Quote, dont go to crowded places. Look, thats going to slow the economy. We dont know by how much. Remember, friday, larry kudlow was on the show, told us that targeted stimulus is being considered. The fed is being urged to take steps, too. Were watching for any announcement. Heres the other big problem. The price of oil is tumbling. The saudis have launched a price war, promising to flood the world with a glut because russia wouldnt agree to production cuts. American drillers will take a huge hit. They cant make a profit at 30 bucks a barrel. 31. 89 right now. Look at this. Money pouring into treasury securities, pushing the yield way down to yet more record lows. Takes your breath away. We were down to 0. 31 at one stage. Now we are 0. 41 . Extraordinary. It has to be said, the United States is in a better position to weather this storm. That jobs report was a blockbuster. Look at italy. Its locking down a quarter of its population, locking it down. That lwill ensure a deep recession and have fallout throughout europe which was already in a downward spiral. Japans economy is already contracting an astonishing 7 annual rate. Chinas economy struggling to get off its back. Thats just a little perspective. We should remember it. In all this turmoil, dont forget the michigan primary tomorrow. Could be bernies last stand. Joe biden has picked up endorsement from Kamala Harris and cory booker. Hes got the momentum. Within 36 hours we will know a great deal more about novembers election. On the show today, joining me now, in fact, elizabeth macdonald, host of evening edit, andy puzder, former cke restaurant ceo. Andy, are we Strong Enough to withstand the shock we know is coming without going into recession . Yes, we are. As a matter of fact, if you look at gdp now, the atlanta feds model that projects gdp, what its going to be by quarter, it was updated friday and came in at 3. 1 . Theres only three weeks left in q1. I think we will have a stronger q1 than people believe. I think we will overcome this. This is not like 2008 where we had this financial bubble that burst that we had to overcome. This is something that when we have a vaccine, it will be better, maybe during warmer weather it will be better. Were just seeing an overreaction in the market and as i said, i think we will overcome this. Stuart stay there, andy. You say overreaction in the market. Liz is with me, liz macdonald. Do you think that maybe we are setting up a monumental buying opportunity . Liz yeah. So the adage is when the markets take the escalators up but the elevators down, i will be standing at the ground floor when the doors open to say bring me, give me, give me your now cheaply valued stocks. I will take them off your hands. Thing is, you have to be right twice, know when to get in and when to get out. This is the talk on wall street. I was just on the phone working my wall street sources. They are saying yes, this is a buying opportunity. What they are having difficulty pricing in as we talked about is the governments response to this. They are seeming to let me give you some information from elon musk, michael milken, who is saying this feels like the hiv or polio panic. They are looking at south korea, how south korea, to your point, has done way more testing than we have. South korea is finding a fatality rate of less than one percentage point because its about testing. We dont know who has antibodies in the population. We dont know who has mild asymptomatic, you know, conditions with it. So its a problem of lack of information. Stuart you are saying this could be the washout liz yes. It could be the washout. Stuart anybody whos got a weak stomach, at that point you set up a buying opportunity . Liz thats right. Thats right. Stuart andy lipour is with us. Obviously we want to talk to you about this plunge in the price of oil. Ive got it at 31 a barrel now. Theres a glut developing around the world. I dont see any bounceback for oil prices any time soon. Do you . No, i dont. In fact, the opec meeting last week ended in disarray because they were unable to figure out a way to cope with the demand destruction from the coronavirus. Instead we had an opposite reaction where the saudis have now decided to increase production, making matters worse. Stuart on the one hand, yeah, weve got demand destruction because of the virus around the world. But on the other hand, weve got a fullscale price war between russia, saudi arabia and i think maybe against american frackers, too. What do you say . Well, i think thats right. I think russia has been looking for an excuse to really inflict some pain on the u. S. Shale producers because they feel that they are always participating in production cuts in order to support prices to the benefit of the u. S. Producer and they really want to produce even more oil. Stuart do you think we could drop below 30 a barrel . We actually saw that last night when crude oil dropped to 27. 50 a barrel. I think we will continue to slide towards 30 a barrel and even go less. Think about that poor Canadian Producer who is getting less than 20 a barrel for their oil up there in alberta. They are really under a significant amount of stress. Stuart is there any chance the saudis will withdraw from their flood the world with oil policy . Well, i think theres a chance but they really need russia and the rest of the opec plus members to come to the table and decide they actually need to cut production, but on the other hand, they might have decided that the demand destruction for the coronavirus is so great that no matter how much they cut production, it wont be enough for the market. Stuart andy, we will leave it there. Crude as we speak, 31. 75 per barrel. Now joining us on the phone, market watcher keith fitz gerald. You are in selfquarantine still, i believe, is that right . That is correct. We took precautions because my wife and older son returned from japan. We didnt want to inject that into the community. But it may be for naught as fast as this is spreading. Stuart lets return to this theme. Are we setting up a monumental buying opportunity . There is no doubt in my mind we are setting up a generational buying opportunity, the kind of thing you see once orlifetime, not yet. Stuart that implies there will be a rebound when we come out on the other side of this thing. Theres no doubt in my mind there will be a rebound because capital is a growth instrument. It was that way after world war i, world war ii, other banking crises, other crises around the planet. Stuart what do you make of this, on the screen just a moment ago, the yield on the tenyear treasury right now at 0. 40 . That seems like its a good thing for Mortgage Rates, i can see that, but i guess its a bad thing taken all told, right . Well, you know, again, remember how the markets are what we are experiencing now is the Worlds Largest margin call, meaning many of these traders are leveraged up to their eyeballs, getting rid of anything that applies debt to their trading, big tech, banking stocks, everything else. Thats not apparent to the Retail Investor. So the run to this, to push the yields as low as they are, is people putting their foot on the brake, if you are in a car, they are playing chicken, they have their foot as hard as they can the brakes and theres smoke coming from the tires. Thats how hard they are pushing the brake pedal right now. Stuart stay there, please. Kristina partsinevelos at the exchange, set the scene for us. Whats the mood . Theres possible Circuit Breakers coming up, right . Kristina this is a big story with a lot of traders here. Many were here very early this morning, earlier than they normal normally come in around 8 00 a. M. Eastern. Some told me they are nervous, one said we are built for this so please know we are prepared, hence the reason they are coming in early. The big question is these circuit halters. If the nasdaq, for example, opens right away, nasdaq is automatic so all the stocks will open. If s p 500 stocks drop 7 , that will trigger a Circuit Breaker to close the market even if not all the stocks on the New York Stock Exchange are open, because theres a Human Element to it, hence some of the men and women that are around me here today. A lot of people are milling about. Some people saying buckle up, its going to be a ride. They are expecting from those that are around me right now, they are expecting that 7 circuit halter to actually be triggered and that means that markets will be shut for 15 minutes so there can be some repositioning with money makers to make sure we can open and try to lift things up from here. You are soggy eeing in the futu market, the dow down over 1200 points. The mood starting to ramp up. You can feel it. Im looking around, theres a lot of people moving around. You always ask me, wall street Walking Around here, way fewer people outside the building. Thats because a lot of banks, businesses, have told their employees to work from home today. Back to you. Stuart good stuff. Let me pursue that theme for a moment. All of us have gone out and about over the weekend. I did notice significantly less foot traffic in some of the places i went. Ashley restaurants in particular, maybe half full. Just Walking Around manhattan, not as many people. It was noticeable this weekend. Lauren probably went to watch hamilton. A packed house, as you can imagine. I would say restaurants and bars, less full than usual. Liz people are being smart, right . Dont panic but be smart. Thats it. Just have the information and be smart. Goldman sachs is talking about shutting, you know, what to do with the trading desk. Jpmorgan, they have an announcement at 10 00 about working from home. We missouri tknow the federal r acting to increase liquidity stuart wait, wait, wait. The repo you mean the Federal Reserve is pushing money into the economy. Liz thats what they are doing as of right now because theres worry about a credit crunch and lack of liquidity. Thats why you see the money markets this is a money market bet, the fed will cut rates at its next meeting which is coming up shortly. They were talking about an 80 basis point cut. Thats what the prediction theres a lot of things driving down not just the chase to safe haven, race to safe haven but also what would the Federal Reserve do. Stuart lets bring in dr. Marc siegel, fox news medical contributor. Okay. I want some perspective. I really need this to be put in perspective. Were not panicking. Were all very aware of this virus. How bad is this virus compared to, say, sars or the flu, even . I want to answer all those questions because liz said before theres a lot we dont know. Actually, i think theres a lot we do know. Its more contagious than sars, for sure. We think its quite possible that it could be seasonal. We dont know that yet. That would mean it would start to diminish. It started to diminish in certain places already, like china. It looks like in singapore it never took off because its so hot there. Its a possibility of that. Italy, it still seems to be burgeoning. South korea, looks like its on its way down. Here i predict its on its way up because we are finally testing for it. We have talked about it for weeks. Now theyve got the test. Quest diagnostics, labcorps are going to be testing as of this morning. Major medical centers have had to send it out to state health labs and cdc, are now going to be testing. We are going to see a lot of negatives but we will see some positives. The fear factor is people think its all over the place. It probably isnt. Stuart but the tests are in place. Anthony fauci told fox news this morning there are 1. 1 million tests out there now. Correct. Stuart 640,000 more come today. Yes. Yes. Stuart millions later this week into next week. I talked to labs all weekend. They got them. They will Start Testing all over the place. Stuart there was an example in new york over the weekend of a taxi driver, walks into a hospital, hes got it. They have to sequester him, quarantine him, and 40 medical workers at that hospital, they too had to go into selfimposed quarantine. Which is terrible because we need the workers. I want to explain the strategy here. Stuart let me go through with those. Those 40 people, those medical workers, theyve got to stay home, they are in quarantine. If we had the test, couldnt we just test them to find out whos got it and if they havent got it, let them out . Can we do that . No. Because it can take a few days for that test to turn positive. It can be negative at the point of exposure, then turn positive a few days later. But i want to explain the strategy here that the entire public doesnt understand. Its something calledcocooning. We want someone who is 80 to 90 years old that has a chronic condition that could die from this, we dont want that virus crawling up their door so the reason we are restricting everything is so theres less virus in the community. Its not that if i got it or you got it or liz got it or especially if sue got it, who is young and healthy, that we would have severe complications. We are all young and healthy. But im saying we are worried about 85yearold people with em emphysema. Its a Public Health ashley if i contract the virus, but im not showing symptoms, and you test me, would it come back positive or negative . It will come back positive. But im saying to stuart, it may not come back positive in the first day. It may take a few days. The 40 Health Care Workers should be tested but then have to be tested over the next few days. Liz i hear you, i understand. Im saying this is about calm. Elon musk is now in a big fight with msnbc, hes saying stop panicking. We just need information. We need the tests to come in and get the results. Weve got them. Liz not yet. South korea is testing. Watch south korea, watch the hospitals that are testing and what they are saying. They are saying the fatality rate in south korea is a lot lower than what w. H. O. Is saying. I completely agree with that. Thats what we will find out here. The death rate its always true when a new virus comes out. First blush, they always think its more deadly than it is. This is going to show this is a relatively mild virus. Dr. Fa fauci is right. You will see a million tests out there. I dont know how many they will do in one week. They have the ability now to test all around the country and they are going to. Stuart im not selfquarantining but i am keeping my distance from everyone, everyone. Your executive producer asked me to demo the clorox wipes because they were only mentioned today on fox business. I want to tell you, heres the key. I made this a few weeks ago. Im going to clean this with a clorox wipe. Its the best thing going. You actually have to let it dry for four minutes for it to be effective. Do not put your coffee here for awhile. Wait and let this breathe. Stuart four minutes . Four minutes before it kills every single bug on this surface. Stuart most people do not do that. Im telling you, they dont do that. Look, seriously now, youve got these wipes, you do this, that, this, that, bingo, youre gone. You dont keep it on a doornobodoorknob for four minutes. Im saying it takes four minutes. Its got to dry completely before its really effective. You have to really alert it ola. Wait for it to dry. Stuart i dont want anyone coming within five, six feet of me. Ashley back up, liz. Stuart back off. I dont want anybody touching me. Im not even going to do the elbow bump. Not going to do it. Im not going to bars, restaurants, to a supermarket, to a hotel. Not getting on a bus or subway. I think we have to do that. Shdz wou ashley would you fly . Susan how do you get home . Stuart drive myself. Ive got a car. Im the only one that uses it. Im saying what im going to do. Use the clorox wipes if you cant do what you can do. Liz forgive me. I want us to be the common sense corner. We are not the ones going off on other Networks Like panicking people. This is common sense. We are the common sense corner. This is the fight thats happening now with elon musk. This is important. This is about how viral is this. Wait. He is saying people are misapprehending and misunderstanding, people are saying when you are diagnosed, thats when you contracted. It looks like people, its really viral because a lot of people in a short amount of time are getting it. Hes saying thats not the case. You dont know when you contracted it. Remember china said wait, wait, wait, china said maybe it started in october. We dont know when people contracted it. Maybe it looks like its more viral than it is. Thats a fight hes in now with msnbc. Stuart but social distancing makes sense. Of course it does. Its true it takes awhile to know you have it but i also want to counter this by saying i think our perception because of fear is that theres way more of this out there than there really is. When all is said and done and all these tests come back, you are going to see thousands of cases we didnt know about. You are not going to see millions of cases we didnt know about. Stuart hold on a second. The market opens in 12 minutes. I want to get as much Expert Opinion as i can. Art laffer, former reagan economist. I have been saying consistently that america is the best positioned to weather this storm. That blockbuster jobs report showed december, january, february, we had a very Strong Economy. That competes very well with europe and with china and with japan. Are we in the best position to deal with it . Art laffer . Yes, we are. We are kicking tush. We are far better than the rest of the world, have much better policies and are in much better shape. Let me, ask i can, just say a couple things if i can about the market. You know, if you are an investor and are just panicking, thats when you could lose everything. Dont try to catch a falling knife. It makes no sense. When people make decisions, when they are either panicked or drunk, the consequences are rarely attractive. You know, this is what im worried about now, is that the government will try to do something rash. You know, its in times like these that free markets are the single most important thing you can do. Free markets mean dont try to do something when everyone else around you is collapsing. Im not a medical doctor by any means, but stuart larry kudlow suggested on this program on friday that they were considering targeting stimulus, like if workers have lost money and wages, because they are in quarantine. Maybe we can do something for them. Maybe if a worker cant afford medical care, maybe we can do something for them. You wouldnt object to that, would you . Yes, i would