Are dealing with all of this. Good afternoon. We will hear more from the president peered hes most likely going to give an address to the nation tonight. We believe the timing will be 8 00. Everything thats happened today in the plans that the administration has going forward. At the American People know where he stands on all of that. Just a few notes coming out of that meeting with wall street bankers which you will see the play out of very soon. Consensus is that the economy is strong and banks have lots of cash. They believe that while this is a problem, its a shortterm problem. For a lot of people, the rates are so low, this represents a refinancing opportunity for a lot of people. The president meantime on twitter taking aim at critics at least responding to critics that the white house response has been slow, halting, and contradictory. The president saying i am prepared to use the full power of the federal government to deal with the challenge of the coronavirus. The president taking aim at the critics someone needs to tell the democrats the coronavirus doesnt care what party you are in. We need to protect all americans. Steve mnuchin saying that he supports pushing back the traditional april 15th tax filing deadline for small and mediumsize companies and individuals to inject some money into the economy. We are going to recommend to the president that we delay we allow the delay, and i dont have to pay interest or penalty on that. That will have the impact of putting over 200 billion back into the economy. That will create a very big stimulus. It will be be very good for the individual. Taking a play out of the 9 11 playbook saying that he supports targeted assistance for companies that have been hardest hit like airlines, cruise ships and other travel companies. Democrats say that this white house cares more about big newbusiness. We are doing all we can to address the coronavirus from a health perspective. If we lose the economy, thats going to create a panel of its own. Charles absolutely. John, thank you very much. Its official. The dow closed in bear market territory down 20 from the alltime high. This over worries over the coronavirus. Teddy weisberg security is outside the new york stock exchange. You have been around for a long time and seen some of these kind of things before in the past. What is the signal that the market is sending us with these extreme ups and downs particularly to the downside . Well, clearly, charles, you know the areas have tremendous amount of uncertainty created by a lot of unknowns. We know one thing for certain when it comes to the stock market, that it doesnt deal very well with unknowns. Whatever the reason, and clearly we know what the reasons are as we speak now. Its primed for some sort of selloff. We have been on eight or 9yearround peered no one likes it when they go the other way. In fact, we are probably back to where we were january or february 2019. For a lot of folks, we have just given back a lot of profits. Its painful no matter how you analyze it. Charles when does it stop . [laughs] boy, if i knew that, you would be the second to know. Charles, i think we will know i think we will know when we are starting to reach a bottom when the market stops reacting to the negative news peered at the moment, clearly, we are not there yet. Whatever that news might be. We will get to that point where the values will become so compelling that the buyers will reenter the market place. At the moment, we are simply not there. On the sidelines and wait until that happens. It will happen probably sooner rather than later. Charles everyone is saying that this will be a shortlived episode. In other words, we are in a race i mean on the coronavirus side. You know, as they take mitigating actions, social distancing action, as we go into the summer months, whatever. We have seen major changes in chinas neighbors and south koreas numbers. We get those adjustments in this country, we will look back and say, this was an extreme overreaction. Could we get something akin to a vshaped recovery in the stock market where we go down sharply on uncertainty and fear, and come back sharply as we get a better assessment . Well, that is a great question. Unfortunately, im not sure anybody has that answer. We just need to get through this. And the problem is the pain, the psychological pain really starts to drive the train. And people start to make mistakes and maybe do stupid things. I think we dont know, you know, how the recovery will, or when it will come. If you look back in history, charles, i remember 7374, we were down from the training highs in the trading lows. You had the remaining seven down one day and 22 down one day. Yet 08 and 09 when we were down 50 on the trading highs and trading lows peered into 2 of 3 instances, it took 12 or 18 months. Clearly we are only into this for two or three weeks. We will know when we get there, but we are not there yet. The stocks no longer react negatively to negative news. Charles stocks are known to overreact. We could already be technically oversold based on facts. What we see in other places in italy when the average age of the person who is dying for this, 81 years old. America, we have these hot spots. But the number is nowhere near. We know they are going to go higher as the tents spread out. I think what investors are asking, should home depot be down as much as it is today . Should boeing be down as much as it is today . Well, the answer is, i think you answered your own question. We know that stocks overreact. We overreact on the upside and they overreact on the downside. Charles i have to it right there because President Trump just wrapped up his meeting with wall street executives peered we are going to take a moment and a second to take a listen to what he said it. Theyve got just 30 seconds. I forgot which crisis it was, but when everyone was panicking, you bought an extra seat on the new york stock exchange. Dear member that . I did. I sure do, charles. You thought i was crazy. You are right for about six months. You are good for six months, and then you are wrong. Charles you taught us to be cool about this. Now lets go and listen to the president of the United States. Thank you very much, teddy. President trump thank you very much. We are having a meeting a very important meeting with i would say their greatest bankers in the world, the most important banks in the world. We are having a good discussion. We are discussing the economy and discussing how it relates to jobs and all of the things that are happening right now with the virus that we have become so familiar with. I will be making some decisions. Ive already made some decisions actually today. I will be making some other ones that are very important. And i thought i would let the press in to hear some of the wisdom from some of the folks in the room and may be, brian, i will start with you. Brian is the chairman. He is the man at bank of ameri bank of america. Hes highly respected. Everyone in this room is at the highest level, highly respected. Thank you, mr. President. Thank you for bringing us together. The ceos of large banks here want you to know that because of all the work done on capital liquidity and all of the things as we look forward to uncertainty due to the virus and oil price changes, we are very strongly capitalized in a great position because of liquidity and capital strength. Most importantly, we are doing what we do best which is helping our teammates and also our clients, our customers. They continue to have access to credit. All of us are providing relief to any customer that has any issue of being out of work for the virus. The thing that weve done when any Natural Disaster occurs in any number of years. Up until the last couple of weeks, the activity has been very strong. It is still strong. We are still seeing people spend money. Auto loans are growing. More to gauge loans are very strong. The real key is, we are here to help Small Businesses and mediumsized illnesses in the economy run and help our consumers weather the storm. President trump thank you, brian, very much. I think it is important to recognize a few things. One is building off of what ryan said. This is not a financial crisis. The banks and the Financial System are in sound of shape. We are here to help. I think second, is when we look at what is going on, in many ways, we are going it several challenges at the same time. We woke up, or we went through sunday with a precipitous drop in oil prices. We needed to deal with that when the market opened on monday. Clearly, coronas front of mind for everybody, not just here in the u. S. I think the market is going through a period of price discovery. Also try to figure out, what is the intermediate and longterm health of the economy . What we saw is, we saw some peers on the back of those and some talk about potential recession on the back of those. I think the market is going through a discovery phase and really trying to figure out what earnings are going to look like and where evaluation should be. I think the good news is that the markets i performed enough forward way. The infrastructure that supports the markets i think it is held up through some pretty good tests. There have been some strains along the way, but i think it is held up well. It has been orderly. As brian said from the banking perspective, we are here to help. We want to provide liquidity and lend to Small Businesses and support our consumer clients. President trump thank you very much. I think prior to the coronavir coronavirus, it was just all go. The numbers were fantastic. We dont even know what the numbers are now. We have to see. The numbers from a week ago were great from two days ago are great. But now we are getting a patch. We will have to do something with respect to getting rid of this virus as quickly as possible and as safely as possible. Our number one priority is the health of the people of our country. We will be making most likely a statement. I will be making a statement later on tonight as to what i have decided to do and what our country will be doing. Charlie, please. To add to what brian said that we are all here to help. That is what our institutions do. We are all in a position to do it. And i think we are being very, very thoughtful about how we could do that for both consumers, Small Businesses, as well as the companies that we deal with. I think that we are all encouraging any of our customers or clients or having any issues to make sure that they talk to us. We are all developing programs to ensure that as they and the employees and their customers go through the situation that we are there to be a source of strength, whether it is to help them through issues with their fees, payments, or to be there to land. President trump im glad that you are saying that. That is great. More so than you have been used to for the last two years, right . It could happen. Damon. I appreciate it, mr. President. Im here with my colleagues on this occasion. I would echo what has been said. The Banking System is in good shape. The virus obviously poses a unique challenge for policymakers and for businesses large and small operating across the country. All businesses are very, very focused on their people. They carry their people as part of the Banking System to help businesses, large, small, individuals, anyway we can. They are taking the same steps that the other indentations have spoken about. We will get through this. But it will require navigation on the part of all of us. We will do our part. President trump we will be doing a lot of additional work with Small Business as you know. We will be adding many billions of dollars. We will be making lots of Small Business loans. The banks are, too. Do you have anything to say . Yes, of course. I would like to thank you, mr. President very specific about the health and safety for employees and im encouraged by the leaders of this industry that are thinking along the same lines about their employees. And their community. I would like to point out that the fda has the authority currently with 18 billion to provide loans with the support of all the lenders in this room. They also have the opportunity to extend some of the Payment Terms of the six months. Im looking forward to working with everyone of them to leave no money on the table with the 18 billion to provide support for the Small Businesses. President trump yesterday we met with the Insurance Companies, the top companies. The top people in the top companies. Like yourselves. They were very generous. You know, with what they did with copays, they are going all out. We appreciated that very much. Steve, do you have anything to say . [laughter] i think the Financial System of the u. S. Is in great shape. It is prepared to handle this problem. I think one of the issues is that people test it more and more, they will get a better handle on what we are dealing with. Just because there will be some economic effect, obviously as this goes on. And we all hope this is short. But its going to need to have the support of the banking community. It will need the support and ability to test it. If we do that, it has a natural ending, which most people lose sight of. There will be vaccines developed. That will take a year to 1. 5 years. Meanwhile, it requires some mobilization. President trump very good progress, steve, and the cdc. Different places that are dealing with the problem have made really tremendous strides. Wwe will be announcing out also. Anybody else have anything to say . Anybody, anybody . Mr. President , i think you have done a fantastic job of putting our country first. I think youre focused on fiscal stimulus is really important. How do we help American Families that live too often paycheck to paycheck get through this difficult time where they may lose their job or otherwise face unfortunate circumstances. I think your leadership on fiscal stimulus is really thoughtful and appreciated. All of us know that the Financial Market is here to help america. The interest range, changes created an unprecedented opportunity for americans to refinance their mortgages at dramatically lower rate. Or an opportunity to buy their first house or a new house for their growing families. So the markets have worked as we would hope at this moment in time to help provide stimulus to the entire economy through means of lower interest rates. President trump good job, you have done. Please. And how is jamie doing . Jamie is doing well. He is making great progress. Thank you very much for asking. The bank has a very rigorous plans both the United States and around the world. One of those around the way right now. All of our plans are designed obviously to protect and help our people and to protect consumers and Small Businesses. We will be there with forbearance plans. We will be there to waive fees for consumers and Small Businesses that are under stress. The fair question is, are we still ending . Over the course of the last 40 days at jpmorgan, weve expanded 26 million worth of loans both to consumers and Small Businesses. That was over the last 40 days. A little bit at seattle, which has been a center of the virus. Economic growth is still continuing. We can see that it slowed down significantly. People are still going to restaurants, for example. We see that. People are buying food to be delivered by the new delivery see services. In the data, we also see the pullback is much more about the old generation, my age, then it is from the millennial generation. The millennial generation spending seems to be holding up very well. President trump i think there will be a pent up demand when this is gone that everything we are tapped out big at their homes, we will see a pent up demand that hopefully will not be in the too distant future. For their customers to call the bank. We are proactively reaching out to the customer and Small Businesses waiving fees and making sure that we can refinance a loan when possible. We are at 79 versus last year in refi. It will take a while to see what the effect really is. President trump thank you very much. Anybody else . Rule markets, urban markets, suburban markets. They are strong to support the communities whether it be the very smallest businesses, the communities President Trump thank you. I would echo all the cinemas that you just heard, mr. President. I will also add that echoing on something rebecca said. We are helping not just all of the large active banks but the 51 banks across the United States so that we can keep the Banking System open to support our customers and clients that are in many cases facing a time of need. That is what banks do, is stick by their customers through the good times and challenging times. That is what the banks are doing across the United States today. U. S. Bank is very focused on buying credit for Small Businesses. Giving credit to them rapidly and also being very lenient on terms. President trump thats great. Thank you very much. Thank you all. The Financial Assistance to echo that. For those with me, the country is very strong. You have done a fantastic job with your administration with adding jobs. We need to all be in terms of our health management. We are learning that this is a longterm lesson learned. At the end of the day, the United States of america in my view is very strong. We need to remind ourselves, part of getting through a challenge like this is through confidence and supporting each other. And having hope for their future. And for myself, i believe our best days are ahead. And working together will make that happen. President trump thank you very much. So i will be making a statement tonight probably at 8 00. And we will be starting some additional solutions. We made a great decision on china and asia. And they are healing. They are healing at a pretty good rate. Im happy about that. We could start to think about getting back involved in that part of the world. As you know, we have another part of the world, europe, that is in very tough shape. It