That weve been having so lets start here whats going on with this because we saw the dow as i mentioned up almost 1300 points on monday down 786 on tuesday up almost 1200 wednesday down almost down over 1000 again today do you ever remember a time when youve seen this kind of yo yo effect with the markets to this extreme. Well again you have to look at it percentage wise that weve seen this kind of movement but obviously we werent at 28000 at the when it started i think what youre seeing here is just a market that is showing you that the top is probably yes you know weve talked about on your show for the last couple of months that i thought we were in the early stages of a recession investors were looking for an excuse to sell and i think thats what youre seeing here i think this is very good topping action to a market thats probably going significantly lower from here and i think youll see a lot of these days but again remember when you look at percentage wise its feels bigger but its true the same if you go back and look back in history you can see that we had these monster swing days back. 4th and probably similar percentage then we have now and now but weve also i mean everybody was calling for this Federal Reserve not everybody but there were people calling for the Federal Reserve intervention earlier this week and they were hoping it would stable the eyes the economy bring us up but thats not whats happening i mean we saw a good day but then weve seen a terrible day so what else could the fed do to bring stability or or is the answer really stay the heck out of it. What the fed should do is close its doors and close for business forever i mean they have no business involved in this and theres no reason to make it Interest Rate cut for i did i just read cut for a virus ok if youre great youre worried about the virus injury because not going to solve it its like giving a chocolate bar or something for the cold i mean doesnt help so they should have stayed away because all theyre doing is they created their own panic because when they did it you saw what happened the market spiked up and then broke heart they caused this because theyre signaling that theres more trouble ahead and its not the trouble with the coronavirus its more trouble ahead in the economy and manufacturing and all those other areas so at the end of the day all the fed do with fed did was cause more sphere in this market than they did good you know lets talk about some specific industries here obviously bad news for the Airline Industry because while the cost of fuel is down the number of people traveling that has dropped significantly the latest reports indicate the Airline Industry could stand to lose in total 113000000000. 00 as we just reported that British Airline flight b they just went under so is this the start of a trend in the Airline Industry and other thing keeping the planes clean what can be done to encourage more air travel. Why i think what youre seeing here is your theres more panic by everybody whos not traveling and saying wow im not going to go you know im going to across the street because im going to stay in my house im afraid to go outside i think when this subsides itll be fine other airlines can adjust when it comes down to it i mean certainly theyve already started cut back the number of flights so it will cut down the number of losses that theyre taking here but really what it may mean we really need is more of an all clear or some type of vaccination that says everything is safe i mean basically this is really no more more than a bad flu but again the every the media interview is creating tons of panic about this you know were showing things down were not were canceling trips were canceling business events so stay home all these things come into. A bit more of panic and fear for the average person on the street and i mean we havent just seen that this afternoon and to what youre talking about there regarding the cancellation of events i mean the St PetersburgEconomic Forum schedule for the summer in St Petersburg russia that happens every single year Business Leaders and dignitaries from around the world usually go and theyve actually cancelled it just this afternoon so so you are seeing that and i think the issue that we have with this though is that when youre talking about travel and not just Business Travel but when youre talking about personal and Family Travel so theyre saying theres going to be vaccination tests theyre going to start in april so by the time we figure that one out whether this eradicates itself or not we may be into june before were we get that all clear to travel and then its too late its too late for the families that you see traveling around the world so is there anything to that. Well i mean theres a lot i mean this is disneys talking about shutting their parks in the United States so i guess theres certainly fear right now and youre seeing the reaction from everybody that theyre willing to close things down so hopefully we will get some kind of resolve here and they will say hey it really is just no more than the flu ok and we will get back to normal routines but you add this on top of an already slowing economy you had this on top of problems that were already creeping underneath the surface and thats going to create a pretty much of a mass panic at markets and you can see the mass panic were seeing within the streets of america that people are not willing to go anywhere and businesses are trying to stay home so basically every lock yourselves in the house and not go anywhere and now speaking of just where we are with the state of the economy right now the weekly jobless claims here in the u. S. Was released thursday understand it dunder scored the labor market strength despite what is happening either on wall street or with the coronavirus now claims for Unemployment Benefits slipped 2322216004 the week of february 29th now shouldnt those numbers give the market some confidence. Well you get that with the jobs numbers is worthless ok im part of them tomorrows the big number but even tomorrows number you know any time the government reports a number theyre always adjusted later so is it real now we know that jobs are still fairly strong because theres a demand for jobs because a lot of jobs cannot get filled so it shows a big demand and were seeing you know people working which is great but again the jobs are the last thing to start to slow down as well start to see 1st it starts with the manufacturing the shipping i mean we are the shipping slowdown long before the coronavirus so as it seems back into the country or youre going to see that these jobs are going to start to disappear again i dont see i dont foresee 2008 again we get a lot of percent unemployment but i do see a significant slowing here and i can see some issues building a long as the year goes by so i totally agree with what you said earlier about the fed needing to get out of everything and stop basically circling chalking it as he said on everything. Totally agree but one thing that the fed rate cut did accomplish was a did push Mortgage Rates to their lowest level for the everyday person do we expect to see some positive response to that in terms of maybe an uptick in home buying home purchases refinance and does that make a difference. Well theyre expecting that but again i go back to the same probably always have with these banks is that theyre not going to lend it why would they let where they can take that kind of a risk to lend its going to the to the average guy is going to have to go to the same usury type of lender that they go to now they go to one of these peer to peer joints because banks are loaning the average guy on the street a mortgage at under 3 percent i mean i could i would bet on that ok so at the end of the day the these low rates benefit who they benefit the very wealthy who can take advantage of who can who can borrow and mortgage things and then reinvest their money and make more theyre paying the banks so i dont see the banks taking any more exposure risk theyre already over leveraged to begin with and i dont think i dont see them start. Go under 3 percent they start lending money to guys with a 640. 00 or 60 credit score or whats great insight there thanks so much for your time. Thank you. And globally we are continuing to see more cases of the krona virus reported outside of china rather than inside the country the world well organised and detailed the spread during their Daily Briefing on the virus. Outside of china. In 502055. 00 ks a swift boated set of countries around 80 percent of those cases going to come from just countries. We seeing cottaging signs from that the public of korea. The number of newly reported to. Be declining. And the cases that are being reported out of being identified primarily known blasters although a few countries are. Large numbers of cases 115 countries have not supported any cases now in south korea mass testing has found more than 6000 cases as the death toll is now above 40 in the country talian officials are reporting the number of cases in the country now tops 3800 with nearly 150 deaths and iran is reporting more than 3500 cases with at least 100 deaths on thursday germany also reported a spike of more than 100 cases in just one day and south africa reported its 1st case a 38 year old man who had recently traveled to italy. Now the total number of reported cases worldwide exceeds 95000 with more than 3300 deaths as always we note that at least 54000 people who have contracted the virus have recovered. Meanwhile here in the United States at least 18 states are affected by the virus with 2 more people being hospitalized in new york city raising the states total to 13 cases and in the state of california which if it were its own nation would boast the worlds 5th largest economy a state of emergency has been declared due to the corona virus r t correspondent attack just wait as the story. California governor Gavin Newsome declares a state of emergency hours after the state announced its 1st coronavirus related death the virus has claimed 11 lives in the u. S. Sending in Financial Markets spinning the 1st death in california from the crown a virus involved a person from Placer County who got sick on a curse ship before the virus only struck Northern California the virus has now infected people throughout the states in 12 different counties weve had a number of incidences throughout the state of california no longer north now in Southern California and now Health Officials are working to uncover exactly who else became ill or from the cruise ship that traveled from San Francisco to mexico and back more than half of the 2500. 00 passengers who returned aboard the grand princess on february 21st were from california according to new some the state has delayed another ships arrival from a trip to hawaii as several passengers and crew members showed signs of coronavirus symptoms secretary of health and Human Services in california says while many infected wont have severe symptoms they are preparing for the worst but we recognize that in certain regions and in certain populations they do experience more severe symptoms and require our hospitals and our clinical Delivery System to be prepared for that another cruise ship the grand princess is at the sea off mexico and will return to. Francisco the centers for Disease Control and prevention will soon determine the course of action Washington State and florida have also declared a state of emergency house lawmakers have struck a deal setting aside of roughly 8000000000 dollars to help fight the virus within the u. S. Reporting and los angeles and just weeks r. T. And federal prosecutors here in the u. S. Have charged former United Auto Workers president gary jones with conspiracy to embezzle union funds now according to documents filed enough federal court in michigan jones is allegedly one of several u. A. W. Leaders who stole more than 1000000. 00 from Union Coffers to fund private villas liquor golf and other high dollar items now jones is the highest ranking ex official to be caught up in the federal probe which became public in 2017 the ex union head is the 14th person charged in the investigation which led to the conviction of several officials including 2 former u. A. W. Vice president s jones resigned as president of the union late last year after serving just 16 months in the position as the unions governing board attempted to remove him over the allegations now the current president of the union rory gamble who are placed jones has promised to find and remove any bad actors inside the organization and now ben and this is a very frustrating situation if youre an advocate for labor as i generally have been i worked with ed schultz who covered this for many many years and was a supporter as well as my father was a you had a member himself so ive always had an affinity for for labor but when you see these types of scandals and allegations it just fits right into the narrative that the people who are anti labor have which is that these are all bugs who are going to steal your union dues yeah i think theres theres some truth to that i in terms of the people at the very top so the problem is and this is true of every kind of organization right the people of the top can either help to build an organization to make you. Full and make it something that works for people or they can take advantage of it to be predatory and it seems like at least from the information is coming out here that certainly in the u. A. W. And with this guy in particular there was that predatory aspect of it you know what else is really strange that was when you look at some of the things hes accused of there are always these weird kind of you know i want to live the high life golf and private villas and liquor is like going to still a 1000000 dollars why not put it into something that has some return rather than just blow it on junk well and this is a working man who had come from a Glass Factory and i believe missouri if i remember correctly so i mean he was a u. A. W. Employ so i mean not to say that he is not doesnt have a great investment mind but it very possibly could be that in this situation you know he doesnt is not thinking right out and also feels entitled entitled to this stuff time now for a quick break but there will be a comeback they go she asians between the European Union and the United Kingdom they arent going smoothly what are the issues well take a look and as we go to the break here the said said numbers of the close. Do you believe in miracles it would seem democrats do after the job i searched on super tuesday for them the fear of the Bernie Sanders candidate may now be contained however this is far from over taking on trump. That. Time after time corporations repeat the same mantra sustainability its very important to accelerate the transition to sustainable transport sustainable in the. Explain to her man not be more equitable and sustainable well. They claim their production is completely hamas. Because. It didnt design the Companies Want us to feel good about buying their products while the damage is being done far away and this is something ill just want any minute i need much. Since im in news limited and any minute im stunned seemed any undisputed superman in. The no dong for it do 50 point good number 2 the pretty one with no kid to get to the doing home and phone and dont come to. See you didnt all go through a good few days down the percentage of all who signed up for the almost all cultures in the uk if it took for. Him all day long. As it is with us and i dont think were pretty long on the road to driving then that is not natural not to fight is a. Message to motivate to you all to be overseen some some good of it to. Go to show some. Locals that will put him in Business School mitchell you sure theres a pool with the mushroom. You knew. The point you. Were the supernatural mean or ghost. Why do we go to war because we view the key to Economic Growth as oil and energy we go to war is Vice President cheney said for the oil thats why they invaded. For the oil thats why trump says the one thing we want syria we really dont want to go to war with russia we want to just control the oil. And the gas lines and the pipelines through afghanistan so the military is really an extension of controlling of world energy and oil. Welcome back the e. U. s chief trade negotiator is warning that talks with the u. K. Are not going well and that there are big divergences between the 2 sides after the conclusion of the 1st round of talks speaking at a press conference in brussels Michel Barnier highlighted 4 main areas of disagreement a socalled level Playing Field judicial cooperation governance and fisheries bernie says that while disagreements over these issues are expected some of these issues are quote very very difficult the teams are expected to meet every 2. 00 to 3. 00 weeks alternating between brussels and london half a dozen or so rounds of negotiation expected to take place between now and the end of june so joining us now to history which board member with the British AmericanBusiness Association hilary good to have you here so youve actually predicted a lot of his on the show saying time and youve talked about a lot of these is