to put the shell guys out of business. It didnt work but a lot of traders are on guard to see if we get into a new Oil Production war in the Global Market because for the first time in years its everyone for themselves, no quota. Im just wondering what your thought is on what theyre doing here. They knew the reaction in the market would be like it is in some predicted it might be worse. So they know that and they stil still, i get it that theyre trying to negotiate with saudi arabia but how did this all end up. I think the powerplay, i think they want to maintain market share, i think they believe if they went along with this production company, more market shares for the u. S. Market, and right now, believe it or not while saudi arabia has been struggling with their ipo, that stock is getting killed right now. The russians dont have a stock right now until basically doing very well selling oil to russia. And even with the slowdown in demand, their exports havent been affected that much. So for russia, everything is fine, they want to put pressures on the other producers and let them produce and do the best they can on their own. We will see how it plays out today and into the weekend and next week. Thank you. We faded on stocks a little bit which we will get back to but President Trump is speaking out, thousands of passengers are waiting to debark that princess cruise ship. We have a ship with a lot of americans on it, it has 5000 people on it. Its a massive ship. We have to make a decision. We are working with the governor of california. Federal officials are expecting test results to come in from 45 passengers today before they decide whats next. Claudia has been following this. Claudia. Connell, thats right. More than 3400 people on board the grand princess still in limbo, anxiously waiting for those test results to come back. Those results will determine what happens to them next and of course, as we mentioned President Trump wing in saying he has been in touch with state officials and is closely monitoring what is happening with this cruise ship which remains about 70 miles off the coast of Northern California south of san francisco. Coming no closer for now by order of the governor after a 71yearold man who took a previous voyage on the ship became the first person in california to die of coronavirus. At least one other passenger has tested positive. Officials are waiting to see if anyone on this cruise has caught the virus. Two National Guard helicopters delivered test kits yesterday. Those who had flu like symptoms, about 45 people were tested first and results are expected later today. According to some passengers on board, public areas on the ship have been closed and everyone has been advised to stay in their cabin. Menus have been dropped off to order room service. As for when it will return and where it will dock, it all depends on the test results. When we have results from the test the cdc and the state will determine the most appropriate location for the ship to dock. The location is to provide safety for surrounding community as well as passengers and crew. The grand princess was scheduled to return here to. 27 tomorrow morning. Very unclear whether that will happen and we understand this ship next cruise set to to depart for hawaii tomorrow afternoon has been canceled. Thank you. In the middle of all this Economic Data, we found out this morning the economy had a 273 jobs in february. Great number. Unemployment at 3. 5 . The report does not show what the future impact on job growth might be due to the coronavirus. Using this to calm people down, especially in the market. Job numbers just came out a little while ago. They were shocking to the people who were analyzing them. I think a lot of people are staying here and doing business here, they will be traveling here and going to resorts here and so far people , but we will have american stay home instead of going to other countries. Rebecca walter and john, john i will start with you. You always have some take on economics or politics and im hoping maybe today is one of those days. We could probably use it. Whats your view on things. My view on things is that hopefully they do less than nothing. Lets remember the Economic Growth is a consequence of investment. So if youre going to boost investment, you dont do that by taking precious money out of the economy, what you do is reduce the cost of investing. You seek a stronger, more stable dollar. Its dangerous to me when i hear them talking about spending increases from the government, government cannot stimulate Economic Growth. Only people can do that and to reduce the barriers to production, leave the government out of it. Rebecca, what is your view. John is obviously referring to the larry kudlow comment that was made this morning but they said the white house is indeed looking at timely and targeted , a timely and targeted micro approach. They might help some people out who are stuck at home or give money to small business, may be a temporary assistance for some sectors. Targeted, he kept coming back to that. But john says bad idea. Whats your view. Dropping a hundred and 50 billion from an airplane, no helicopter money. Its sad because normally we would have a hundred thousand, almost a hundred thousand jobs than expected and we be celebrating but obviously its not the case because been dealing with this coronavirus and thinking it will impact supply chain and earning in all these things. Im not a big one for government intervention, but for example, this week with the federal reserves cutting 50 basis points and having the ten year yield at. 8 for the First Time Ever is not heartening. Thats the scary thing. I think we all just need to take a deep breath and give it time, and i think were having a bad day on friday because were expecting cases and all the escalation to happen again this weekend and so fried way is forwardlooking that would just can i get bad news this weekend and we just discount the markets again but we also need to take a deep breath and realize whats really positive is that in china and south korea they both are in decline. The rate of the virus spreading is in decline. We are starting to see somewhat of a return to business as normal, as much as possible to some extent and thats really, we get to that point in america thats where we will have the ability to assess the damage and try to get to resume to normal life. Is it fair to model whats going on in asia, especially china as timetable wise what we are going to go through here and maybe it wont even be as bad and rebeccas right that the numbers have, if you believe them, started to turn over ther there. What do you say. Yeah, i dont even know that we need the model because thats another country, thats where the virus came about. I think the important thing is to relax but remember, in the 2h century we proved that Central Planning doesnt work. So whats not presumed is that just because there is a scare out there that suddenly it works when were scared. Lets not rely on the government to pick winners and losers at a time when government can do best by just stepping back. Same thing, do people borrow money. [inaudible] what on earth would a 50 basis cut have to do with increasing credit. Thats a consequence of production. Get out of the way of producers, reduce the burdens on those who have the most so that people can produce more, and stop pretending that government is necessary during crisis. It just fans crisis. It does not deter them. Even if you think it was necessary in oh eight, as kudlow pointed out, this is much different than what we went through in 2008 so whether you support it or didnt, some sort of bailout then probably wouldnt apply now. Ill give you the last word before we take a break. [inaudible] literally the last word. The camera cut out for us. You had real quick and then we had to get that break. I think if you look back in 2008, if there are no interventions, there is no crisis. There was a crisis of government getting in the way back then and trying to pick winners at a time when it should step back. Dont make the mistake again. Fair enough. Good to see you. Youre still there on the camera. Was it something i said . Thank you john. John has been with us along with Rebecca Walter at one point. All right. The dow is a couple hundred points out below. We were down 894, now 645. Continuing to stay on top of that as we have been throughout the week. Along with President Trump at this hour on the ground in tennessee. We will track the president s movement after the tornado and look how one company, airbnb is really trying to help out with tornado relief. Cobalt blue 0047 nontoxic, hypoallergenic and most importantly easily removed with soap and water a crucial innovation for telling the difference between fans and lunatics invest in Innovative Companies with invesco qqq [ fastpaced drumming ] and now for their service to the community, we present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. President trump is now in tennessee and he is surveying the damage from the tornado there. We just received word that marine one had landed. We dont know exactly where the president is going, but we can tell you about 45 minutes ago he flew right over this location where we are in nashville. I want to show you this is one of the hardest hit areas in nashville. The people in this home survived and they have all these volunteers helping out. They dont even know the family who lives here. They just signed up to help and they are going through some debris and going through the items they might want to keep. Personal items, some family mementos they might want to keep and just helping out in any way they can. This is exactly what the president would have seen as he flew over this area not too long ago. Its also what he would see on the ground for one of the hardest hit areas by the tornadoes that moved through here. The National Weather service confirmed these were for tornadoes. In that area completely devastated by the storm keep you updated as well. We are hoping he might Say Something. Hes already offered his condolences to the people of tennessee and if he says anything else while he is on the ground, we will let you know. Great work throughout the week. A company trying to do some great work is airbnb who will offer temporary housing for anyone has been displaced and we have with us from airbnb director of social impact. Tell us how this program works. Its just as easy as listing your home on airbnb for travelers. Back after super storm sandy, one of our host suggested that we should allow people to offer their houses for free and it has helped over 50000 people. If you look at the footage, its heartbreaking and you feel helpless but its moments like these when you realize that its important to remember we all have something worth sharing and you can really make a tangible impact on people who just experience the unimaginable. So you are platform that for people to get housing, is that how youre acting now or what type of response have you had from your host, either in this situation or other situations in terms of the number of homes that are made available and how long they stay available in times like this. In tennessee, just in the past couple of days our host have stepped up and housed over 200 people. Earlier this year, just a few months ago our host in australia host 900 people after the fires there. Its really simple, its just like signing up to host on airbnb and you also receive all the same protections that airbnb hosts received. You can simply go to airbnb. Com tn tornado 20 and go through the process. We are there with you every step of the way. We have 24 sevenths support to give you peace of mind and walk you through any questions. Ultimately, moments like these where you can invest in humanity and neighbors stepping up to help neighbors and we are here to help power of behindthescenes. Exactly the point i was thinking of what we go through Something Like this, people genuinely good and this is a great example of it. Thank you kim. We moved to miami now and miami is preparing for an influx of travelers, spring break is coming up and obviously the virus story is out there so how the city is getting ready. We will take that on when we come back. The dow is down 65. Well be right back. Challenges and opportunities. At Ameriprise Financial we cant predict what tomorrow will bring. But our comprehensive approach to Financial Planning can help make sure youre prepared for whats expected and even whats not. And that kind of Financial Confidence can help you sleep better at night. 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