Conference, everything was under control, for added credibility, he brought with him to the press conference, a Senior Health official, who stood next to him. The Deputy Health minister of the nation of iran. Thats the guy standing right next to the government spokesman. On the left side of your screen. The problem with the intended effect of having that Deputy Health minister there at that announcement from the government spokesman is that as you can see, the Deputy Health minister did not seem well during that press conference. In bits of that televised appearance that were tweeted out, by the people who saw it on iranian tv, the Deputy Health minister is seen over and over again seen mopping his brow, first with his hand, fidgeting, looking around, ca cant hold s and produces a handkerchief and more and more times wipes more sweat off his forehead and the rest of his wife. And it doesnt seem particularly hot for anyone else in the room. And the government spokesman was talking and he wasnt mopping his brow. Clearly something was wrong with the Health Minister there. And sure enough, the following day, that same Deputy Health minister for the nation of iran made a very different video, this time in a tshirt, at home or possibly in the hospital because he had been diagnosed with coronavirus himself. The day after he was prepped up at a press conference to make clear to the iranian people that they had nothing to worry about from coronavirus, he himself was diagnosed and clearly he was symptomatic. Then the next day, there was a meeting of the iranian cabinet. So all cabinet officials in the iranian government, all met together, in one room. Including one of the countrys Vice President s. The highestranking female official in the iranian government. This is the day after the Deputy Health minister absolutely didnt help in that effort to reassure the public there was nothing to worry about when it comes to this virus, the very next day, when he announced that in fact, he had it, and was symptomatic, this Vice President for womens and Family Affairs in the iranian government, she went to a cabinet meeting, and mingled and interacted with all of the senior members of the iranian government at the cabinet meeting. The day after that, she, too, was diagnosed affirmatively with the coronavirus. In the ensuing ten days or so, nearly two dozen members of parliament in iran have tested positive for coronavirus, at least two of them have died, as has a Senior Adviser to irans Supreme Leader, the Supreme Leader himself is now appearing in public, lack at his hands, wearing protective gloves. Iran had this initially super cobb cocky and even you might say snarky response about the coronavirus. And in the original statement, iran bragged they were happily exporting any personal protective equipment like masks and gloves to other countries that would have a problem with this thing, unlike iran which would not have a problem. We still dont know what the death toll actually is in iran. We can tell from reports by individual hospitals that the death toll is higher than what the government is officially announcing. But we can literally see the toll. Literally, you can see the toll among the Senior Leadership of that country, in part because their complacency and denial about the seriousness of what they were facing led senior members of government to apparently infect each other. At the top levels of the government. And pretty significant numbers. Today, one of the american president s favorite members of congress, a republican sort of provock tearnamed matt gaits gaetz, mocked a picture of himself with a full blown gas mask and over the weekend one of matt gaetzs constituents from florida died of coronavirus. And today matt gaetz road with President Trump and the entourage and the secret service and everybody else, all on air force one, from florida back to washington, d. C. After getting off air force one, in which he accompanied the president , as of tonight, that same congressman, matt gaetz, is himself in quarantine, awaiting the results of his own coronavirus test. Lucky guy he was able to get one. He was tested and he is now being garn teened after the congressman was, quarantined after the congressman was advised he had direct face to face contact with someone who attended a political conference last week, a person who is now known to have had the virus. At that conservative conference, it is commonly called cpac, you might remember, at that conference, that was where then white house chief of staff Mick Mulvaney belittled and derided concerns about coronavirus. Remember he called coronavirus at cpac just the latest hoax. The latest hoax from the democrats. Well, contact with an infected person at cpac has now not only caused congressman matt gaetz to be quarantined after he took a plane ride with the president today, it also caused at least three other members of congress, republican senator ted cruz, republican congressman gosar and doug collins, to all go into quarantine for the same reason. Heres a picture of doug collins on friday, meeting and shaking hands with President Trump, after he was exposed to a person with coronavirus at cpac. Apparently texas republican congressman gomert was also advised that he had direct contact with the person who was positive for coronavirus at that same conference, but gohmert has decided in his infinite wisdom that he personally does not feel like quarantining himself, and so he will not. He may now be at risk for contracting coronavirus himself, because he was in direct contact with somebody who has it. Hes not only at risk himself. If in fact he gets coronavirus, whether or not hes symptomatic, congressman gohmert may end up being a vector of infection to other people. Nevertheless, he does not care. He is not quarantining. Which tells you something about what he thinks about his staff and his family and his neighbors and the people who shop at the same Grocery Store with him, or pass him on the street on a regular basis. We also learned late tonight, that the president s brand new chief of staff, who is replacing Mick Mulvaney, republican congressman mark meadows is also in quarantine. He came in contact with that same person at that same conservative conference, who tested positive for coronavirus. Unlike congressman gohmert, the president s incoming chief of staff is in quarantine after being in contact with that person, presumably he has been in contact with the president since he had that exposure at cpac but well see. Today was a very unnerving day. The markets alone were terrifying, right . Dropping more than any other time since the 2008 Global Financial collapse. Were going to get some expert advice this hour as to why today was different and worse than all of the other bad days weve seen in terms of the market and in the economic indicators, since this crisis really came to fruition. But even on a day when, you know, the dow lost over 2,000 points, even on a day when the market cliffdive was so steep, it triggered an automatic shutoff of market trading, even as we just plummeted through the worst day on wall street in more than a decade, and it doesnt feel like a panic, it feels like a real reflection of the global economy, just kind of shutting down, going cold turkey. Even on a day with all of that happening, i will tell you, the single most unnerving piece of news i saw today was this. From the Associated Press. And as you see, it ran under this benign sounding headline. Official, white house didnt want to tell seniors not to fly. It doesnt really sink in at first, the double negative, plus a colon, what does official mean in this context, they didnt want to tell seniors that but did they ultimately . The headline at least first glance doesnt necessarily do it justice, but read this story. I mean listen to this lead. Because as bad as this problem is, and as, forgive me, as bungled, is that the right word . Thats the nice word for it. As bungled as the response has been from our federal government, this is actually a problem of a different kind. And this is, this is the thing that ive sort of most been worried about. And it is apparently come to pass. Quote, the white house overruled Health Officials who wanted to recommend that elderly and physically fragile americans be advised not to fly on commercial airlines because of the new coronavirus. Quote, the centers for Disease Control and proongs submitted the plan as a way to control the virus, but white house officials ordered the air travel recommendation be removed, said one official who had direct knowledge of the plan. The Trump Administration officials have since suggested that certain people should consider not traveling, but theyve stopped short of the stronger guidance that was sought by the cdc. The person who spoke to the Associated Press on condition of anonymity did not have authorization to talk about this matter. So if this Associated Press report is correct, the centers for Disease Control concluded, internally, in what was presumably a sciencedriven process, that not just people with Underlying Health conditions, not just people with other health challenge, but all Older Americans, should not fly. That was the cdcs reported conclusion about the advice americans should be given in the context of this virus, in order to keep ourselves safe and alive. Older americans dont get on planes. What happened to that recommendation . White house officials ordered the air travel recommendation be removed. And the reason we know about this reported conclusion of the centers for Disease Control about what americans should be doing about what advice americans should get in the middle of this crisis, is because somebody who is not authorized to speak publicly about the matter was apparently freaked out enough by this advice being spiked by the white house that this person instead went to the press, went to the Associated Press, to make sure that the word got out, because otherwise, how would we know . If the best expert advice from the centers for Disease Control says that all Older Americans should not fly, and the white house has spiked that advice, for whatever reason, and so individual officials have to leak it, in order to let the American People know thats the advice, this is an important moment in this crisis, right . This is sort of, this is the worst case scenario, that you get from a government that doesnt know what theyre doing and is willing to lie to the people about things that will keep them alive. This apparently, this kind of leak, anonymous tip, to the press, is how we the American Public are going to get access to the real recommendations of the real experts who are supposed to be giving us advice to save lives. Anonymous officials leaking it out because the white house is stopping the advice from being given. There has been a lot of problems with the federal governments bung ling, ill say it again, try to be nice, and slow and internally contradictory and craven and dishonest and ignorant handling of this crisis, but honestly, if the white house is blocking the cdc from telling americans very basic stuff like this, very simple direct rules, and advice, if youre old, dont get on a plane, this is really whats happening, that is a, really bad, and b, i would expect more people at the cdc to be squawking about it, beyond one unnamed official, quote, with direct knowledge of the plan, who felt the need to anonymously leak this out to the press so that the people would know what the real advice is. Well, i mean meanwhile, the actual advice that is being dispensed from the federal government right now is comparatively woolly and mealymouthed, and not all that directive. I mean the secretary of health and Human Services alex azar said people with Health Problems and Older Americans should avoid crowds, quote, especially in poorly ventilated spaces. Hmm. Crowds in poorly ventilated spaces. You mean like airplanes . Is that what youre trying to say . That older people, people with Underlying Health conditions maybe shouldnt get on an airplane . Is that what you mean, but we have to piece it together . Has somebody told you, you cant say old people shouldnt get on airplanes right now . You are hinting at that . Blink twice if you are. On the cdc web site, they now say that people with severe medical conditions and older people should quote take actions to reduce your risk of exposure. But they dont say anything specifically about flying. What actions should people take to reduce the risk of exposure . By any chance, do you mean that older people shouldnt fly on commercial airplanes now . Is that the conclusion you have reached but youre not allowed to say it . I mean weve only got one government at the federal level. And weve got to do our best, but are we really supposed to piece this together and read between the lines and take a nudge and a wink and anonymous tip over what youre saying . Tony fauci from the nih was asked by chris wallace, and dr. Fauci widely respected for good reason insisted that nobody has overruled anyone and he himself is free to say what he wants. Off tv, perhaps in a place where the president might not hear about it, senior cdc officials do continue to give fairly blunt telephone briefings, regular briefings, over the phone, to reporters, where the language about the virus and the threat, maybe because it is phone briefing, feels perhaps less mediated by these efforts to try to line up with the president s message of the day and his consistent efforts to down play the impact of the crisis. To lessen its perceived impact. I actually wanted to play you this because the reporters have been hearing this and im not sure the general public has, but you want to hear, this because the ongoing information from government officials is getting woollier and woollier and mealymouthed all the time and you have to believe it is because the president is going out there all the time and contradicting them and telling them to give good news. Listen, im going to be playing this for you from the phone briefing. You may have suspected this but here it is, on the phone briefing for reporters, a senior cdc, drft nancy messier, today, despite Everything Else going on in the government, today, she is actually giving on this phone briefing sort of Straight Talk about the status of the virus here and how serious it is, and how we should prepare to get it. Risk can be looked at in two ways. Theres a risk of being exposed and getting sick from this virus, and theres a risk of getting very sick, or dying from illness with this virus. This virus is capable of spreading easily and sustainably from persontoperson, based on the available data. The report of the World Health Organization mission to china describes the virus as being highly contagious. And theres essentially no immunity against this virus in the population, because its a new virus. Based on this, its fair to say that as the trajectory of the outbreak continues, many people in the United States will, at some point in time, either this year or next, be exposed to this virus. And theres a good chance many will become sick. But again, based on what we know about this virus, we do not expect most people to develop serious illness. Reports out of china that looked at more than 70,000 covid19 patients found that 80 of illness was mild and people recovered. 15 to 20 developed serious illness. Lets talk about who those people are. So far, it seems like its not children. Of the 70,000 cases, only about 2 were in people younger than 19. This seems to be a disease that affects adults, and most seriously, older adults. Starting at age 60, there is an increase in risk of disease, and the risk increases with age. The highest risk of serious illness and death is in people older than 80 years. People with serious Underlying Health conditions also are more likely to develop serious outcomes, including death. That is a senior cdc official with some Straight Talk today on a telephone briefing, even as the white house continues to play down the crisis, and because there certainly is so much pressure in front of house and behind the scenes, from the white house, in terms of what officials are allowed to say, i feel like these, at least for now, these phone briefings may have escaped the president s radar, and we may be able to get straighter information on those than the sort of woolly and complimentary of the president stuff that we are getting from other Senior Citizens in other parts of the government. Today, today, after this phone briefing, Vice President mike pence is still out there saying, the risk to americans is low. The risk to americans of contracting the virus is low. Meanwhile, heres the cdc on their telephone briefing, saying this is highly contagious. The virus is capable of spreading easily and sustainably from persontoperson. There is no immunity against this virus in the population, as the trajectory of the outbreak continues, many people in the United States, either this year or next, will be exposed to this virus. Starting at age 60, theres an increase in the risk of disease. The risk increases with age from there. The highest risk of serious illness and death is people over 80 years. And people with serious Underlying Health conditions. 80 of people who get it, mild illness. 15 to 20 develop serious illness, in terms of getting serious illness starting at age 60, increased risk, and highest risk is people over 80 and people with Underlying Health conditions. Thank you for being straightforward about that. Meanwhile, an anonymous report from an anonymous federal official suggests that the cdc wants to recommend to the American People that Older Americans shouldnt fly commercially anymore, because of those facts. But the white house has reportedly stopped them from issuing that warning. So we get all of this mealymouthed stuff about, think about social isolation, think about protecting yourself, consider delaying plans, i mean if they were going to say tell Older Americans not to get on planes, that would have an impact in terms of the way people live. Why dont you want that . The reason that our lives would change in that way is to keep ourselves alive. Italy now has the second largest outbreak outside of china. Italy today surpassed south korea. They have over 9,000 cases. They reported about 100 additional deaths just since yesterday. Initially italy tried to effectively quarantine the whole northern part of italy but the Prime Minister of italy today Just Announced that wont be enough, all of it ty is essentially now on, italy is essentially now on lockdown in an attempt to slow the spread of the virus in that country. Basically a nationwide quarantine. The Italian Government is telling all italians to stay at home. Bars and restaurants must all close by 6 00 p. M. Virtually all public gatherings are banned. Sports events in italy are already being played in empty stadiums. Schools and universities are already shut. But this is a leap in terms of what theyre expecting and demanding of the italian public. I mean italys got 60 million people. This is now all 60 million of them on quarantine. In france, the culture minister today tested positive. In israel today, they announced that anybody arriving in israel from outside that country will be put on 14 days of quarantine. No matter where you came from. Any country in the world, if you have arrived in israel, 14 days of quarantine. In ireland, they have canceled all st. Patricks day parades. As has the city of boston, which is almost unimaginable. Universities in the United States are closing. Particularly on the coasts. The university of washington seattle. Stanford in the bay area. Usc in southern california. Hofstra in new york. Columbia university in new york. Princeton, uc berkeley. Nobody knows how sustainable it will be for colleges and universities to move all Online Learning on an all, on an ongoing rolling basis, but thats starting now, at schools, at colleges and universities around the country. Fullton county schools in georgia shut down today. Thats in atlanta. Thats a huge school district. The rector of a major Episcopal Church in georgetown attended by lots of influential and well connected people in washington, d. C. , turns out the rector has nims tested positive after leading services recently, not only giving communion to parishioners but shaking hands with hundreds of them and he has now tested positive and it is causing a special kind of situation for elite circles in washington. New york city, excuse me, in new york, and new jersey, the top official who is in charge of whats called the port authority, which is the agency that runs all the new york area airports, he himself has been diagnosed with the virus. But everybodys dealing with this now. It is more than 30 states now. Plus dc. And with the federal governments response being so slow and confused and self contradictory and untrustworthy, it is state and local officials who are really leading this response on the ground. In some ways on their own. Without clear guidelines about what they should do. Washington state is the hardest hit of all american states. And that means there that the governor jay inslee, has been in charge of the largest outbreak in this country. Governor inslee has not been doing a lot of press since the crisis broke out in his state but he is going to join us live next. Stay with us. To join us live next stay with us claritind improves nasal airflow 2x more than the leading allergy spray at hour 1. Claritind. Get more airflow. Thats a zzzquil pure zzzs sleep. Our gummies contain a unique botanical blend, while an optimal melatonin level means no nextday grogginess. Zzzquil pure zzzs. Naturally superior sleep. 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In kirkland, washington, just one town north of bellevue about, a third of the citys firefighters are off the job right now. Because they are being quarantined. One kirkland firefighter tested positive. The university of washington has shut down its campus. As has seattle university. Seattle Childrens Hospital has closed its doors to volunteers. There will nobody more public events, at least this month, at seattle public library. No st. Patricks day parade. Comic con is off. At least postponed. That brings at leaf 100,000 people to town. Cant have that. Schools are closed. Including the North Shore School district. Which started its all online curriculum today. And now the governor of the state is talking about whether washington may need new mandatory measures beyond all that, whether the state may need to shut down or postpone movement or activities that may risk further spreading the virus. Washington state is the hardest hit state in the country so far, over 160 cases confirmed in the state, over 100 cases in king county alone. And so far, 22 deaths. In the midst of a slow contradictory federal response, state and local officials are in the lead. No one so much as the governor of the state of washington which thus far is the state on the front line more than any other. Joins us now for the interview is Washington States governor jay inslee. Thank you very much for making time. I know youre not doing a lot of national press. I appreciate you being here. You bet. Let me just ask you, for your overview, in terms of how things are in the state, and let me ask you about the resources that you perceive the state as needing, that you dont have right now. Well, im going to start with what we do have, which is a very united state, that understands the seriousness of this. Obviously we have lost 2 of, 22 of our citizens already and one of the strengths we have is the recognition of science and we follow science in our state and now the people are united, and all being leaders and one of the things that i stressed in, this all of us can be leaders in following good Decision Making of not going to work when were ill, of washing our hands, of caring for our people who are most susceptible to this, which are those of a certain age and people with compromised physical conditions, and people are making those really wise individual decisions. So thats going well. We are increasing our capacity for some of the medical things we need, both in testing for the virus, and in stocking up for the Surge Capacity we will need in our hospital systems. And all of these are wise decisions. You might think, in some sense, these are relatively small numbers, in a nation of, you know, hundreds of millions. The problem is, that we really need to, as leaders, make decisions looking forward, to where this is going, rather than what it is today. We might have a thousand people infected today in washington, but this doubles every week in an epidemic like this, and so seven weeks from now, we might have 60,000 people plus infected. So the decisions were making today i think are good ones, and building up the stock, the stockpile we need, we are getting some assistance from the federal government. We appreciate. That weve made some orders for stockpiles. They are coming in. But over time, all of us are going to have to expand our capacity to fight this virus. Tell me about that Surge Capacity idea in terms of hospital beds, in terms of intensive care resources. Weve seen initial references to that, when that sort of dramatic decision was made in king county to purchase a hotel for the use of people who need to be isolated, but dont necessarily need to be hospitalized, local officials saying bluntly, we need to preserve Hospital Capacity for what we expect to be a real demand in the future. How do you plan for that . How much flexibility is there to upscale, or to upsize the number of, the number of bed, the number of ventilators, the number of icu beds that you might need. Well, the good news is, weve been planning for this for some time in recognition that this is probably going to be needed. And theres easier and harder resources to acquire. The easier ones are providing isolation opportunities. That was the hotel that was purchased in kent, washington. Were doing that in the state where weve essentially provided rvs and a former youth justice facility, so we can isolate people in safe quarters while they have to go through an isolation period. I think were going to handle that with not too much difficulty. The difficulty issue in the Surge Capacity for hospitals, thats where having the personnel that we have, we are planning to do, that weve identified and located the extra beds that maybe available. But were going to have to make some hard decisions. I just shared one with you. We need to free up capacity in our medical system to really prioritize the people who will have severe respiratory problems because of this. We may need to look at things like postponing elective surgery, for instance. We have not made this decision to do it. But all of russ going to have to make, all of russ going to have to make priority decisions on what really counts to save peoples lives here. We know we can do it but we got it buckle down in making those priority zilgss. But we do have a good plan. And i believe were going to get through this. Governor inslee, i have a couple of other questions i would love to ask you about, especially given your power as governor and role as leader. If you could stick with us for just a moment. You bet. Well be right back. You bet well be right back just toss it in the dryer to bounce out wrinkles. We dried these shorts with bounce wrinkle guard, and a pair without. The bounce wrinkle guard shorts have fewer wrinkles and static, and more softness. Its the worlds first mega sheet that does the job of three dryer sheets. It also comes in unscented. If you dont love bounce wrinkle guard, well give you your money back. [sfx bikes passing,] [sfx fire truck siren, ambient sounds] onstar, we see them. Okay. Mother and child in vehicle. Mother is unable to exit the vehicle. Injuries are unknown. Thank you, onstar. My son, is he okay . 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Download the sofi app to get started. You spend less and get way more. , so you can bring your vision to lif. For small prices, you can build big dreams. Spend less. Get way more. Shop everything home at wayfair toda. Joining us once again is Washington State governor jay inslee who is in the middle of helming the response of the largest outbreak of the coronavirus in the country thus far. Thanks again. Before the break, you had mentioned, i had said there are 160plus confirmed cases in your state, and you said that you, the way youre thinking about, it the officials are thinking about, it youre thinking that there may be as many as a thousand cases in the state . Is that what youre estimating based on the number of people youve been able to test . Yes, you can do genetic modeling and we had our epidemiologists at the university of washington, some of the best in the world actually, look at this, and the situation we might have 160 meme who have been tested that, 160 people who have been tested that come back presumtively positive but that means, but obviously, there are many, many more people who have not been tested yet out there, and the geneticist can estimate that and i use that number because it is in the ballpark. And the concern about it is, that for the people who are listening tonight, as communities get hit with, this and they will eventually, it is a plat are of slowing it at the moment, and you are asked to take action and there may be only three people in my community, the problem is when you double it, whatever that number is, and you double it every week, these things can explode. And as i have indicated, if it is a thousand people today, it will be 64,000 people in week seven if you just double that number. So thats why all of us have to be dedicated in making decisions earlier in this epidemic, even when it may not seem overwhelming at the moment. And thats what were working through right now. Making decisions to get ahead of that curve. And i want to compliment the people of my state. Because they have been extremely cooperative. And people have pulled together. They have not been driven by anxiety. They have been driven by science. And a recognition that were all in this together. So im actually pleased with our states pulling together on this right now. Do you have plans to rapidly increase the amount of testing in Washington State and do you have the resources to do so, if thats the direction you think this ought to be heading . Yes, weve actually increased our capacity by a factor of 20. We were very fortunate, we made a decision, one of the first states, in the country, to develop this testing criteria, and weve been building that criteria, its gone up by 20 times, since the last two weeks or so, and we also have brought on the university of washington, they have now a capacity of probably over a thousand a day. And we are bringing on commercial labs, and this is very important, heres where the federal government is helping, and needs to help, to develop commercial labs to be able to have a very rapid throughput, so they can do tens of thousands of tests, and we need that eventually as this epidemic increases. So yes, but we are right on the edge right now, of having enough testing kits, and the capability, and were doing that as quickly as we can. I want to mention something that maybe pertinent to peoples personal lives as well. If you do happen to develop mild symptoms, and as your previous doctor was talking just before i came on, talking about the fortunate effect that probably 80 of the people who get this virus, fortunately, will only have mild symptoms that really wont require any medical intervention, and if you do go to your physician, most of the time, if you have mild symptoms, they may not recommend a test, because it really wont vary how youre treated. And you can get the test now. I was, i urged the federal government, they previously had a restriction to prevent people from getting the test, if they really, really wanted it, or if their physician wanted to give it, so we were successful, we asked the federal government to remove that restriction, so physicians mow can order the test. Talk to your doctor. Ask what theyre suggesting to you. And follow their advice. And hope that depending where you go to the doctor, they have access to the test to give you if youre a doctor. Thats correct. Governor jay inslee, Washington State, i know it is an incredibly busy time. I appreciate you taking the time to talk us with. Thanks. Thanks a lot. Thank you. Much more ahead. Stay with us. Thank you. Much more ahead. Stay with us a sommelier searches for the perfect wine. But i hear a different calling. The call of a schmear of cream cheese. For i, am a schmelier. I practice my craft at philadelphia. Here, we use only the freshest milk. That one go go and the finest ingredients. What is this . Until perfection is achieved. Shes ready. Schmears philadelphia. Schmear perfection. Are your asthma treatments just not enough . Then see what could open up for you with fasenra. It is not a steroid or inhaler. It is not a rescue medicine or for other eosinophilic conditions. Its an addon injection for people 12 and up with asthma driven by eosinophils. Nearly 7 out of 10 adults with asthma may have elevated eosinophils. 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Today the dow was down 2,000, worst day since the 2008 crash and it comes days and days of it swinging wildly but mostly plummeting and the market numbers show you what is happening in terms of stock, right. The stock market. But heres the thing to watch that is not directly at least about stocks. Its about bonds. Specifically, u. S. Treasury bills. People invest money in stock, right because they think things are going to happen in the stock market that is going to benefit them in terms of individual companies but if for some reason things are going in such a way that youre scared to do that, one of the things people do instead is they take their money out of stocks and look for somewhere else to put it and maybe they put it in a place like gold, thats one place where people put their money when theyre scared. Another thing people do is they take their money out of the market and put it in a mattress, right . You can do that, too. But you can also put it in bonds. And the safest bonds are tenyear and 3year u. S. Treasury bonds. The only bet youre making by putting your money there is that the u. S. Government wilt exist and be solvent at the end of that time. And you will get back your principal and a little bit of interest. But it is usually a very little bit of interest. It is very conservative investment. And the yield rate, the amount of interest you get on that kind of investment may go up sometime, treasury bond, they may try to make them more attractive at certain times, but when nobody wants to put their money in stocks and everybody is looking some place safer to go, Treasury Bonds are going to be attract tive no matter what. People are going to put all of their money there anyway, and so when people start flooding money into bond, into u. S. Treasury bonds, the yield, the amount of interest they will get back on that investment goes down and down and down. When it drops below 1 , say, youre going to get less than 1 interest, over all of those years, while you parked your money in that instrument. Its not a great place to park your money, right . But at least its safe. At least youre betting on being able to get it back at the end of the term. Before last week, the tenyear treasury bond had never dropped below 1 yield. On thursday, it went below that. It went to 0. 9 on thursday. Today, it dropped below 0. 4. What that means is that people are taking their money out of stock, putting it into bonds, instead, and theyre basically locking themselves into getting no return on that investment at all. Getting no interest on that almost at all. Now, why is everybody rushing to put all of their money into bond, into treasury bills . Bart of it is they feel there are no safe stocks since this crash happened a couple of weeks ago, weve seen stocks crate ner airlines and Cruise Ship Companies and hotels and the tech industry. The u. S. Bank stocks are down. The Entertainment Industry is suffering. There is nowhere safe in the stock market. But even with all of that happening, over these last couple of weeks, it does feel like something sort of qualitatively different happened today, right . We knew the dow would open a thousand points down before it even opened today. And thats because Something Different happened today compared to all of the other bad days weve had recently. Something specific happened in oil. And it was not the same kind of bad news as all of the other bad news days that we have recently had. This is a new special kind of bad news. Which is worth understanding right now. Particularly if you are not a person who follows the markets every day, and a business pages kind of person. This is something that is going to have an impact beyond the markets. This is going to have a real world impact. So especially if youre not a person who marinates in this kind of stuff, this is worth taking a second to make sure you really get it and we have an expert here to help us with that next. T and we have an expert here to help us with that next t on is boost high protein. And now, introducing new boost women. With key nutrients to help support thyroid, bone, hair and skin health. All with great taste. New, boost women. Designed just for you. New, boost women. Tech dont wait for a chip like this to crack your whole windshield. With safelites exclusive resin, you get a strong repair that you can trust. Plus, with most insurance a safelite repair is no cost to you. Customer really . singers safelite repair, safelite replace. And i like to question your im yoevery move. N law. Like this left turn. Its the next one. You always drive this slow . How did you make someone i love . That must be why youre always so late. I do not speed. And thats saving me cash with drivewise. My son, he did say that you were the safe option. And thats the nicest thing you ever said to me. So get allstate. Stop bossing. Where good drivers save 40 for avoiding mayhem, like me. This is my sons favorite color, you should try it. [mayhem] you always drive like an old lady . [tina] youre an old lady. Shouldnt you pay less when now you can. Data . Because Xfinity Mobile gives you more flexible data. You can choose to share data between lines, mix with unlimited, or switch it up at any time. All on the most reliable wireless network. Which means you can save money without compromising on coverage. Get more flexible data, the most reliable network, and more savings. Plus, get 300 off when you buy a new Samsung Galaxy s20 ultra. Thats simple. Easy. Awesome. Call, click or visit a store today. Joining us now here onset is john kildoff and a cnbc contributor that specializes in energy trading. Hes a guy that explains what happens to oil in the market and boy, are you the guy i want to talk to today. We seen the markets get battered over this coronavirus and today something happens where the price of oil goes through the floor and has driven the even bloodier day on wall street today. Is it a coincidence this happened alongside the coronavirus thing or are they related . I think the coronavirus was the predicate to this breakdown between saudi arabia and russian relationship regarding managing or trying to manage the oil market. And the russians in particular i think have seen the u. S. Shale and other producers nipping at their heels in terms of market share, particularly china. As the russians and the saudis were meeting last week to determine how much Oil Production they should cut back, the u. S. Posted yet another record week of Oil Production and rachel, another blockbuster, not another but a blockbuster week of crude oil exports and one of the biggest factors in that number was a cargo of crude oil from the gulf of mexico that isnt the shale light sweet stuff you hear about but heavier sour stuff that competes directly headtohead with the kind of crude russia sells to their Main Customer china. So russia said weve had it and they told the saudis as much and the saudis threw a hissy fit and went nuclear over the weekend. They said they will bump up their production next month over 10 Million Barrels a day. Remember the blue light at walmart . They cut their selling price to the regions in the world by over 10 a barrel, which was just a feat that none of us in the market had ever seen before. The idea is to make oil so cheap that russia cant make any money doing it so that russia breaks russias will and russia gets in line with opec the way they want to deal with the crimp and demand and what they want to do with production to address that . That and i also have to say the u. S. Shale is in the cross hairs with that move, too, because nobody can come even close to competing with saudi arabia in terms of their cost of production. Its in the single digits. Down in texas where this whole boom has been sprung up over the past number of years, they really have to have 50 a barrel, maybe some as low as 40 i went below 30 today. It went below 30 for a time overnight. They got as low as 27 a barrel at one point. As this price goes down and this saudi engineers the price to come down, are they trying to force bankruptcies in the u. S. Force you cant force the Russian Oil Industry to go bankrupt because its the russian state. Are they trying to force them out of the market or change russias behavior or both . They are more than happy to get russia back in the fold but but somewhat happy to do damage to the higher cost u. S. Shale producers and ring out excess capacity. For years now saudi arabia has been carrying the load in terms of trying to balance the oil market and keep prices at a descent enough level for all of them to sort of be happy and keep the home fires burning and meet their or come close to meeting or call their fiscal budgets, their fiscal break evens for crude oil, not the cost or production but the money they need to support oil or Government Programs and keep everybody happy. This is a time if saudi was ever going to do this, this is a time the world is over a barrel. They could have done this at any time. Any time at all. They had the market share and power. This is for students of history that watch your show, this is right out of rockefellers playbook. The beauty rose theory where you lowball price the competition and wipe them out. That the what the saudis have the power to do in this market and thats what they are doing now. Founder of the group, cnbc c contribut contributor. Thank you. Fwlap contributor. Thank you. Fwla. When things that have previously been done in the dark are forced into the light, that makes stuff happen. You start asking questions, stuff happens, right . There is something about the effect of sunlight. Effect of sunlight everythings stuck in the drawers im sorry oh, jeez. Hi. Kelly clarkson. Try wayfair oh, ok. Its going to help you, with all of. This yeah, here you go. Thank you oh, i like that one [ laugh ] thats a lot of storage perfect. Youre welcome i love it. How did you do all this . Wayfair speaking of dinner, whatre we eating, guys . I thought, im not letting anything take me away from my family without a fight. At Cancer Treatment centers of america, i had six, seven doctors that Work Together to take me through this journey. Theyre not just treating the cancer, theyre treating me as a whole person. And thats why i think am where i am today. Get care like no other at Cancer Treatment centers of america. Get care like no other yoall this grass. All this mulch. All these projects to do. You need a tractor that can do it all right. You need the 1 selling subcompact tractor in the u. S. The versatile kubota bx series. Politics election day and the democratic president ial primary in idaho, michigan, mississippi, missouri, north dakota and Washington State. Ill be right here starting at 7 00 p. M. Eastern covering all of it with Brian Williams and nicole wallace, see you then. Now its time for the last word with lawrence odonnell. Good evening. I interviewed joe biden this morning in michigan and my an in this case airport report, ive been in one, two, four airports is very few masks out there in the airports, very few lines and on the airplanes,
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