Wiped out. Were back to where we were right after the financial metdown. A lot of people are wondering how many arrows are left in the feds quiver. The president is taking Emergency Action of his own. He is already Restricted International travel. Of course for School Systems across the country, comprising now better than 11 million kids, theyre closed and a lot of kids sort of have to, technologywise do their classes on their home computers. I can tell you as a parent of a couple teenagers good luck with that. Meantime the Global Impact is clear, as one market after another sells well off into bear territory. Deirdre bolton following all of that. Bolton, we are jolten. A tough start to the trading day. The fed seemed to make more traders anxious than not. The fed, neil, you know this, basically what the fed has done in credit crisis over seven or eight month period t was done within hours this weekend markets reacted in the first 10 seconds. We dropped on the s p 500. We had a 15 minute halt. To providerd early markets. This is the third time in the past few sessions one of these had to kick in. Take a look right now at the markets. Obviously lower across the board, no other way to say it. Were off absolute awful section lows, lows of the day. Look at groups weighing most heavily, you will see financials, real estate, materials, Consumer Discretionary all of those heading lower. I want to take a look at some of the retail stocks, neil, look at target, walmart, walgreens, cvs. This is part of the Trump Administration plan to do a Public Private partnership with some of these companies. The idea they will give up some of their parking lot, space, for testing, drovethrough testing of the coronavirus. Some states have programs already set up. For example, new rochelle, here in new york. Oahu in, hawaii. Hartford, connecticut is another spot, denver, colorado. Essentially people stay in their cars. Health care workers are a little more protected. They get drivethrough screening. The u. S. And europe were criticized, no other way to say it, knot having widespread testing with popup sites. More than a few cities are getting on board. The president s plan to involve more retailers, obviously staffed by federal employees. Neil, back to you. Neil how do they do the drivethrough thing . Not like the department of motor vehicles, not that that is a horrible experience but pretty close. How do they do this . In new rochelle, there are six lanes. You drive up. A Health Care Worker takes swabs from you. New york has a lab it is using. Essentially take all the material they need. They send it away. Get your results. Obviously the sooner, the better. There have been a few hour delays. Some had 24hour delays but the point is, residents can make appointments by phone. And then there is, for example, in denver, you cant do this unless you have a doctors note saying that you do need to be tested. Every single locality is handling it a little bit differently. The point, if you think youre at risk, stay in your car. The Health Care Worker is less impacted. Hopefully you get the results. Well see more and more of this pop up testing throughout the country, neil. Neil deirdre, thank you very much. Deirdre bolton. The president is wrapping up a lot of calls to g7 leaders, u. S. Governors. Some are complaining he hasnt been responsive enough to them. Usually democrats. Republicans say the president is doing a great job on this. Well pick apart both sides making claims in almost diametric fashion. Blake burman at the white house. Hey, blake. Reporter coronavirus all consuming at white house this morning. President trump own a couple different teleconferences, first one 10 a. M. , scheduled to be with leaders of g7 nations. The biggest leaders all across the globe. After that a phone call with the nations governors. There have been so many people all across this country, neil, who are wondering whether or not as governor after governor goes forward with these sort of shutdowns, whether or not the federal government itself is going to step in, impose some sort of a quarantine . The message out of the white house today is to listen to the cdc. So much so, that the National Security council took to twitter last night and posted the following message, writing, quote, text message rumors after National Quarantine are fake. There is no national lockdown. The cdc has, will continue to post the latest guidance on the coronavirus. Here was larry kudlow speaking to Stuart Varney a little while ago. I have seen a lot of rumors 14day shutdowns for everybody in the country. That is simply not the case. There may be other rumors like that. We made no such decisions. Reporter there may be other rumors like that. We made no such decisions. The reason why i highlight that, neil, there will be a press briefing over here, 3 30 white house, scheduled to be with the Coronavirus Task force. Well see if President Trump attends that. The Vice President yesterday had mentioned that there they were still vetting cdc guidelines. They would to forward with them this morning so far that hasnt happened. Were looking to the 3 30 briefing to see potentially here what the Trump Administration announces. Neil . Neil my friend, a lot of fast fastmoving parts there. Lets take a peek at corner of wall and broad before we get to my next guest. We were down over 2,000. It was a little month ago we were flirting with 30,000 on the dow that was then as i like to say, this is now. It is confusing market. Circuit breakers have kicked in no fewer than three times in the last few trading sessions. More are likely this environment. Some are talking about shutting down the exchange as was the case after 9 11. We had a few days where the market shut down after that, resumed trading on 9 17 that was then. What could happen now . The guy heading exchange at that time of personal finance hal crisis, former New York Stock Exchange chairman and ceo dick grasso joins us on the phone. Dick, thank you for taking the time. Neil, great to be with you. Neil what do you make first of all, the talk of a coolingoff period for the exchange, shut it down a little while, allow cooler head to prevail or think before they leap . Neil, im a free market person, have been for more than 50 years. Im also cognizant this may have well spun into a freeforall market. I think what the president has done in terms of the partnership between the public and private sector is taken taken from the 2001 experience. I think it is fabulous. He should call together his president ial working group on Financial Markets which is composed the head of the fed, the treasury, the cftc and the sec, together with help from larry kudlow who is an expert on this and that group should look at four periods in the history of u. S. Markets. The period just following the start of world war i, when the market shut from december to july. The period in 1987 when the market dropped 22 in one single trading day. The period after 9 11 attacks when we were shut for four 1 2 trading days. And the period after the financial meltdown in 2008. I think that group, are articulating a response to what weve seen will be very important in terms of calming the markets. Neil, im not concerned about wall street. Im not concerned about professional traders. Im concerned about the Pension Plans of firefighters and police officers, the individual retirement accounts of small investors around the country. Weve got to just take a, what is right for folks. It well may be a brief interruption in the marketplace. Im not advocating that but there has to be a clear [inaudible]. To calm people down. Neil were having some problems with your audio. We hope to reconnect with you in just a second. I apologize to that. I want to go to my colleague and friend Connell Mcshane with all of this. Thank you, first, you and david asman for your hard work in my absence. It is interesting that he is hope, grasso, is opening sounds like to a temporary shutdown. If required. After 9 11 they had no choice because the exchange was seriously damaged as were a lot of member firms. So it was necessary to do that. Here you could make an argument unwieldy as the volatile as markets now it is not necessary now. Mr. Grasso was not making argument that he was open to it. Seems significant that given his stature in history where he has come from on this. So when we neil seems like he is looking at individual investors getting whipsawed through no fault of their own. Understood. I havent heard people in those someone in those positions former head of New York Stock Exchange. People are cutting rates, near zero what effect will it have . Getting bond market with 700 billiondollar buying program, there was issues of functionality in markets that the fed was seeing. It was on the call with jay powell, the chairman last night, listening in on all of that and he talked about certain markets having liquidity issues. So there were, obviously concerns about how were functioning on a daytoday basis they thought they could address on margins. People expect a little more on the commercial paper side the next few days. What people really expect, whether on wall street or just in the regular economy now, is some sort of fiscal action, and a lot of it. And action to come out of washington faster than weve seen, that that neil wondering lets say youre not buying or going to stores, having nothing to do with your financial situation but everything to do afraid as heck of crowded places. Giving people a tax break or cutting their Interest Rates or flooding the Banking System with a lot of money going to change that . In other words i think what people need reassurance they can get through this. Around one way to do this for example, might be making sure if youre operating a small or mediumsized business in this country, you know, if youre getting hit by the verydown, because remember the prescription here, everybody, Governor Cuomo talked about this a lot in new york. The real concern, if you want to keep it system pell is the Hospital System. Every move theyre making in terms of mitigation on the health side is aimed at somehow avoiding the Hospital System being overwhelmed. By doing that, by nature of doing that it will harm the economy. They know that. If that harms a medium or small sized business in this country, how does the operator of that business know theyre getting through the next few weeks or months . Time frame is uncertain but if someone in the federal government is to say, listen if you need to borrow xamount of dollars in that time frame, however long were going through a crisis that money is available that might do more for confidence than cutting Interest Rate or handing out a tax cut. Neil they want to avoid the credit or money freeze we had in the last financial crisis. I get that. A different problem though a little bit, right . Neil absolutely. Stay there, connell, thank you very much i do want to go back to dick grasso. We addressed those issues. We simply move ad couple feet on the cell phone. I hope everything is all right. Im back with you, neil. I apologize for the interruption. Neil you have to pay your phone bills, dick, that is the bottom line. Let me ask you, my friend, im curious what you make of some of the financial incentives thrown out there, connell touched on a few of them. Interest rate cuts, money in the Banking System, to make sure if you greases everything so we dont have repeat of what happened in the melt down, but if youre sort of hunkering down in your home, not inclined to go out because youre afraid of catching this virus, will some extra money made available to you change that . What do you think . Well, we have to, we have to remind ourselves that the economy is almost 70 driven by Consumer Sentiment and consumer action. Neil right. I think a lot of folks who initially poopooed the idea of a payroll tax cut havent considered the possibility that payroll tax cut at a ceiling of say, 75 or 85,000, so that it goes to the people most in need of cash flow at this point of time. I picked those numbers arbitrarily, neil. I just think we have to look at everything we can possibly do to incent the consumer not to go into a cave. Lets remember one thing. This is america. Were going to get over this. A year from now, the comps because well have two very tough quarters, earning comps a year from now are going to look pretty good. The market has been incentivized by low and zero Interest Rates. I believe that well restore calm to trading and things will be, look, neil, rook what happened after 1987. Look what happened after 2001. Look what happened after 2009 . America always comes back. The markets neil i have no doubt about that. Im not meaning to secondguess you, dick. I am wondering though that some of the things being proposed would they have the impact people hope if theyre being told by the cdc, nih, other groups, stay in your home, hunker down. Theyre not being alarmist. Theyre become told to do that, being told in the case of crowds anything more than 50 people. That kind of rules out, pretty much everywhere. So im just wondering, if whatever incentives you throw their way, if theyre going to make a difference . I understand what youre saying down the road they will in fact do just that, they might. Meantime, markets are trading more on the course of this virus than they are on the course of that economic help, right . Well, look at the shortterm behavioral change on the part of consumers in america. Over the last five years, look at the Enormous Growth in online shopping, whether it is through retailers. Whether it is in the food industry. Neil right. What you will see is a spike in that, neil. The way it will spike, by putting cash in the pockets of people who most need it. I think that, you know, this is true, a, a period of lack of information. Theres fear. Theres uncertainty but there is also the need to eat. There is the need to provide basic goods and services to our families and that will continue. It perhaps shifts from consumer if you will interaction to Consumer Online action. So i dont see it as negative as most people do. Neil good. Let me ask but the market and we talked about from height of the dow jones industrials, for example, to our worst level this morning before Circuit Breakers kicked in. We were down 31 from the highs. Those were reached a little more than a month ago. Is that too much to you . Well, neil, lets just amend that observation. Were down at the peak, at the bottom this morning 31 , not from the recent highs but from an alltime high. Market is at an alltime high. And i think that people have got to remember when this president was elected, it was under 17,000 on the dow. Neil were back to levels, were back to levels we were at three years ago. Right. And you know, is that disasterous . For some people who might sell based on fear and panic, it will be, neil but remember one thing, you dont make money in the market. You dont lose lonnie in the market, until you say sold, okay . For people out there, who dont know what to do at this point, talk to your financial advisor, if youre a do it yourself investor, and you dont know what to do, the answer is do nothing. Neil very wise and very calming words. You were certainly that and much more through a number of crises that we experienced at corner of wall and broad. Always good to have you, my friend. Always great to be with you. Neil former head of the New York Stock Exchange. Meanwhile were learning now that the white house is looking at the possibility of a providing some relief or assistance programs for the airlines. This of course on the News United Airline seen a drop of 1 1 2 billion dollars in revenues and other airlines are feeling the pinch, not just here by the way but abroad with the likes of air france, british air, sas, Virgin Atlantic all running at a fraction much their normal capacity. Virgin atlantic will ground 85 of its fleet. Obviously the administration saying through no fault of their own we have to help the guys out. What kind of help are we talking about . Grady trimble live at Ohare International airport with the latest how all of this is sorting out at one of the worlds busiest airports. Grady . Reporter neil, the that federal help might come in form of monetary assistance or a loan. Treasury secretary Steve Mnuchin said, dont call it a bailout. Nonetheless all airlines in u. S. And abroad are getting hit incredibly hard as travelers continue to cancel their trips. Here at ohare, one of the busy International Terminals, there was a lot of scrutiny at the International Terminal over the weekend because long lines of people returning from europe and coming in from other international flights. As they were screened, waiting in line in tight quarters. Some people reported waiting up to four hours for enhanced screenings, in some cases to get their temperatures taken. Here at newark, not every Single Person is having their temperature taken. Here is what some passengers say about that. Actually i was surprised they didnt. I thought they would and they should. Maybe that is recommendation i would make to the government, you know. No, none much the questions asked where we have been, what we were doing, if we were sick or temperature taken. It was same as always. It was really no different. Reporter every major airport or airlin