It is the new epicenter. It is spreading like wild fire. The Oil Price Wars raging on this morning. Saudi arabia says it will boost production to the max, 13barrels a day as russia is increasing production as well. Mornings with maria is live right now. All right, we want to start with Global Markets this morning. Ftse 100 up 50 points. Cac quarante up 83 82. The bank of england announcing an emergency rate cut this morning, 50 basis points, bringing that rate down to a quarter of a percent, thats from the bank of england. In ash overnight red across the board. Take a look at the story. Worst performer here was korea as well as japan down better than 2 a piece. Back here at home 10year yield falling, down another 10 basis points this morning at. 711. The countrys lockdown moving toward shutdown in italy. Signs more severe restrictions could be impose today stop the spread of coronavirus throughout italy and europe. New york is taking drastic measures as well. Creating a socalled containment area around new rochelle new york. Officials say the city is epicenter of till innocence the state. The Trump Administration reportedly to extend date. The white house negotiating with congress on ways to bolster the u. S. Economy right now and paychecks. National economic director larry kudlow in the president s proposed payroll tax saying it is a bold move. I think there will be a big growth payoff. I think itll help deal with whatever challenges occur in the next few months. I think beyond that, the tax burden on the middle class, socalled bluecollar boom what i talk about, this is what this is aimed for, what the payroll tax is principally about. Maria death toll of coronavirus 4,200 around the world. More than 118,200 cases have been announced worldwide. It is currently affecting 107 countries. One teacher in missouri figuring out a clever way to get students to wash their hands using ink stamp, students get hands stamped at the beginning to have day and if they are gone by the end of the day they get a prize canadian jet fighters intercept ed. Action comes between heighten concerns of u. S. And russia. Meanwhile sleep is not simple, the majority of americans now turning to technology to get some shuteye, new Research Shows americans using limit screen time. The aid sleep one Poll Research coming ahead of world sleep day, thats this friday march 13th, world sleep day. Joe biden sweeping to a victory in pivotal primary contest. Winning at least 4 states during yesterdays mini super tuesday primaries including top prize which was michigan. Biden building on his momentum, watch. Just over a week ago many pundits declared that this candidacy was dead. Now we are very much alive. Its more than a comeback in my view, our campaign, its a comeback for the soul of this nation. This campaign is taking off and i believe we are going to do well from this point on. Maria Bernie Sanders could still make a surprise comeback, 577 delegates up for grabs in next weeks primaries including the allimportant state of florida. Thats one that we watch closely. Joining the conversation forbes media chairman former president ial candidate himself steve forbes, fox business Dagen Mcdowell and former home depot ceo chrysler ceo bob nardeli. Thank you for joining us. Dagen joe biden is heading toward the nomination. He had the support from black voters and suburban white voters. Joe biden swept every county in mississippi, missouri and even michigan, the way it sounds. It looks based on the current count that in mississippi Bernie Sanders wont get a single delegate. Its difficult to see how Bernie Sanders would go onto on the attack versus joe biden in the debate this weekend without inflicting as much if not more damage to himself. This looks like its over. This looks like it could be 2004 where everybody rallies around one nominee. Maria joe biden, donald trump come november. Is he up to the job, steve . Thats the real question. Thats why Bernie Sanders will stay in the race. Thats why hes going hit hard. He has to throw the long ball on sunday, on the debate. Hes got to do and hes going to question attacking and attacking whether joe biden has the stamina to go on and tackle donald trump. Dagen but Bernie Sanders just had a heart attack and we still dont have every bit of information about his own Health Problems. Maria we are not talking about joe bidens Health Problems at all. Dagen Bernie Sanders is older, so as you get as peggy said, biden at 77 is an old 77, hes not a young 77. You saw his temperament yesterday where he lashed out at the worker. Maria did you see the video . Hes done that before. Thats going to lead to real questions. You could still have a convention where its neither bernie nor biden. Maria i wonder what happens with that. Bob they have the best Healthcare Program of any maria they dont want bernie. Bob they wont go to universeal healthcare, i could tell you. Maria that would be very important next week. Dagen with Older Americans, with medicare for all, youre telling Older Americans in medicare we are getting rid of there, we will put you in new plan and everybody goes in a new plan and you have all of the people, the defendants from people from cuba, people emigrated from venezuela, how do you support murdering tyrants . Maria this is what theyre campaigning on. Medicare for all. Health care for illegals. This is the platform. Steve this is where the whole coronavirus kicks in. Even though the economy has done well up to now, people still feel they are paying more for health care, deductibles and thats why the president has to really step up his gym on the whole corona virus thing because thats maria lets talk about that. Futures pointing to another selloff at the opening of trading this morning, growing coronavirus concerns. How is this going to impact the economy . We are seeing stimulus plans across the world. The dow, the nasdaq, s p 500 actually closed at session highs yesterday. Look at what is going on this morning, steve. We need clarity. Investors need to understand better how the information is going to impact markets. Huge stimulus plan coming out of australia. Steve thats why im wearing green today. Maria we need this. Steve one of the things that concerns the markets thats been underplayed how governments are going to respond to this crisis. They are going to come up with proposal that is will do economic harm like inflation. What else is coming down the pipe. The administration has to get ahead of this. Maria he wants to hear from business. He wants to hear from business in terms of what happens next. Bob i will share personal experiences of businesses where we have 700 suppliers in china. We will talk about the impact of that. We will talk about my favorite subject, Energy Independence, whats happening to the fracking business out there. Its going to be a full morning. Maria you know so much about the energy dependent story. I want to get your take on whats going on with saudi arabia and russia this morning. Bob yes. Maria coming up the results are coming in. Joe biden extending his lead over Bernie Sanders. Its not over yet. We are breaking it all down when we come back. Made in the usa, tesla chief elon musk building cyber trucks here at home. Now a lot of reconsiderations going on this morning and this month after what we are seeing coming out of china, thats for sure. Plus river dance returns, irish folk dancing returns. I will be learning new moves this morning. Join us for that. Coming up, first, futures tumble this morning again this morning plunge to go 50point selloff right at the open. Whats causing the markets to sink once again . We will come back with that. Vermont home to some of the most scenic and expensive. Which state is the home to the priciest. We have the list of the best hotels. Which way is up . The cool top feature thats attracting a multipreponderance of multiple of tourists, wait till you see it back in a minute. I like liberty mutual. They get that no two people are alike and customize your Car Insurance so you only pay for what you need. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Woi felt completely helpless. Hed online. My entire career and business were in jeopardy. I called reputation defender. Vo take control of your online reputation. Get your free reputation report card at reputationdefender. Com. Find out your online reputation today and let the experts help you repair it. Woman they were able to restore my good name. Vo visit reputationdefender. Com or call 18778668555. Apps except work. Rywhere. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com maria the nasdaq is down 152 and s p down 55. The world is trying to deal with the Economic Impact of the coronavirus overnight. Bank of england announced an emergency rate cut of 50 basis point cut. My guest next says that the fed could be out of ammunition at this point. Joining us axios marketing editor, deon, thank you so much for being ear. Thank you so much for having me. Maria markets, do they have this right . The market is already pricing quantitative easing. The market is pricing bonds at zero. Maria is this going to work . What can they do . Is this actually going to help in terms of creating stimulus for this economy . Well, look, the market, im sorry, the fed cant actually work to stop the coronavirus, right . They cant contain the vaccine. Hey, weve got your back, pump liquidity and make sure theres not episodes like we saw during the financial crisis where the market is, theres no price. You cant sell the asset that is you need and they are trying to make sure that they do that right now, keep wall street calm. Wall street is not very calm but things could be very do you see if this is a company that would be solvent at oil at 45 and urge bank to ease up on lending standards temporarily . Thats a big question. That has to come from the president. The president is meeting with a lot of folks on wall street. But what the fed has got on its plate right now is trying to make sure that the markets are not freaking out because the big thick here is they dont have as much ammunition. In 2008 we were at 5 interest and right now 1. 25 and if the market is rate the fed will cut down 75 basis point, thats 0. 5 Interest Rates. Thats a huge move. We just saw from bank of england. 2. 5 right now. Ecb is negative. The market is pricing maria where is this getting us . What is it getting us . Steve it doesnt get you anything in terms of coronavirus but what the fed can make sure to do that theres liquidity in the system. Thats all they can do. Dagen on that note wall street journal writes a story today about the markets are functioning but it is getting harder to trade because youve had record volumes in u. S. Treasuries and in stocks but in terms of say the junk bond market, liquidity was very low going into this weekend and it got much worse to start this week and there are lots of smaller bonds both in the u. S. And europe that cannot be traded at all. Bob dion, last time they went back up, i think they are out of juice. To your point, the fracking industry is out of favor with the banks and we saw talk about cutting dividends. Steve stock prices unbelievably low. Bob i dont think the banks will bailout with that particular industry particularly whats happening with russia and saudi. Steve if the fed cant do it, the president can say lend to these institutions and banks will respond. Dagen we can bail them out. Bailout is on the table and a bailout is going to happen. Particularly oil. The oil industry is very unpopular right now. You have folks like Bernie Sanders shaking fist if you will at Oil Companies. He has to watch if he does bail out Oil Companies. Maria youre expecting a recession . Im expecting a recession right now based on folks that ive talked to. The economists that ive talked about have been cutting forecast week after week, day after day. Talking with our former fed chief economist the other day, she says, look, if we dont get a big stimulus package and shes talking hundreds of billions of dollars by the end of the month the u. S. Is in recession by the end of the year. Maria what should the stimulus package be . Should this be specific entry bailout type . What kind of stimulus. Steve you dont do having Congress Pass a bill or Something Like that, thats why you do behind the scenes. In terms of stimulus, go beyond payroll tax cuts, income tax rate cuts, the earned income tax credit. Bob delta is cutting international. Dagen ia bailout has not come to them until they cut massive amounts of jobs. Bail bail even the bailout, is that going to get people to fly . You to make sure that people that work hourly, a payroll tax doesnt get to them. A payroll tax holiday doesnt get to those folks. Brookings came out with a study, 44 of people make barely enough money to live on. They have to get something out of. Maria dion, thank you so much. Coming up President Trump meeting with heads of several big banks today amid market turmoil, we will take a look at what is going to be discussed at the meeting at the white house, stay with us. And when they were done, chevy earned more j. D. Power quality awards across cars, trucks and suvs than any other brand over the last four years. So on behalf of chevrolet, i want to say thank you, real people. Youre welcome. Were gonna need a bigger room. Can we go get some ice cream . Alright, we gotta stop here first. From smarter atms, to after hours video tellers comcast business is connecting thousands of banks to technology that turns everyday transactions into extraordinary experiences. Hi there. How are you . 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Number 2, my Favorite Airline is delta, cutting International Flights by 25 , domestic 15 and theyre talking about not not spending 50 million in cap x, right and thats a powerful sign. Even in the businesses that im involved in, we had 700 suppliers in china, february 20th, the day after they extended chinese new year, one of my plants has a thousand employees, only 300 showed up and they need return to work permit from the government to be able to go back to work. We are working second shift, we will see a lot more disruption. Maria when you say 50 of Fracking Companies will go bankrupt thats if Oil Prices Stay where they are right now . Bob and theres no reason to believe that they will move up. Bob not when you hear the fight with saudi arabia and russia. Weve worked so hard to become energy independent. Maria this is much a Foreign Policy story as it is an economic story with russia trying to kill our industry. Steve yeah, but they are not going to kill it. Industries do come back and the oil patch and the gas patch you might say. Whats interesting is putin, do you think, trying to get us to lift the sanctions, Biggest Oil Company and the sanctions are putting on and i can give you pain. Bob no, question, right, thats hes inflicting pain. You get dynamic duo between two countries. Steve how long do you think russia last . Dagen russia cant last as much as saudi arabia. They have a lot of wiggle room. This is why a bailout in the oil patch regardless of what shape it comes is justified based on National Security concerns frankly. Maria i think youre right. This is a National Security issue certainly when you look at the oil industry. We will take a break, we have a lot going on in terms of business and what will happen this morning at the white house with bank executives. Joe biden takes a victory lap after strong showing. Byron york to break that down. Keeping clean. New hand washing track making a buzz this morning. We have to play it when we come back. Do you recall, not long ago we would walk on the sidewalk all around the wind blows we would only hold on to let go blow a kiss into the sun we need someone to lean on blow a kiss into the sun all we needed somebody to lean on all we need is someone to lean on maria welcome back, good wednesday morning, thank you so much for joining us. It is march 11th, 6 30 a. M. On the east coast. Markets are setting off this morning. We are expecting a tough open for the broader averages. Nasdaq down 183 points and s p down 63 points, more whiplash comes after wild day yesterday in the upside. Dow, nasdaq and s p 50 at the close yesterday close to session highs.